Bitcoin (BTC) has been relatively silent over the weekend, with minimal movements in its price. This is a common occurrence as BTC tends to have less activity during weekends. However, some altcoins, such as Chainlink (LINK), have experienced explosive growth over the past week.
Starting the business week, BTC maintained its momentum from the previous weekend and stalled at around $26,500. However, the bulls came into play on Monday and pushed BTC to just over $27,400. After a slight retracement, BTC reached a 20-day peak of over $27,500 on Tuesday. Despite these initial gains, BTC gradually declined in value and dropped to a three-day low of $26,400 on Thursday.
Since then, BTC has struggled to break out of its current price range of $26,500. Its market capitalization is still below $520 billion, with its dominance over altcoins slightly higher at 49.2%.
Meanwhile, the altcoin market has been relatively stagnant over the past 24 hours. Ethereum, Binance Coin, Ripple, Cardano, Polkadot, Polygon, and Litecoin all experienced minor losses, while Solana, Tron, Bitcoin Cash, Dogecoin, and Shiba Inu saw insignificant gains. Toncoin declined by over 2% within the past day, while Chainlink (LINK) jumped by a similar percentage.
Chainlink’s native token, LINK, has been the best performer among the top 100 altcoins in terms of weekly gains, surging by 15%. It is followed by IMX (13%), CRV (9%), and LUNC (6.5%). On the other hand, THORChain experienced the biggest slump within the same timeframe, dropping by 10%.
The total cryptocurrency market cap has seen a slight decrease compared to the previous day and is currently below $1.060 trillion.
In conclusion, while BTC has been relatively quiet during the weekend, some altcoins like Chainlink have experienced notable growth. The overall market has been mostly stagnant, with minor losses and gains among various cryptocurrencies. Investors will be closely watching BTC’s movements to see if it can break out of its current price range.