February 7, 2023

Bitcoin is holding steady as the asset settled around the $23,000 mark. More volatility, as is largely expected, is coming from several alternative currencies.

Ethereum jumped to a weekly high by recovering $1,700, while ETC, AVAX and Polkadot rose nearly 5% in one day.

ETH at Local Peak

Altcoins drew some midweek dips but reversed course in the next few days.

Ethereum has suffered a drop to $1,600 on several occasions. However, it jumped to $1,650 yesterday, and a 3.5% increase pushed the second largest cryptocurrency above $1,700. This is the highest ETH level recorded in just over a week.

Moreover, ETH rose against BTC as well, with the trading pair reaching a 3-month high.

Of the larger cap alternatives, Polkadot, Avalanche and Ethereum Classic gained the most, up around 5-6% per day. Of the intermediate alternatives, the NEAR protocol and FIlecoin increased the most. Both rose by two digits.

The cryptocurrency market cap added a few billion more and benefited from the $1.1 trillion mark.

Crypto market overview.  Source: QuantifyCrypto
Crypto market overview. Source: QuantifyCrypto

Bitcoin stopped at $23,000

While altcoins have fluctuated in the past few days, bitcoin, on the other hand, has remained relatively flat. The underlying crypto jumped over $24,600 (the highest in several weeks) at the end of July but failed there and started to recover.

The next few days saw Bitcoin drop below $23,000. However, the origin eventually settled around that level and stayed there. To an extent, it is expected that it is trading above this line now as well.

As most altcoins continue to outperform bitcoin, the latter’s dominance has been dealt a heavy blow. The scale is below 41% and is close to dumping under 40%.

Meanwhile, the market capitalization of BTC remains just under $450 billion.

BTCUSD.  Source: TradingView
BTCUSD. Source: TradingView
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Cryptocurrency Schemes by TradingView.

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