Weekend Watch: ApeCoin Up 7%, Algorand Soars 10%
Algorand is today’s top performer from the top 100 coins, with a 10% daily increase.
Bitcoin continues to be unable to conquer $17,000 and struggles beneath that line on low Saturday trading volumes.
Most alts are quite stagnant today, with little-to-no substantial moves. Algorand is among the few exceptions.
Bitcoin Boring Below $17K
The past week was significantly different that the previous one, in which bitcoin experienced some of its most violent price declines following the rapid collapse of FTX. In a matter of days, the asset went from over $21,000 to under $16,000 to mark a new two-year low.
However, the bulls tried to intervene at this point and pushed BTC north to around $18,000. It failed there and returned back down below $17,000 this past Monday. Since then, it has remained relatively calm, around $17,000, but failed to breach that level despite its numerous attempts.
The last such one came at the end of the working week, but the bears stopped bitcoin just shy of $17,000. As of now, BTC stands a few hundred dollars away from that line, meaning that its market cap is still struggling to stay above $320 billion.
Its dominance over the altcoins has also remained still and is at 38.5%.
ALGO Steals The Show
Most altcoins have also calmed lately, and the past 24 hours are no different. Ethereum, which experienced similar price dives following the FTX crash, struggles around $1,200, having dipped below that level earlier this week.
On a daily scale, most larger-cap alts are slightly in the red. These include Binance Coin, Ripple, Dogecoin, Cardano, Polygon, Polkadot, Shiba Inu, and, somewhat expectedly – Solana. SOL has been among the poorest performers ever since the Alameda-FTX saga began to unfold.
OKB is among the few exceptions from the larger-cap alts, with a notable 7% daily increase. As a result, the asset currently trades above $20.
Algorand is another massive gainer. ALGO is up by roughly 10% overnight and has climbed above $0.3. ApeCoin, on the other hand, has jumped by around 7%.
Overall, though, the crypto market cap has remained still at $830 billion.