Bitcoin (BTC) has historically displayed a lack of movement and excitement during the weekends. This trend continues as we observe little-to-no actual price fluctuations. While the altcoin market also remains relatively stable on a daily scale, there have been a few standout performers, such as Chainlink (LINK), which has experienced significant growth over the past week.
At the start of the business week, Bitcoin started sluggishly, maintaining the momentum from the previous weekend and reaching a plateau at around $26,500. However, the bulls came into action on Monday, pushing the cryptocurrency above $27,400. After a slight retracement, Bitcoin surged once again on Tuesday, hitting a 20-day peak of over $27,500.
Gradual Decline and Price Drop
Unfortunately, Bitcoin was unable to sustain its impressive run, and its value started gradually declining. The most significant price drop occurred on Thursday, with the cryptocurrency falling to a three-day low of $26,400. Despite bouncing back and recovering some value in the following days, Bitcoin has largely remained stagnant, unable to break away from its current price range of $26,500.
The past 24 hours have also been uneventful for most altcoins. Ethereum, Binance Coin, Ripple, Cardano, Polkadot, Polygon, and Litecoin have all experienced minor losses. On the other hand, Solana, Tron, Bitcoin Cash, Dogecoin, and Shiba Inu have seen insignificant gains.
Among the top 100 altcoins, Chainlink’s native token, LINK, has been the best performer in terms of weekly gains, experiencing a 15% surge. It is closely followed by IMX (13%), CRV (9%), and LUNC (6.5%). However, THORChain has seen the most significant decline within the same timeframe, dropping by 10%.
The overall cryptocurrency market cap has experienced a minor decrease compared to the previous day and currently sits below $1.060 trillion. Bitcoin’s market cap remains below $520 billion, and its dominance over the altcoin market is slightly higher than the previous day at 49.2%.
As the weekend unfolds, Bitcoin continues to lack momentum and instead displays a stagnant price range. Altcoins, while experiencing minor fluctuations, also fail to provide any significant movements. Chainlink stands out as the top performer of the week, showcasing considerable gains amidst an overall uneventful market. Bitcoin’s dominance remains strong, but its market cap fails to surpass previous levels. As the cryptocurrency market moves forward, it remains unclear whether Bitcoin and altcoins will experience a breakthrough or continue with their current lackluster performance.