Although bitcoin continues to struggle below $30,000, the cryptocurrency is actually about to break its nine-week negative weekly streak. At the same time, some altcoins, such as Solana and Avalanche, saw impressive recoveries today.
Bitcoin to Stop the Negative Weekly Streak?
Following the end of March, when BTC had spiked by more than $10,000 in just 14 days, the asset began what it later became its longest retracement in terms of weekly candles.
In early May, bitcoin equaled the previous record of 6 consecutive red candles before breaking it and recording its 9th last week. During this period, the asset lost about $20,000 of its value and fell to a 1.5-year low.
BTC closed last week at $29,250 (on Bitstamp), at which point it bounced off and even jumped to over $32,000 days ago. However, it failed there and has returned below $30,000 as of now. Nevertheless, it’s still several hundred dollars above $29,250, meaning that it’s on the verge of breaking the negative streak.
Holding close to $30,000 now means that BTC’s market cap is still around $565 billion, while its alts dominance is over 46%.
SOL and AVAX Lead the Way
The altcoins mimicked BTC’s performance lately, and Ethereum slipped from over $2,000 to under $1,800. As of now, the second-largest crypto has neared the latter, following a minor daily increase. BNB sits at a similar position as yesterday, close to $300.
Cardano, Ripple, and TRON saw insignificant daily gains, while Dogecoin, Polkadot, and Shiba Inu saw minor losses.
Solana and Avalanche are the best performers from the larger-cap alts. SOL is up by 5% in a day to almost $40, while AVAX trades at $25 following an 8% surge.
The crypto market capitalization remained rather quiet at just over $1.2 trillion.
