The summary of the weekend for the entire crypto market in one word is ‘indifferent.’ Bitcoin and altcoins had another week to forget as BTC rested around $31,000 ahead of the weekend. Altcoins also struggled into the weekend.
It got worse for the number one crypto on Saturday as it dropped to a new 19-day low of just over $31,000. Most alternative coins suffered as well, with Ethereum (ETH) well below $2,000, DOGE dumping beneath $0.20, and Solana losing 8% of value in a day.
However, Sunday had better things in store for BTC and some altcoins. BTC edged towards $32,000 and some altcoins bounced off Saturday losses. Doge jumped by roughly 9% on Sunday.
Bitcoin struggle as its attempt break $32,000 continues
After briefly exceeding $33,000 on Thursday, Bitcoin started to retrace in value and lost about $2,000 in a day. The subsequent unsuccessful attempt by the bulls to recover some ground resulted in yet another drop – this time, the cryptocurrency reached its lowest price line in three weeks at $31,000.
The trading volume remained relatively low in the following days, and BTC has failed to reclaim most losses. It initiated a mini-surge and briefly surpassed $32,000 but has retraced below that level.
At the time of writing, Bitcoin trades at $31,723 while its market dominance has dropped a bit to 44.41% as a result of the recovery altcoins are seeing after Saturday’s dip.
Altcoins begin mild recovery as Dogecoin leads with 9% spike
Throughout the week altcoins suffered even until Saturday as the market began its mild recovery on Sunday.
Ethereum dropped below $1,900 at one point. However, a 4% increase has driven the second-largest crypto to around $1,960 as of now.
Binance Coin, Cardano, Polkadot, Uniswap, Bitcoin Cash, Litecoin, and Solana are slightly in the green as well.
Dogecoin, however, leads the recovery race having spiked 9% in the past 24-hours to trade at $0.19.
Despite its surge, it still has a long way to go to climb back to its all-time high price at $0.73. It achieved that feat in May.
Telcoin has added the most value from the lower- and mid-cap altcoins with a 12% surge. Consequently, TEL trades above $0.013. KuCoin Token (8%), Bitcoin Gold (7%), Elrond (7%), and Nexo (6%) follow.
In contrast, NEM and Revain have lost the most with 7% drops, followed by Basic Attention Token (-5.5%) and Flow (-5%).
Ultimately, the entire crypto market has surged by 0.3%. The market capitalization of the crypto market is at $1.34 trillion.