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Tuesday, May 21, 2024

SOL Heads for $200, AVAX Soars 12% Daily, and BTC Eyes $70K Again (Weekend Watch)

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Bitcoin’s price faced enhanced volatility at the end of the business week, which included a drop of $8,000, but it has recovered some of the losses as of now.

Several altcoins have bounced off from the Friday crash, with AVAX, BNB, SOL, and APT emerging as today’s top performers.

BTC to Challenge $70K Soon?

Bitcoin’s business week started with a lot of price fluctuations as well. It first dumped to $67,000 before the bulls took charge and initiated a massive leg-up that resulted in charting a new all-time high of roughly $73,000.

That was just the start of the positive week, as BTC briefly exceeded that level on Tuesday. However, the bears came out of the woods at this point and pushed it south hard. In just a few hours, Bitcoin had dropped to under $69,000.

More volatility followed, this time in the opposite direction. Bitcoin saw another all-time high at almost $74,000 on Thursday. The rejection scenario repeated once more. This time, BTC slumped by roughly $8,000 and dropped to a weekly low of under $66,000.

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It began its recovery shortly after and even briefly exceeded $70,000 during the night but has failed to overcome that level. As of now, BTC trades at just over $69,000. Its market cap has increased to over $1.350 trillion, and its dominance over the alts sits at 49.2%.

BTCUSD. Source: TradingView

SOL on a Roll

Solana’s native token was among the few that didn’t dump hard yesterday and has only gone higher in the past 24 hours. SOL is up by 8% as of now and trades above $190 – the highest price tag it has seen in over two years.

AVAX is also at a multi-year high at $60, following a 12% daily surge. BNB has reclaimed $600 once again, with a 5% increase. Aptos is the other alt well in the green, having surged by 14% to $15.

In contrast, DOGE and SHIB have declined by just over 3%, while ETH has remained at just over $3,700.

The total crypto market cap has recovered more than $60 billion in a day and is now at over $2.760 trillion on CG.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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