Bitcoin Stalls at $46K as Solana Breaks $70 Following 90% Weekly Surge (Market Watch)

Following more volatility and a drop below $45,500, bitcoin has calmed just above $46,000. Most altcoins have also retraced in the past 24 hours, with the apparent exception of Polkadot and Solana. DOT is up by another 10%, while SOL charted a fresh ATH at $75.

Bitcoin Calms At $46K

The past several days were going well for BTC bulls as the cryptocurrency spiked just above $48,000 during the weekend. This came after a $3,000 recovery session on Saturday.

However, the tables have turned since then, and bitcoin started to gradually lose value. In a matter of hours, the asset fell below $47,000 and kept declining.

As a result, it dropped all the way to $45,250 (on Bitstamp). After this four-day low, the bulls attempted another recovery but were stopped at $46,500. BTC has now calmed and currently stands around $46,000.

Its market capitalization has remained above $850 billion for several consecutive days. Its dominance over the altcoins, though, has decreased a bit more to 43.5%.

BTCUSD. Source: TradingView

SOL’s Latest Record and DOT’s 10% Surge

Most of the altcoin market has mimicked bitcoin’s performance in the past 24 hours, meaning they are in red. This includes Ethereum, which has decreased by about 2.5% and currently stands below $3,200.

Two of the most substantial gainers recently – ADA and XPR – have slumped by 3.5% and 6.25% in a day to $2.1 and $1.2, respectively.

Uniswap (-2.5%), Bitcoin Cash (-2%), and Chainlink (-2%) are also in the red. In contrast, Polkadot has jumped by 10% and currently sits above $26.

Solana, whose USD value has been on a tear since the weekend, has outperformed the rest of the larger-cap alts. After finding a place in the top ten, SOL has surged again by 20% and reached yet another all-time high at $75 hours ago.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

The top 100 have a new rep – Audius. AUDIO has exploded by 105% in a day and 155% in a week to a price tag of $3.5. Further gains come from Terra (21%), NEAR Protocol (14%), Elrond (12%), Kusama (11%), and Huobi Token (10%).

The crypto market cap has recovered about $40 billion since yesterday’s low, but it’s still just under $2 trillion.


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Cryptocurrency charts by TradingView.