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Tuesday, May 28, 2024

WIF and These Assets Explode by Double Digits Weekly, BTC Maintains $70K (Weekend Watch)

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Bitcoin’s price movements continue to be quite underwhelming, but the asset has remained above the coveted $70,000 mark.

The altcoins are also quite sluggish during the same time frame, but the weekly scale shows some impressive gains from the likes of SOL, DOGE, BCH, ICP, and others.

BTC Maintains $70K

The previous weekend was quite similar to this one, with little to no substantial price movements. That changed on Monday and Tuesday as the primary cryptocurrency went on a tear and shot up by over four grand. This meant that it had returned to over $70,000 for the first time in a few weeks.

The bulls propelled another leg up on Wednesday, resulting in BTC soaring to a 15-day peak of just under $72,000. Nevertheless, the bears stepped up and initiated a $3,000 retracement before Bitcoin started recovering some ground as the net flows for the spot ETFs returned to positive.

Not much happened by the end of the week and during the weekend, at least for now. Still, Bitcoin trades above the $70,000 mark, with its market cap closing the gap to $1.4 trillion.

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Its dominance over the alts has declined slightly and is down to 49.5% on CoinGecko.

BTCUSD. Source: TradingView

This Week’s Top Performers

The daily charts are quite boring now, so we will focus on the past week’s performance. The larger-cap alts have a few clear winners, with BCH and ICP standing out the most. With just days left to its second halving, Bitcoin Cash gained more than 30% on a weekly scale and soared to $600.

Dogecoin has also jumped by double digits on a weekly scale and now sits above $0.2. SOL has neared $200 after a 13% increase in the past seven days. ETH, BNB, SHIB, DOT, and LINK have gained less than 10%.

CORE has entered the top 100 altcoins following a massive 130% weekly, making it the best performer within this time frame. WIF follows suit with a 90% surge.

The total crypto market cap remains inches below $2.8 trillion, but it is up by more than $150 billion since last Sunday.

Cryptocurrency Market Overview. Source: QuantifyCrypto

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Cryptocurrency charts by TradingView.

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