After several days of enhanced volatility, including a pump and dump for over $2,500 in each direction, BTC has finally calmed on a daily scale and stands close to its familiar ground of around $26,000.
Most altcoins are also a lot less volatile now, with UNI being among the few with substantial increases over the past day.
BTC Calms at $26K
Several weeks of mostly sideways trading came to an abrupt halt on Tuesday when Grayscale recorded a massive court victory over the SEC in its legal battle concerning turning its GBTC into a spot Bitcoin ETF.
The underlying asset reacted with an immediate uptick that helped it break out of the $26,000 sitting area. In a matter of hours, the cryptocurrency had soared by more than $2,000 and tapped a multi-week high above $28,000.
However, that was a short-lived run, and BTC retraced by a grand within the next 24 hours. The landscape worsened on Thursday and Friday when the asset plummeted by more than $1,500 once again and tapped an 11-week low of $25,350 (on several exchanges).
Nevertheless, it bounced off and reclaimed almost a grand. As of now, bitcoin trades inches away from $26,000 once more, and its market cap has calmed at $505 billion. Its dominance over the alts sits at 48.4%.
TON, IOTA, XDC Soar Weekly
Most alternative coins mimicked BTC’s pump and dump and have calmed within the past 24 hours. On the one hand, ETH, XRP, ADA, DOGE, TRX, DOT, MATIC, and LTC have charted minor gains, while on the other, BNB, SOL, and SHIB are slightly in the red.
Uniswap’s native token has jumped the most from the larger-cap ones, with a 3% increase.
TONCOIN has dumped the most on a daily scale (-5%), but it’s more than 25% up for the past week. This makes it the best performer on a 7-day scale, followed by IOTA (13%) and XDC (12%).
The total crypto market cap has remained relatively still at under $1.050 trillion on CMC.
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Cryptocurrency charts by TradingView.