After an eventful and highly volatile trading week, bitcoin price movements calmed down over the weekend and the asset sits comfortably at $63,000.
Most altcoins have also stagnated on the daily scale, but the weekly time frame shows impressive gainers like TAO, SUI, APT and others.
Bitcoin stagnates at $63,000
The week started with a price drop that took BTC from over $60,000 to below $58,000. More volatility was expected mid-week when the US Federal Reserve met to discuss interest rate cuts. Once this meeting took place and the US central bank cut rates by 0.5%, BTC experienced some ups and downs with several significant moves.
However, bulls took over after the fluctuations and pushed the cryptocurrency from below $59,500 to above $64,000 on Friday. This is the highest price bitcoin has been in more than three weeks.
However, the asset failed to sustain its run and retreated by just over a thousand dollars. Since then, it has been trading mostly sideways around $63,000. However, it has increased by 4.6% on a weekly basis, which has brought its market capitalization to just over $1.24 trillion.
Its dominance over alts has however decreased by 1% over the past few days, to 54% (on CG) after climbing to 55% earlier this week.
Top Winners
As mentioned above, it’s been a pretty good week for most cryptoassets. Ethereum has increased by 7% during this period and is now near $2,700. SOL has increased by a similar percentage and reached $147. BNB (5.5%) is above $585, SHIB has climbed by 6%, while AVAX has gained almost 10% and is trading above $27.
However, the biggest gainers among the larger-cap alts are TAO (47%), SUI (37%), and APT (28%). As a result, TAO is at $477, SUI is close to $1.5, and APT is trading at $7.85.
The total cryptocurrency market capitalization has increased by more than $100 billion since last Sunday and now stands at $2.3 trillion on CG.
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