Bitcoin Corrects Below April’s Previous ATH, Solana Spikes Above $200 After 35% Weekly (Market Watch)

The volatile roller-coaster returned to the crypto markets again after bitcoin’s ATH, and the asset dropped by more than $5,000 a day later. While most altcoins have stalled on a 24-hour scale, Solana has gone on a tear once more by breaking above $200.

Bitcoin Lost $5K

The news that the US will finally have its own Bitcoin ETF, even if it’s a Futures one, for now, brought significant gains for the primary cryptocurrency. BTC traded below $58,000 last week when the first reports emerged but quickly skyrocketed above $60,000.

It kept climbing further, which culminated on October 20th. Bitcoin broke its April ATH of $65,000 and charted a new one at approximately $67,000.

After this peak, though, the bears came to play and pushed the asset south. The situation worsened yesterday when bitcoin dumped all the way down to $61,800 (on Bitstamp), but it went to even four digits on some exchanges in a flash crash event.

As of now, BTC has recovered some ground and stands above $63,000. Its market capitalization sits around $1.2 trillion, while the dominance over the altcoins is at 46%.

 TradingViewBTCUSD. Source: TradingView

Alts Stall: SOL Doesn’t

The alternative coins also saw multi-month highs against the dollar in the past few days, but most have retraced slightly since yesterday. Ethereum came just inches away from a new ATH but is now down to just over $4,100.

Binance Coin, Cardano, Ripple, Dogecoin, Uniswap, and Litecoin have also seen minor losses. In contrast, Polkadot and Avalanche have charted slight gains. Terra has surged by more than 7%, but Solana has stolen the show again with a 9.5% increase in a day.

Moreover, SOL is up by 30% in the past week and has spiked above $200 for the first time in a few months.

The cryptocurrency market cap, which charted a new record at over $2.650 trillion, has lost more than $60 billion since then and is currently just shy of $2.6 trillion.

 Quantify CryptoCryptocurrency Market Overview. Source: Quantify Crypto

Publication date: 
10/22/2021 - 08:52
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