After a week filled with significant price swings, Bitcoin’s movements have settled down over the weekend, with the cryptocurrency now hovering around $63,000.
Most alternative cryptocurrencies (altcoins) have also shown little movement in the past 24 hours. However, looking at the past week, several altcoins like TAO, SUI, and APT have recorded notable gains.
Bitcoin Holds Steady at $63K
The week started on a bearish note for Bitcoin, as its price dropped from above $60,000 to below $58,000. Mid-week volatility was anticipated due to the U.S. Federal Reserve’s meeting about interest rates. Following the announcement of a 0.5% rate cut, Bitcoin experienced a series of fluctuations.
Ultimately, the bulls regained control, pushing BTC from below $59,500 to a peak above $64,000 on Friday. This marked the highest level for Bitcoin in over three weeks.
However, the cryptocurrency failed to sustain this upward momentum, retracing slightly by over $1,000. Since then, it has traded sideways, maintaining a level around $63,000. Despite this, Bitcoin is still up 4.6% over the past week, bringing its market capitalization to just over $1.24 trillion.
Although Bitcoin’s dominance over the altcoin market reached 55% earlier this week, it has since decreased by 1%, now sitting at 54% on CoinGecko (CG).
Leading Altcoin Performers
While Bitcoin has been relatively stable, the broader crypto market has seen positive movement. Ethereum has climbed 7% over the past week, nearing $2,700. Solana (SOL) has also risen by a similar percentage, now valued at $147. Binance Coin (BNB) is up 5.5% at over $585, while SHIB has surged by 6%. Avalanche (AVAX) is one of the biggest gainers, up almost 10%, trading above $27.
Among the larger-cap altcoins, TAO has seen the highest gains, rising 47%, followed by SUI with 37%, and APT with 28%. Currently, TAO is priced at $477, SUI at $1.50, and APT is trading at $7.85.
The total cryptocurrency market cap has grown by over $100 billion since last Sunday, reaching $2.3 trillion, according to CoinGecko (CG).
