Bitcoin’s price increase that started earlier this week stopped over the past 24 hours, and the asset calmed at around $58,000.
Several altcoins have produced minor gains over the past day, including Solana, Chainlink, and Avalanche.
BTC Calms at $58K
A lot can change in the cryptocurrency markets within a week, and the past seven days proved that narrative once again, this time in the upward direction. Recall that BTC slumped hard last Friday to under $53,000 to chart a monthly low. However, the bulls intercepted the move and didn’t allow any further declines.
The asset recovered some ground during the weekend but went on the offensive hard on Monday. In fact, it added more than four grand within 24 hours at the time and shot above $58,000.
It failed to conquer that level at first and the volatility that followed on Wednesday, after the release of the CPI numbers, pushed it south hard to $55,600. Nevertheless, it recovered all losses almost immediately and even surged to $58,500 yesterday to tap a weekly high.
It has lost some traction since then and now stands at around $58,000. Its market cap has slipped to just under $1.150 trillion, while its dominance over the alts is just shy of 54%.
XRP on a Roll
Perhaps the most bullish news regarding an individual altcoin yesterday came from the crypto asset manager, Grayscale. The company announced the launch of its latest Trust that will focus on Ripple’s native token. XRP reacted immediately with a price surge that drove it from under $0.54 to over $0.58. Despite losing some traction since then, the asset is still 6% up on the day.
SOL, AVAX, LINK, DOGE, and TON have also produced impressive gains, while ETH, SHIB, and LTC are with minor increases.
In contrast, TRX, BNB, and BCH have declined by 1-2%. More losses from the larger-cap alts come from KAS, AAVE, STX, and IMX.
The total crypto market cap has also dropped slightly since yesterday and is down to $2.130 trillion.
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