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Weekend Watch: Status Quo as BTC Steady at $40K, ETH at $3,000

BTCUSD. Source: TradingView


Following the recent price fluctuations, bitcoin has stalled and remains just above the coveted $40,000 mark. The altcoins are also untypically stable today, with Ethereum maintaining $3,000 and Binance Coin sitting well above $400.

Bitcoin Stable Above $40K

Bitcoin’s price went through some enhanced volatility in the past week or so as it all started from the asset’s inability to overcome $47,000 decisively. The bears took advantage of this and started pushing it south, with BTC slumping to $45,000 and $43,000 in a matter of days.

The situation worsened when the cryptocurrency fell below the January 2021 ATH of $42,000. The nosedives continued, and shortly after, bitcoin declined to a monthly low beneath $40,000.

It bounced off after the second drop below that level and spiked to nearly $42,000 a few days ago. However, the generally bearish sentiment in the market continued and pushed BTC down again. As of now, the asset stands at just over $40,000, and its market capitalization sits at $770 billion.

BTCUSD. Source: TradingView

Altcoins Remain Calm

The alternative coins registered similar fluctuations in the past several days but have calmed on a daily scale.

Just last week, Ethereum dumped below $3,000 for the first time in about 20 days, but the second-largest crypto reacted well and currently sits above that line.

Binance Coin also fell beneath a round-numbered milestone – $400 – but it now trades at $415.

On a daily scale, Ripple, Solana, Terra, Avalanche, Dogecoin, and Shiba Inu are slightly in the red, while Cardano and Polkadot have marked minor increases.

Even the lower- and mid-cap altcoins are calm today, with Ethereum Classic being one of the most impressive gainers (3.5%). Somewhat expectedly, the crypto market cap has remained flat and sits below $1.9 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto



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