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Thursday, April 18, 2024

Injective (INJ) Skyrockets 75% Weekly, Bitcoin (BTC) Stalls Around $43K (Market Watch)

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Bitcoin’s price failed to overcome $43,000 decisively and was later pushed down south by over a grand, but it has recovered most losses as of now.

Some larger-cap altcoins, such as BNB, SOL, and AVAX, have posted impressive gains over the past day, while ADA and DOGE have retraced slightly.

BTC Returns to $43K

After a relatively quiet weekend in which it failed to overcome $43,000 and traded mostly around $42,000, bitcoin’s start of the business week was quite painful. The asset slumped by approximately two grand and fell to $40,600 for the first time in 5-6 days.

However, the bulls managed to intervene at this point and didn’t allow a break below $40,000. Just the opposite, they initiated an impressive leg up that resulted in surging to $43,500 on Tuesday.

The cryptocurrency failed to keep up its momentum and found itself slipping beneath $42,000 hours later. As of now, though, it has recovered almost all of its daily losses and stands close to $43,000.

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Consequently, its market capitalization has declined to just under $440 billion, but its dominance over the alternative coins has remained strong at over 52%.

BTCUSD. Source: TradingView

INJ Keeps Rising

The past 24 hours brought some increases for a few larger-cap alts. This is the case with Binance Coin, which, amid the latest company settlement with US authorities, has soared by 5% and sits close to $260. Solana (3%) and Avalanche (4%) are also up daily.

In contrast, Ethereum, Cardano, and Dogecoin have lost somewhere between 1-2% in the same timeframe.

Near Protocol, Stacks, and Sei have risen the most from the top 100 alts, with gains of up to 17% in the case of NEAR.

On a weekly scale, Injective’s native token stands out with a surge of 75%. In the past 24 hours alone, INJ is up by 11% and trades above $11.

The total crypto market cap has retraced slightly but is still above $1.6 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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