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Bitcoin Holds $34K as Altcoins Shine: Weekend Market Watch

Bitcoin has experienced a positive week of trading, with the cryptocurrency managing to defend the $34,000 level after a brief slip below it. While Bitcoin remains a dominant force in the market, several altcoins have shown notable strength, including Chainlink, Aptos, and Cardano.

BTC’s Resilient Week

Bitcoin‘s favorable week began with the cryptocurrency decisively reclaiming the $30,000 level on Monday. The positive momentum continued, leading to a substantial price surge, pushing Bitcoin to its highest price in approximately a year and a half, reaching $35,200. Speculation about the potential approval of BlackRock‘s spot Bitcoin ETF application and an intriguing ticker symbol mystery contributed to the bullish sentiment, pushing the Fear and Greed index into a deep ‘greed’ territory. Although Bitcoin retraced slightly after reaching the multi-month peak, it made a strong recovery on Thursday, testing $35,000 once again. However, it faced resistance at this level and subsequently dipped below $33,500.

BTCUSD. Source: TradingView

Despite the setback, Bitcoin swiftly bounced back and is currently trading just above $34,000. Its market capitalization has decreased to $665 billion, and its dominance in the altcoin market has slightly declined to 52.9%.

Altcoin Performance

In contrast to Bitcoin’s minor fluctuations, several altcoins have displayed noteworthy movements. TONcoin and Dogecoin are among the larger-cap altcoins that have seen daily declines of 2-3%.

On the positive side, Ethereum (ETH), Binance Coin (BNB), TRON (TRX), Polygon (MATIC), Polkadot (DOT), and Litecoin (LTC) have posted minor gains. Cardano (ADA) has experienced a 3.6% increase and is trading close to $0.3, while Chainlink (LINK) has surged by over 5% and is trading above $11. Other altcoins, such as Aptos (APT) with a 6% gain, NEAR (5.5%), Internet Computer (ICP) with 3.5%, and VeChain (VET) with 2.5%, have also seen notable price increases.

Cryptocurrency Market Overview. Source: Quantify Crypto

The total market capitalization has remained relatively stable, hovering around $1.25 trillion. This week has seen a dynamic interplay between Bitcoin’s resilience and the promising performances of various altcoins.

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