Market Watch: Solana and Tron Defy Weekly Market Sentiment, Bitcoin Shaky at $67K
The past seven days didn’t go well for bitcoin, which is on course to end the week with minor losses of nearly 2%.
The altcoins were a lot more volatile, but the majority are deep in the red now. Solana and Tron are among the few exceptions from the larger caps.
BTC Uncertain at $67K
The business week started quite well for the primary cryptocurrency as it jumped on Monday morning to $69,500 to market its highest price tag since late July. However, the landscape changed at that point as it was mostly downhill.
BTC dumped hard by the end of the day and kept losing value until the culmination on Wednesday, when it dropped to $65,000. It bounced off on Thursday, but some FUD about Tether pushed it south once again, this time to $65,500 (on Bitstamp).
The bulls managed to intervene at this point, and propelled a price rally that drove the cryptocurrency to around $67,000 yesterday. It has recovered a bit more traction in the past 24 hours, and now sits inches above $67,000.
Consequently, bitcoin is down by 1.6% in the past week despite the massive ETF inflows, which has harmed its market cap. The metric is now down to $1.325 trillion. However, its dominance over the alts shot up to a new high since 2021 of 55.6% on CoinGecko.
SOL, TRX Gain Weekly
As most alts sit quietly on a daily scale, we will focus on their weekly performances. It was another volatile week in the market, but most larger-cap alts are about to end it in the red.
Ethereum has lost 6% of its value within this timeframe and now struggles below $2,500. Toncoin (-6%), Avalanche (-8%), and Shiba Inu (-8.5%) are deep in the red as well.
The situation with Polkadot, NEAR, SUI, LTC, APT, FET, PEPE, IMX, TAO, and STX is even more painful, with losses of up to 15%.
The two larger-cap alts that have clearly defied this trend are Solana and Tron. SOL has gained 8.5% weekly and sits above $170, while TRX is north of $0.166 after a 6% surge.
The total crypto market cap, though, has seen over $60 billion gone since last Sunday and is below $2.390 trillion on CG.
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