Although bitcoin continues to struggle below $30,000, the cryptocurrency is actually close to breaking a nine-week long negative weekly streak. Meanwhile, some altcoins such as Solana and Avalanche have registered impressive recovery today.
How To Stop Bitcoin’s Negative Weekly Streak?
Since the end of March, when BTC surged above $10,000 in just 14 days, the asset started what would later become its longest retracement in terms of a weekly candle.
At the beginning of May, Bitcoin equaled the previous record of 6 consecutive red candles and recorded its 9th last week. Within this time frame, the asset lost nearly $20,000 of its value and fell to a one-and-a-half-year low.
BTC closed last week at $29,250 (on Bitstamp), at which time it jumped and even jumped 32,000 the day before. However, it failed there and has so far returned below $30,000. Nevertheless, it is still several hundred dollars above $29,250, which means that it is on the verge of breaking the downside.
Now sitting close to $30,000 means that BTC’s market cap is still around $565 billion, while its dominance over alts is above 46%.
SOL and AVAX Lead the Way
Altcoins recently mimicked the performance of BTC, with Ethereum falling from $2,000 to under $1,800. By far, the second largest crypto has reached the latter’s close, after a modest daily increase. BNB is in the same position as yesterday, close to $300.
Cardano, Ripple and TRON have seen modest daily gains, while Dogecoin, Polkadot and Shiba Inu are with minor losses.
Solana and Avalanche are the best performers from the Large-Cap Alts. SOL rose 5% in one day to around $40, while AVAX was trading at $25 after a gain of 8%.
The cryptocurrency market capitalization has remained calm at just over $1.2 trillion.
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Cryptocurrency charts by TradingView.