Bitcoin has been unable to cross $17,000, despite jumping above that level yesterday.
Altcoins have also calmed down after making notable gains at the start of the weekend. However, ApeCoin has marked a near one-month high.
Bitcoin Stalls Below $17K
2022 brought little joy for bitcoin bulls, and the year ended much the same, with the asset plunging to multi-week lows below $16,500. After a few quiet days around New Year’s Day, the cryptocurrency started to rise in value on Monday.
The next few days were similar, adding a few hundred dollars in BTC. This resulted in a price rally to $17,000, but bitcoin was unable to challenge that line as of Saturday morning.
This is when the asset was finally able to tap that coveted level for the first time since December 20. However, the bears were quick to stop the move and pushed BTC south almost immediately.
Since then bitcoin has been inches away from $17,000 and hasn’t made any major moves like last weekend due to a drop in trading volume.
As a result, BTC has a market capitalization of just over $325 billion, while its alt dominance is 39.6%.
BTCUSD. Source: TradingView
appcoin marks monthly high
The best performer over the past week has been Lido DAO (LDO), as the popular DeFi project starts a battle with MakerDAO for the TVL throne. While the latter has taken back its first position, LDO has skyrocketed by double digits within a week. There was a further 6% increase in the last 24 hours, leading to another multi-month high of over $1.6.
ApeCoin and Solana are two other notable gainers on the daily scale. Both are up by 3-4 per cent. APE has reached its highest price position since December 13, while SOL is once again close to $14.
Large-cap alts are much less volatile. Ethereum is still trading north of $1,250, while Binance Coin is trading above $260 despite a minor daily retracement.
OKB lost the most ground among the top 15 assets after a daily decline of 1.3%. Nevertheless, the crypto market cap is still close to $825 billion.
Cryptocurrency market overview. Source: Quantize Crypto Special Offer (Sponsored)
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cryptocurrency chart by TradingView.
source: cryptopotato.com