Bitcoin (BTC) has seen little to no volatility over the past three days. On the other hand, the asset is in the green on a weekly scale.
Altcoins that have also posted some gains over the past seven days include Solana (SOL), Avalanche (AVAX), and others. Similar to BTC, however, they have failed to impress in the last 24 hours.
The consolidation of Bitcoin
At the time of writing these lines, the price of Bitcoin is trading at around $42,000 (according to CoinGecko data), down around 1% from the $42,700 level recorded on January 28. The asset value was relatively calm over the weekend, but that wasn’t the case. this is the case last week, when it fell below $39,000.
AS CryptoPotato reported, its collapse triggered liquidations of more than $200 million. The subsequent rise above $41,000 had a similar effect, but this time mainly affected short sellers.
BTC’s dominance over alternative coins has increased over the last ten days, currently standing at around 52.4% (TradingView data).
Solana returns to the offensive
Most altcoins have followed Bitcoin’s footsteps as of late, without experiencing any substantial volatility. Conflux (CFX) and Sui (SUI) are among the few exceptions that are up 10% and 3% respectively today.
While Solana (SOL) rose only 0.2% on a daily scale, its 10% rise in a week pushed its price close to the $100 mark. The main culprit behind the increase in activity on Solana appears to be the ongoing frenzy behind the WEN token airdrop.
Other major altcoins, such as ETH, XRP, ADA and BCH, are slightly in the red. The total cryptocurrency market capitalization has fallen by 0.6% in the last 24 hours, currently sitting at around $1.7 trillion (CoinGecko estimates).
