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Friday, July 19, 2024

Solana (SOL) Eyes $20 After 5% Daily Jump, Bitcoin (BTC) Maintains $30K: Weekend Watch

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Bitcoin has calmed after the Friday rollercoaster that drove it up and down by over a grand and remains relatively still at $30,500.

The altcoins are also less volatile today, as it typically happens during the weekends, with SOL emerging as the most substantial gainer from the larger caps.

BTC Above $30K

Bitcoin went on a tear last week when it jumped from $26,500 to over $31,000 to register a new multi-month high. The bears tried to intervene but only managed to halt BTC’s price surge, and the asset remained stuck in a range between $30,000 and $31,000 for the past seven days or so.

That all changed on Friday following reports that the SEC could reject the most recent Bitcoin Spot ETF applications filed by the likes of BlackRock, Fidelity, and others as they supposedly lacked critical information.

BTC reacted with an immediate nosedive that took it from over $31,000 to a 10-day low of $29,500 (on Bitstamp). However, the bulls stepped up and pushed the cryptocurrency north shortly after, resulting in a recovery to $30,500 on Saturday.

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The past 24 hours have been quite calm, with the asset remaining at around that time. As such, its market cap is still just under $600 billion, and its dominance over the altcoins is shy of 50%.

BTCUSD. Source: TradingView

SOL Eyes $20

The altcoins also experienced impressive price increases over the past few weeks, with some standing out the most. Such was the case with Bitcoin Cash which exploded by over 100% weekly at one point and registered a 14-month high above $320 earlier this week.

The case with LTC was similar yesterday as it also had a new 14-month peak at over $110. However, the landscape is less volatile now, with LTC, DOGE, ETH, TRX, DOT, BCH, and SHIB charting insignificant losses.

In contrast, XRP is up by almost 3% but still stands under $0.5, and SOL jumped by roughly 5% to over $19.

The total crypto market cap has added less than $10 billion in a day but has managed to tap $1.2 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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