Bitcoin’s consolidation continues as the asset has stalled above the $21,000 level. Most altcoins have also calmed today after the recent volatile ride, with the most impressive gains coming from Cardano and Dogecoin.
Bitcoin Surpasses $21,000
After the massive turbulence and substantial price declines that BTC experienced in mid-June, the past seven days have brought something of a recovery phase for the asset. As recently as last Sunday, it dropped to an 18-month low of $17,500.
However, Monday started on a better note as the cryptocurrency bounced off and even neared $20,000. Although it failed to reclaim that level at first, it did so a few days later.
Thus, BTC found itself above $21,500, a weekly high, as bulls tried to regain control of the market. Bitcoin was initially rejected there and slipped below $20,000 following the Fed Chairman’s latest assertion of further interest rate hikes.
Since then, the asset has gradually reclaimed some value and is close to $21,500 once again as of now. Its market cap has remained above $400 billion, but the dominance over the alts is under 42.5%.
ADA and DOGE lead the way
Alternate coins have had a similar rollercoaster ride but are quiet on a day-to-day scale.
Ethereum dumped from over $2,000 to $900 in a week or so. Since then, ETH has reclaimed more than $300 of value and now trades above $1,200.
BNB is trading around $240 after a slight daily retracement. Similar price movements are evident for Ripple, Solana, Polkadot, TRON and Avalanche.
In contrast, Cardano and Dogecoin are up by around 3% in a day to above $0.5 and $0,07, respectively. From the mid- and lower-cap alts, Litecoin and FTT have increased by up to 4%.
More wins come from The Sandbox, ApeCoin, and Mana. Ultimately, the cumulative market capitalization of all crypto assets increased by around $20 billion in one day and approached the coveted $1 trillion mark.
