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Crypto Market Cap Struggles to Maintain $1.5 Trillion, Bitcoin Amid $35K (Weekend Watch)

Crypto Market Cap Struggles to Maintain $1.5 Trillion, Bitcoin Amid $35K (Weekend Watch)


After yesterday’s price declines, bitcoin has calmed around the $35,000 price line. Most alternative coins are also somewhat stagnant on a 24-hour scale, aside from Polygon (MATIC). The asset has spiked by double-digits to $1.4.

Minor Recoveries Among Alts: Polygon 15% Up

The weekend didn’t start all that well for the altcoins market. The biggest altcoin, Ethereum, had already retraced from $2,600 to $2,500 before it went even further south to $2,250.

Since then, ETH found some ground and even rebounded above $2,400 earlier today, but has decreased once more to just over $2,300.

As it typically happens, most other alts mimicked ETH’s performance. BNB sat around $360, dumped to $325, bounced back up to $350, and is now just shy of $340.

On a 24-hour scale, though, most are just slightly in the green zone. Cardano has added 3% of value to $1.45. DOGE, XRP, DOT, UNI, BCH, and LTC have charted gains of 1% or less.

The most impressive performer from the larger-cap altcoins is Polygon (MATIC). The asset is up by nearly 15% and is close to overcoming $1.4 once more.

Cryptocurrency Market Overview. Source: Quantify Crypto

 

Even the lower- and mid-cap altcoins are untypically stable. A few exceptions come from Quant (12% up) and Theta Fuel – TFUEL (11% up). In contrast, Chiliz (-11%), Celo (-8%), and Nexo (-7%) have lost the most.

Consequently, the cumulative market capitalization has recovered around $20 billion and is just over $1.5 trillion.

Bitcoin Stands Still Around $35K

The primary cryptocurrency entered the weekend at well over $37,000 following adoption news from El Salvador and hints from Paraguay, India, and Iran. However, the first trading hours from the weekend drove the asset south by more than $2,000.

As a result, BTC bottomed below $35,000 yesterday. The bulls stepped up and managed to pump the cryptocurrency to above $36,000 briefly. Nevertheless, more adverse price movements followed as bitcoin slipped below $35,000 once more.

As of writing these lines, BTC has reclaimed a few hundred dollars and sits just over $35,000.

Its market capitalization is still well below $700 billion, while the dominance is back to 44%.

BTCUSD. Source: TradingView
BTC/USD. Source: TradingView
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Cryptocurrency charts by TradingView.



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