Crypto market cap maintains $1,000 as Bitcoin tops $22,000: Weekend Watch
Bitcoin tried to recover some of its recently lost value in the last 24 hours, but was stopped in its tracks and is back at $22,300.
Altcoins are pretty stagnant on a daily scale, with EOS losing all of yesterday’s gains.
Bitcoin maintains $22K
The low trading volumes last weekend helped bitcoin stay around $23,000 for most of the time. The start of the working week saw the asset push towards $24,000. In fact, BTC managed to touch that level once on Wednesday, but it was a brief and unsuccessful attempt to regain it.
The cryptocurrency remained stuck in a range between $23,000 and $24,000 for most of the week leading up to Friday. This is where the landscape changed amid the Silvegate problems. Bitcoin fell by over $1,000 in minutes, falling to an 18-day low of just under $22,000.
Nevertheless, some cryptanalysts continue to debate the potential reasons behind this drop. Still, BTC managed to bounce back and regain some value. It even rallied to $22,600 over the weekend, but failed and retreated to $22,300.
Its market cap has remained around $430 billion, and its dominance over the alts is just over 42%.
Alts Stand still
The altcoins experienced similar volatility on Friday as most turned red, but the past 24 hours have been fairly uneventful. Ethereum, Ripple, OKB, Cardano, Dogecoin, Polygon, Polkadot and Shiba Inu have smaller daily losses.
EOS was yesterday’s best performer but has lost almost all gains today and is trading back to $1.2.
More losses are evident from Avalanche, Toncoin, Stellar and others. In contrast, QNT has added 3% of its value and is trading near $130.
Despite the painful days at the end of the week, the crypto market cap has managed to defend the coveted $1 trillion line.
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