Bitcoin initiated another leg up on Friday evening that resulted in jumping above $38,000 for the first time in over a year and a half, but the asset failed to double down on its momentum.
Most altcoins are calmer on a daily scale, with ETH standing close to $2,100 and SOL trading inches away from $60.
BTC Saw an 18-Month Peak
Bitcoin, alongside the rest of the market, had a wild week in which Binance had the main stage. The company reached a settlement agreement with the US Department of Justice in which it had to pay a hefty fine of $4.3 billion without admitting guilt. Moreover, the firm’s founder and CEO – Changpeng Zhao – had to plead guilty and step down as the chief .
BTC went on a rollercoaster ride that drove it up and down by a few thousand dollars on Wednesday, culminating in a price drop to a weekly low of $35,600. However, the bulls quickly intercepted the move and pushed the asset north in the following days.
This resulted in BTC nearing $38,000 on Thursday and going beyond that level on Friday night. In fact, the cryptocurrency soared all the way up to $38,500, which became its highest price tag since May 2022. Nevertheless, it failed to continue upwards or even remain there and currently sits at just under $38,000.
Its market capitalization stands still now at $740 billion, just like its dominance over the altcoins at 51.4% on CMC.
BTCUSD. Source: TradingView## APE Charts Double-Digit Gains
Most altcoins mimicked BTC’s wild ride, but BNB, expectedly, was the worst-hit asset, having lost 20% of its value in hours at one point. Still, it managed to stop the freefall and currently sits at $235 – around $10 higher than its mid-week low.
ETH spiked above $2,100 yesterday but couldn’t keep rising and now trades inches below that level. Solana also failed to conquer the $60 line and sits under it now.
The most notable daily price gainers are STEPN, APE, and MINA – all of which have soared by double digits.
The total crypto market cap has increased by around 1% in a day and stands at $1.44 trillion on CMC.
Cryptocurrency Market Overview. Source: Quantify Crypto
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