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Saturday, May 18, 2024

Bitcoin Stopped at $70K, FLOKI Skyrockets 111% Weekly and Nears Top 50 (Weekend Watch)

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Bitcoin’s price stood still for several days, but the asset went on the offensive yesterday, broke above $70,000 for the first time ever, and was violently rejected minutes later.

Several altcoins, led by Worldcoin and FLOKI, have produced massive gains over the past day.

BTC’s Rollercoaster

CryptoPotato reported BTC’s notable run as of late, which culminated this week by charting a new all-time high two consecutive times. At first, Bitcoin shot above $69,000 on Tuesday after gaining several thousand dollars on Monday. However, the bears were quick to intercept the move and pushed the asset south hard. In a matter of minutes, BTC had fallen by nearly ten grand, leaving billions of USD in liquidations.

Bitcoin recovered most losses almost immediately and returned to $67,000 in the next few days. The second offensive came yesterday when the bulls drove BTC to just over $70,000 for the first time ever.

Once again, though, the cryptocurrency failed to keep the momentum going and was brought back down by a few thousand dollars.

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As of now, BTC trades at around $68,500, with its market cap nearing $1.350 trillion on CoinGecko. Its dominance over the alts has remained at 49.2%.

BTCUSD. Source: TradingView

FLOKI Keeps Going

The bull run so far has been dominated by the meme coins. While SHIB and DOGE keep fighting over which will be the largest during this cycle, FLOKI has taken advantage and has soared by more than 110% over the past week and 40% since yesterday. As a result, the asset has neared the top 50 largest cryptocurrencies by market cap.

Worldcoin is the other notable gainer from the top 100 alts. WLD has skyrocketed by 42% and now sits above $10 despite the controversy around the project.

The Graph (25%), AGIX (20%), AR (19%), and NEAR (19%) are also well in the green. BNB, DOT, ICP, TON, and SHIB have produced minor gains over the past day.

ETH went above $4,000 yesterday but failed there and has slipped to almost $3,900 as of now.

The total crypto market cap has been increasing quite a bit lately and is above $2.7 trillion today.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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