Injective (INJ) Rises 60% Weekly, Bitcoin Flat Above $30,000 (Market Watch)
With the lower trading volumes over the weekend, bitcoin has stalled around $30,000, but remains above that level.
Most altcoins are also sitting still, with ETH standing at $2,100. However, INJ has skyrocketed on a weekly basis.
BTC stalls at $30K
The past week was quite eventful for the primary cryptocurrency, despite its slow start. BTC remained at $28,000 on Monday, similar to last weekend, but the landscape began to change as the day progressed.
The bulls started a stage that resulted in BTC rising to $29,000. Unlike the previous attempts to overcome that level, this was successful and bitcoin shot above $30,000 for the first time since June 2022. Then came the US CPI announcement, which sent the asset flying to $30,500 once again.
Still, it was short-lived, and BTC retreated by $500 in minutes. Another price rally came on Friday as bitcoin jumped to just inches above $31,000 to mark a new ten-month high.
The following two days were much quieter and BTC has remained in a tight range between $30,000 and $30,500. Its market cap is still under $600 billion, while its dominance over the alts is 46.1%.
INJ’s weekly winnings
Most altcoins also recorded impressive gains during the week, but have calmed down now. Ethereum was in the forefront after the successful completion of the Shapella update. ETH traded at $1,900 at the time and surged past $2,100 to mark an 11-month high. Despite being slightly in the red now, ETH is still trading at around that level.
The rest of the larger cap alts are also sitting still. Binance Coin, Ripple, Cardano, Dogecoin, MATIC, Solana, Polkadot and Litecoin are also slightly in the red or with smaller gains.
Shiba Inu has jumped the most from the top 10 cryptocurrencies. SHIB is up over 3% to $0.000012.
Injective has gained almost 10% in the last 24 hours and almost 60% on a weekly scale. As a result, INJ is trading above $8.5.
The cumulative market capitalization of all crypto assets has largely stayed where it was yesterday, just under $1.3 trillion on the CMC.
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