Bitcoin initiated a minor leg up in the past 24 hours but failed to even challenge the $28,000 mark.
The larger-cap alts stand relatively still today, but TON continues to lose its momentum, and another daily decline has pushed it south of $2.
BTC to Challenge $28K?
This business week started on a high note as the bulls took complete control of the market for a few days. Monday morning saw a massive price surge that pushed the primary cryptocurrency north by over $1,500.
This culminated in BTC charting a six-week peak at around $28,600. However, the asset couldn’t keep its momentum going and started losing value in the following days.
This resulted in a few price consecutive price drops, with the latest coming yesterday and taking bitcoin down to $27,200.
However, the cryptocurrency bounced off at this point and didn’t fall further south. Just the opposite, it recovered a few hundred dollars and even went on the offensive earlier today. Nevertheless, this leg up couldn’t drive BTC any higher than $27,900.
As of now, bitcoin trades inches above $27,500. Its market cap has increased slightly to just shy of $540 billion, and its dominance over the altcoins is up to 49.5% on CMC.
BTCUSD. Source: TradingView## TWT, AAVE on a Roll
Toncoin was among the best performers in the industry in the past few weeks, but the tides have turned now. TON has been consistently losing value lately, and the most recent 2.5% price decline has pushed it to under $2. Just a few weeks ago, TON shot up to and beyond $2.5.
Similar or slightly less violent price losses are evident from Ripple and MATIC on a daily scale. ETH, SOL, DOGE, TRX, BCH, and SHIB are also slightly in the red.
In contrast, BNB, ADA, DOT, LTC, and LINK have all posted insignificant gains. Avalanche has soared by 4% and trades at $10.
The most substantial gainers on a daily scale include Aave (8%) and Trust Wallet Token (8%).
Overall, the total crypto market cap has remained relatively still at around $1.080 trillion on CMC.
Cryptocurrency Market Overview. Source: Quantify Crypto
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