Market Overview
Bitcoin's price has remained expectedly calm over the past 12 hours, aligning with the start of the weekend, with no major price movements observed, holding steady at just over $95,000.
Most larger-cap altcoins are also exhibiting sluggish behavior, with minimal to no movement from Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), Solana (SOL), and Cardano (ADA). Monero (XMR), however, has experienced a significant decline after its recent rally.
BTC Calms at $95K
The primary cryptocurrency experienced a quiet previous weekend but surged on Monday, moving from $90,000 to $92,000, encountering resistance on a couple of occasions. It successfully broke through this barrier on Tuesday and continued its ascent, reaching a new multi-month peak of $98,000 on Wednesday evening.
This price action represented an increase of $8,000 in just a few days and approximately $10,000 since the beginning of the year. Following such an impressive rise, Bitcoin was due for a pullback, which occurred on Thursday and Friday.
The culmination of this downward movement took place yesterday when BTC slipped below $94,500. This dip followed reports that Kevin Hessett would not be nominated by Trump to be the next Fed Chair. Nevertheless, Bitcoin recovered and has maintained a position above $95,000 since then.
Bitcoin's market capitalization has stabilized at $1.9 trillion, while its dominance over altcoins remains unchanged at 57.4%.
XMR Runs Ends
As previously noted, altcoins have shown untypical stagnation over the past 24 hours. Ethereum continues to trade sideways around the $3,300 mark, while XRP has successfully defended the $2.05 support level. Dogecoin (DOGE), Bitcoin Cash (BCH), Chainlink (LINK), and Zcash (ZEC) are also showing slight declines, while BNB, Tron (TRX), and SOL have recorded insignificant gains.
Monero's token experienced a significant rally in the past week, surging to a new all-time high of nearly $800. However, it was rejected at that level and is now trading at $620 after a further 12% decline in the past day. Internet Computer (ICP) has also seen a sharp daily drop, losing 9% of its value.
The cumulative market capitalization of all cryptocurrency assets has remained above $3.3 trillion, according to CoinGecko.
