On Friday evening, Bitcoin posted another rally, surpassing $38,000 for the first time in 18 months. However, the cryptocurrency has not been able to sustain the momentum that could amplify its gains.
Across the wider range of altcoins, the day-to-day landscape appears relatively calm. Ethereum is hovering near $2,100, while Solana is hovering close to $60, showing a measured market reaction.
BTC reached its highest point in 18 months.
BTC has had a tumultuous week, highlighted by Binance’s prominent role along with the overall cryptocurrency market. The company reached a settlement with the U.S. Department of Justice, admitting no guilt and imposing a hefty $4.3 billion fine. Moreover, Binance’s founder and CEO Changpeng Zhao pleaded guilty and was forced to step down from his position as CEO.
Bitcoin went on a roller coaster ride on Wednesday, swinging thousands of dollars before falling to a weekly low of $35,600. Nonetheless, stronger forces quickly intervened and pushed the assets northward in the following days.
This pushed BTC closer to $38,000 on Thursday and crossed that threshold on Friday night, reaching a high of $38,500. This is the highest since May 2022. However, the cryptocurrency has failed to sustain or advance beyond this level and currently sits just below $38,000.
Market capitalization remains stagnant at $740 billion, and BTC’s dominance over altcoins in CMC is 51.4%.
BTCUSD. Source: TradingView
APE posted double-digit profits.
Altcoins mirrored BTC’s volatile journey, with BNB being the most negatively impacted, experiencing a 20% loss at one point. Despite this setback, BNB managed to halt its decline and currently sits at $235, about $10 above its intraweek low.
ETH briefly surged above $2,100, but struggled to maintain upward momentum and traded slightly below that level. Solana faced a similar fate, failing to break the $60 mark and currently residing below it.
Notable daily gainers include STEPN, APE, and MINA, all of which are experiencing double-digit surges.
Amid these fluctuations, the overall cryptocurrency market cap increased slightly by 1% on the day, totaling $1.44 trillion at CMC.
Cryptocurrency market overview. Source: Cryptocurrency Quantification
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