23 February, 2024

Bitcoin Holds Support Above $29K as Top Cryptos See Muted Price Action

7 months ago

01 Nov, 2023

  • Bitcoin price rebounded 4% week-over-week, now trading above $29,000.
  • Ethereum Merge upgrade is scheduled for September 2023 to transition to proof-of-stake.
  • Altcoins like DOGE rallied strongly (+8%), while SOL and ADA declined amid volatility.

The crypto market saw a slight pullback over the past 24 hours, with Bitcoin trading above $29,000. The overall market capitalization is $1.29 trillion, down 0.92% from yesterday.

Source: CryptoRank

Bitcoin is trading at $29,212.24, showing a 24-hour price decline of 1.04%. The cryptocurrency has exhibited moderate price fluctuations in the past 24 hours, with a low of $29,099.35 and a high of $29,520.71. These price movements suggest that Bitcoin is experiencing some level of stability, although traders should keep an eye on any sudden price movements.

Ethereum’s current price against the U.S. Dollar is $1866.84, showing a slight increase of 0.33%. Over the past day, Ethereum has exhibited a positive price change of 0.33%, reaching $1866.84. However, it’s worth noting that Ethereum has faced some minor declines in the short term, with a 1.29% drop over the last week and a 1.33% decrease in the past month.

Among the top 10 cryptocurrencies, Dogecoin saw the biggest drop, declining 2.54% to around $0.068. Solana and XRP also saw notable losses, dropping 1.78% and 0.76%, respectively. Major cryptos like Cardano, Polkadot, and Avalanche are down between 1% and 2%. 

The mixed trading in the top 10 highlights a consolidation phase for the crypto market near recent lows. Sentiment has improved slightly according to the Fear and Greed index, with 52 in neutral territory. However, macro uncertainty and recession fears continue to weigh on crypto prices. 

While bitcoin has held relatively near the $29k level, altcoins have borne the brunt of selling pressure in recent weeks. The altcoin market cap dominance recently declined to below 40%. However, some analysts view the capitulation in altcoins as a sign of an impending bottom. 

In conclusion, the crypto market has experienced a slight pullback, with Bitcoin maintaining its position above the critical support level. Altcoins have faced greater selling pressure, resulting in a decline in the altcoin market cap dominance. Despite these challenges, the crypto market continues to demonstrate resilience, and the underlying blockchain technology is steadily gaining traction and adoption across various sectors.