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Bitcoin’s underwhelming price performance continues as the asset slumped below $58,000 once again and has barely recovered to just over $59,000.
Most larger-cap alts are in a similar state, with $ADA, $NEAR, and $TRX declining by more than 2% daily.
$BTC Struggles to Maintain $59K
It wasn’t a good week for the primary cryptocurrency despite some promising signs at first. Recall that the asset skyrocketed last Friday from $60,000 to over $64,000 by Saturday on the heels of positive developments on US soil. Moreover, it jumped to a three-week high above $65,100 on Monday, but that’s when everything started to go wrong.
Bitcoin had shed more than seven grand of value by Wednesday as it dumped to $58,000. After an unsuccessful bounce-off that drove it to $61,200 on Thursday, the bears increased the pressure and initiated another leg down yesterday. That resulted in a decline to $57,750 (on Bitstamp), the lowest price position in about two weeks.
Although the cryptocurrency has managed to defend that level and recover more than a grand of value, it’s still 0.5% down on the day and a whopping 8% in the red since last Saturday.
Its market cap has plunged below $1.170 trillion, while its dominance stands close to 54% on CG.
$FET Defies Market Movements
Most larger-cap alts have mimicked $BTC’s performance as of late. That means there’s not much action going on, but most are in the red. SOL, TON, SHIB, and AVAX are down by just over 1%, while $TRX, $ADA, and $NEAR have declined by up to 3%.
In contrast, ETH, XRP, DOGE, and BNB have charted insignificant gains. The most substantial increases from the larger-cap alts come from LTC and UNI (around 3% each).
However, $FET and $AAVE have taken the spotlight, with price gains of 6-8%. $FET has neared $1.2 after its daily surge, while $AAVE is above $132.
The total crypto market cap, though, has seen another $15 billion gone daily and is down to $2.175 trillion on CG.
