Weekend Watch: LUNA Taps 5-Week High, BTC Rejected at $40K

After being unable to overcome $40,000 yesterday, bitcoin slipped by about $2,000 in the following hours but has recovered some of the losses. Most altcoins are untypically calm on a daily scale, but, looking on a broader timeframe, LUNA has charted a new monthly high.

Bitcoin Remains at $39K

The past several days were highly volatile for the cryptocurrency space, as well as all other financial markets since Europe saw its first war since 1945. After weeks of escalating tension, Russia finally launched a “special military operation” against Ukraine during the week, sending most markets into turmoil.

Bitcoin dumped from $39,000 all the way down to $34,000, but the reassurance from the US and other nations that they will impose only severe sanctions and won’t go into an all-out war against Russia sent the asset north.

In the following day, BTC regained all lost value and even attempted further increases and challenged $40,000 yesterday but to no avail. The subsequent rejection drove it south to around $38,000.

Nevertheless, bitcoin bounced off once more and currently sits at a familiar level of around $39,000. As a result, its market capitalization stands close to $750 billion.

BTCUSD. Source: TradingView

Altcoins Stall: LUNA Sees 5-Week High

As with bitcoin, most alternative coins experienced similar enhanced price fluctuations during the week. Now, though, most have calmed.

After its volatile few days, in which ETH went down to $2,200, the second-largest cryptocurrency has settled now at around $2,750 following a minor daily increase.

Binance Coin, Cardano, Avalanche, Polkadot, and Dogecoin are also slightly in the green. Terra is among the best performers once more and another 4% increase drove LUNA to its highest price level since late January at over $75.

Solana, Ripple, and Shiba Inu have lost some traction since yesterday. Even most lower- and mid-cap altcoins have stalled, and the crypto market cap has increased slightly to approximately $1.8 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto