cryptopotato.com
Despite recovering a few hundred dollars since yesterday, bitcoin’s price is still shaky at around $26,000.
Most alts have finally turned green, albeit in a very modest fashion, with $XRP maintaining the $0.5 line.
$BTC Shaky at $26K
After last week’s uneventful price performance, $BTC headed north on Monday and touched $29,700. This came a day before Europe saw the first spot $BTC ETF going live on Euronext Amsterdam. While that seems to be bullish news on the surface, the cryptocurrency headed south and dipped to and below $29,000 by Thursday.
The landscape worsened even more in the following days amid speculations that Elon Musk’s SpaceX has sold its remaining $BTC stash. The asset reacted with an immediate price drop that drove it to a new two-month low of $25,300.
It managed to bounce off rather quickly and spiked above $26,000 on the same day. However, it slipped back below it yesterday.
As of now, bitcoin trades at around $26,000 after a minor daily increase. Nevertheless, its market cap is still beneath $510 billion, while its dominance over the alts is stuck at 48.1% on CMC.
$RUNE Defies the Odds
Most alternative coins followed $BTC on its way south, with massive price drops, which in some cases were with double-digits. Most have attempted to recover some ground since then but not very efficiently.
Ethereum, for example, went from over $1,850 to about $1,600 to mark a multi-month low of its own. Now, though, ETH sits just above $1,650.
Most larger-cap alts are slightly in the green as well on a daily scale. This includes BNB, $XRP, ADA, DOGE, SOL, and others. $XRP, in fact, has managed to defend the $0.5 level.
While the rest of the market is in pain on a weekly scale, THORChain’s $RUNE is up by over 30%, which makes it the best performer among the top 100 alts. An 11% surge in the past day has pushed it to $1.75.
The total crypto market cap has recovered some of the weekly losses and sits at just over $1.050 trillion on CMC.
