RUNE Defies Market Sentiment With 30% Weekly Surge, BTC Uncertain at $26K: Market Watch
Despite recovering a few hundred dollars since yesterday, bitcoin’s price is still shaky at around $26,000.
Most alts have finally turned green, albeit in a very modest fashion, with XRP maintaining the $0.5 line.
BTC Shaky at $26K
After last week’s uneventful price performance, BTC headed north on Monday and touched $29,700. This came a day before Europe saw the first spot BTC ETF going live on Euronext Amsterdam. While that seems to be bullish news on the surface, the cryptocurrency headed south and dipped to and below $29,000 by Thursday.
The landscape worsened even more in the following days amid speculations that Elon Musk’s SpaceX has sold its remaining BTC stash. The asset reacted with an immediate price drop that drove it to a new two-month low of $25,300.
It managed to bounce off rather quickly and spiked above $26,000 on the same day. However, it slipped back below it yesterday.
As of now, bitcoin trades at around $26,000 after a minor daily increase. Nevertheless, its market cap is still beneath $510 billion, while its dominance over the alts is stuck at 48.1% on CMC.
RUNE Defies the Odds
Most alternative coins followed BTC on its way south, with massive price drops, which in some cases were with double-digits. Most have attempted to recover some ground since then but not very efficiently.
Ethereum, for example, went from over $1,850 to about $1,600 to mark a multi-month low of its own. Now, though, ETH sits just above $1,650.
Most larger-cap alts are slightly in the green as well on a daily scale. This includes BNB, XRP, ADA, DOGE, SOL, and others. XRP, in fact, has managed to defend the $0.5 level.
While the rest of the market is in pain on a weekly scale, THORChain’s RUNE is up by over 30%, which makes it the best performer among the top 100 alts. An 11% surge in the past day has pushed it to $1.75.
The total crypto market cap has recovered some of the weekly losses and sits at just over $1.050 trillion on CMC.
Cryptocurrency Market Overview. Source: Quantify Crypto
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Filed under: Bitcoin - @ August 20, 2023 7:27 am