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Bitcoin Stands Still Around $36,000, Solana Soars 10% (Market Watch)


cryptopotato.com 07 June 2021 09:25, UTC
Reading time: ~2 m

After the serious volatility in the past several days, most of the cryptocurrency market has remained untypically calm in the past 24 hours. Bitcoin trades in a range around $36,000, Ethereum sits tight below $2,800, and BNB struggles to overcome $400.

Bitcoin Stands Calm at $36K

The past few days didn’t go all that well for the primary cryptocurrency. In fact, bitcoin was nearing $40,000 yet again on Thursday, but it failed to breach it as it has happened several times in the past month or so.

Another tweet by Elon Musk propelled serious volatility and pushed BTC down by a few thousand dollars. The situation worsened yesterday, as reported, when the cryptocurrency kept falling to a bottom well below $35,000.

Since then, the asset managed to reclaim some ground and spiked to an intraday high of almost $37,000. However, it has declined and currently trades just over $36,000.

Bitcoin’s market cap is still beneath $700 billion, while the dominance has further decreased to below 40%.

Steady Altcoins Except Solana

The altcoins, which usually display significantly more volatile moves than their leader, are also somewhat stagnant since yesterday. Ethereum dumped below $2,500 a few days back but reclaimed most losses and even neared $2,800 yesterday. However, it failed to overcome that line and currently stands at $2,750.

Binance Coin also fluctuated hard in the past week or so, with a low beneath $370 to a high of over $420. Nevertheless, BNB has retraced slightly since yesterday and is just shy of $400.

Cardano, DOGE, Ripple, and Polkadot have charted minor gains, while UNI, ICP, BCH, and LINK are slightly in the red.

It’s worth noting that Solana is the most impressive performer from the larger-cap altcoins. SOL has jumped by almost 10% since yesterday to above $43.

Even the lower- and mid-cap altcoins are calm. Tezos has gained the most (12%) and has neared $4, followed by Nexo (8%), Polygon (6%), Fantom (6%), and Algorand (5%). In contrast, LEO (-5%), Klaytn (-4%), VeChain (-4%), and SushiSwap (-3%) have lost the most value in a day.

Consequently, the cryptocurrency market cap has remained stuck at around $1.650 trillion.

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