Bitcoin’s endeavor above $31,000 seems to be short-lived, at least for now, as the asset has retraced to just under that level.
Most alts are also slightly in the red on a daily scale, but the weekly charts are a whole different story for assets like COMP, MKR, AAVE, and others.
BTC Below $31K Again
Bitcoin went through a highly-volatile trading day last Friday when it plummeted from over $31,000 to a 10-day low of $29,500 in minutes. This came after a report suggesting that the US SEC deemed the recent spot Bitcoin ETF filings as “inadequate,” which was regarded as a sign that the regulator could turn them down again.
However, the bulls intercepted the move and didn’t allow any further nosedive. BTC went back on the offensive and reclaimed the $30,000 line almost immediately.
The weekend was calm, with the cryptocurrency remaining stuck at around $30,500. Monday didn’t provide any fireworks, but bitcoin finally initiated a leg-up on Tuesday that drove it to $31,250 for the third time within a week or so.
However, the asset failed to overcome decisively the $31,000 level and currently sits just below it. As such, its market cap has dipped below $600 billion, while its dominance over the alts stands still at 49.6%.
COMP, MKR, AAVE on the Rise Weekly
Most altcoins have mimicked BTC’s 24-hour performance and have turned red. Ethereum and Binance Coin are down by just over 1% to under $1,950 and $245, respectively.
Ripple, Cardano, Polkadot, Polygon, and Avalanche are also in the red. Litecoin and Bitcoin Cash, which were the top performers last week, charting 14-month peaks, have lost between 3-4% once again. As a result, LTC sits at $105, while BCH is under $275.
On a weekly scale, Compound, Maker, and Aave have taken the main stage, as all three native tokens are up by triple digits. MKR has soared by 46%, COMP by 43%, and AAVE by $30.
Overall, though, the total crypto market cap has declined by just over $10 billion in a day and sits at $1.2 trillion on CMC.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
