Injective (INJ) Up 17% Weekly, Bitcoin (BTC) Steady Above $29K: Weekend Watch
Bitcoin has finally calmed down after the massive mid-week volatility and stands just above $29,000.
Altcoins are also quiet today, with Solana being the only notable winner from the larger caps.
BTC maintains $29K
The last working week started rather quietly, as bitcoin continued to trade sideways in a tight area around $27,500. The landscape changed on Tuesday as the bulls started a massive rally that eventually drove the cryptocurrency to $30,000.
However, it was short-lived as false panic surrounding the US government and Mt. Gox wallets brought the asset south hard. In fact, BTC erased all gains within minutes and fell back to $27,000.
As the news turned out to be fake, bitcoin went back on the offensive and recovered almost all losses this time. As such, it came inches from draining $30,000 yesterday, but ultimately fell short. Despite declining several hundred dollars since then, bitcoin is still trading above $29,000.
The market value is close to 570 billion dollars, while the dominance over the alternative coins has gained some ground again and is over 47%.
INJ jumps 17% weekly
The altcoins faced similar volatility in the middle of the week, but have calmed down in recent days. Ethereum, for example, went to over $2,000 before crashing below $1,800. However, the largest altcoin has recovered over $100 since then and currently sits just inches above $1,900.
Binance Coin also went up and down, but is now trading above $320, despite a minor daily decline. Cardano, Polygon, Litecoin, Shiba Inu and Avalanche are also slightly in the red on a daily scale.
Ripple, Dogecoin, Polkadot and Tron, on the other hand, have marked insignificant gains. Solana has jumped the most from the larger values, rising 3% and above $23.
ICP, which was yesterday’s best performer, is on the move again, adding another 5.5% of its value.
On a weekly scale, INJ has taken center stage with a remarkable 17% increase. As a result, the asset is trading near $8.5.
The total crypto market capitalization has maintained the $1.2 trillion level amid the lack of significant volatility since yesterday.
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