Bitcoin Reaches Multi-Week Peak, Altcoins Remain Sluggish
The cryptocurrency market has experienced a mix of trends, with Bitcoin (BTC) reaching a multi-week peak and altcoins showing sluggish performance. As of now, Bitcoin stands at around $99,000, with its market cap above $1.960 trillion and dominance over altcoins at 53.4%.
BTC Came Close to $100K
Bitcoin’s price has been on a rollercoaster ride, slumping to a monthly low of $91,300 at the beginning of the previous business week. However, the bulls stepped up, pushing the price to over $97,000 by January 2. Following a brief retracement, BTC shot up to $99,000 on Friday amid growing ETF inflows. The trading volumes declined over the weekend, but Bitcoin maintained its run, reaching a two-week peak of $99,800 on Monday.
Whales Accumulate Bitcoin
The recent surge in Bitcoin’s price can be attributed to the growing ETF inflows, which have led to increased accumulation by whales. As the market cap of Bitcoin continues to rise, its dominance over altcoins has also increased.
Altcoins Remain Sluggish
Most larger-cap altcoins have failed to produce significant moves in either direction. Ethereum (ETH), Binance Coin (BNB), SUI, and Chainlink (LINK) have charted minor gains, while XRP, Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) have experienced insignificant losses.
AVAX on the Rise
Avalanche (AVAX) has emerged as the top performer among larger-cap altcoins, rising by almost 5% to sit around $44. Other notable gainers include Render Token (RNDR), Fetch.ai (FET), and Filecoin (FIL), with increases of around 6-7%.
Cryptocurrency Market Overview
The total crypto market cap has added around $30 billion overnight, reaching $3.680 trillion. The market remains volatile, with Bitcoin’s price fluctuations influencing the overall trend.
Conclusion
In summary, Bitcoin has reached a multi-week peak, driven by growing ETF inflows and accumulation by whales. Altcoins, however, remain sluggish, with Avalanche being the top performer among larger-cap altcoins. As the market continues to evolve, it is essential to stay informed and conduct thorough research before making any investment decisions.
Source: Cryptopotato.com
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