Bitcoin experienced subdued price action over the weekend, maintaining its position around the $91,000 mark. This represents a significant recovery of over ten thousand dollars since last Friday's multi-month low.
The majority of larger-cap altcoins have shown sluggish performance on a daily basis. Notable exceptions include HYPE, AVAX, and ZEC, all of which have experienced considerable declines since the previous day.
BTC Reaches $91K Amidst Market Recovery
The past business week was particularly challenging for Bitcoin, with the cryptocurrency plunging below $81,000 for the first time since April. This drop signified a loss of over $25,000 in just ten days.
Support emerged around the $80,000 level, where bulls stepped in to defend the price. Bitcoin began to regain some of its lost ground, quickly bouncing back to $84,000 by the weekend. More substantial gains were observed during the business week, with the asset initiating an upward trend to reach $88,000 by Wednesday.
While initial resistance was encountered at $88,000, the bulls ultimately broke through that barrier on Wednesday night. Bitcoin even surged past $90,000 towards the end of the week, reaching a local high of just over $93,000 on Friday morning.
However, the upward momentum could not be sustained. A subsequent rejection from the $93,000 level led to a price correction, bringing Bitcoin back into the $90,000-$91,000 range. The asset has remained in this zone for approximately the last 36 hours. Bitcoin's market capitalization has now increased to $1.820 trillion, with its dominance over altcoins standing above 57%.
Altcoin Performance and Weekly Gainers
Despite Bitcoin's recent fluctuations, the weekly charts reveal an impressive rebound for many altcoins. Ethereum (ETH) and XRP have both seen gains of over 7%, reaching $3,000 and $2.20, respectively. Solana (SOL) has appreciated by 5%, matching the performance of HYPE, although HYPE has seen a 6% decrease in the past 24 hours.
Other altcoins showing positive weekly performance include Monero (XMR), Stellar Lumens (XLM), Avalanche (AVAX), Sui (SUI), Shiba Inu (SHIB), Conflux (CC), and Aave (AAVE). Zcash (ZEC) has diverged from the trend of most altcoins, experiencing a significant downturn. The privacy token has fallen by over 21% since last Sunday, now trading below $450.
The total cryptocurrency market capitalization has added more than $300 billion since last Friday's low and is currently approaching $3.2 trillion.
