Bitcoin’s consolidation continues as the asset has stalled above the $21,000 level. Most altcoins have also calmed today after the recent volatile ride, with the most impressive gains coming from Cardano and Dogecoin.
Following the massive turbulence and substantial price declines BTC experienced in the middle of June, the past seven days brought some sort of a recovery phase for the asset. Just last Sunday, it plummeted to an 18-month low of $17,500.
However, Monday started on a better note as the cryptocurrency bounced off and even neared $20,000. Although it failed to reclaim that level at first, it did so a few days later.
Thus, BTC found itself trading above $21,500, a weekly high, as the bulls tried to regain control over the market. Bitcoin was rejected there at first and slipped below $20,000 after Fed Chair’s latest affirmation about continuing to raise the interest rates.
Since then, the asset has gradually reclaimed some value and is close to $21,500 once again as of now. Its market cap has remained above $400 billion, but the dominance over the alts is under 42.5%.
BTCUSD. Source: TradingView
The alternative coins went through a similar roller-coaster but are calm on a daily scale.
Ethereum dumped from over $2,000 to $900 in a week or so. Since then, ETH has reclaimed more than $300 of value and now trades above $1,200.
BNB sits around $240 after a minor daily retracement. Similar price movements are evident from Ripple, Solana, Polkadot, TRON, and Avalanche.
In contrast, Cardano and Dogecoin are up by around 3% in a day to above $0.5 and $0,07, respectively. From the mid- and lower-cap alts, Litecoin and FTT have increased by up to 4%.
More gains come from The Sandbox, ApeCoin, and Mana. Ultimately, the cumulative market cap of all crypto assets has increased by around $20 billion in a day and has neared the coveted $1 trillion mark.
Cryptocurrency Market Overview. Source: Quantify Crypto
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