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Saturday, May 18, 2024

Bitcoin (BTC) Price Still Shaky at $70K, Solana (SOL) Nears $200 (Weekend Watch)

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Bitcoin has returned to $70,000 once again after falling below that level yesterday and failing to overcome it decisively during its recovery phase.

Several altcoins, like ETH, BNB, DOGE, and SHIB, have turned red on a daily scale, but SOL has performed better and stands close to $200.

BTC Returns to $70K

After a relatively quiet weekend, Bitcoin’s business week started on a positive note as the asset soared from around $64,000 to $66,000 before it shot all the way up to $70,000 on Tuesday.

The bulls kept the pressure piling and pushed BTC to a new 15-day peak of just under $72,000 on Wednesday. However, the asset was violently rejected here and driven back down to $68,400 hours later.

Bitcoin began its recovery shortly after and neared $72,000 once more, but to no avail. Another decline followed, and BTC slipped to $69,200 yesterday. Nevertheless, it has managed to recover most losses as of now and sits at just over $70,000.

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Its market capitalization remains about $20 billion shy of $1.4 trillion, and its dominance over the alts has stalled at 49.7% on CoinGecko.

BTCUSD. Source: TradingView

SOL Heads Toward $200

Soana and Toncoin have popped up as today’s top performers. SOL has gained almost 6% overnight and stands close to $200 once again. TON’s increase is similar, and the asset has jumped to well above $5.

Ripple, Cardano, Avalanche, Polkadot, Chainlink, and Tron are also in the green, albeit in a more modest fashion. BCH has continued its run ahead of its second halving, which is just a few days away, and now trades above $600.

In contrast, ETH and BNB have declined slightly, and so have the two largest meme coins – SHIB and DOGE.

The total crypto market cap has remained relatively stagnant on a daily basis and is below $2.8 trillion now.

Cryptocurrency Market Overview. Source: QuantifyCrypto

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Cryptocurrency charts by TradingView.

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