Bitcoin (BTC) Loses $26K Again, Stellar (XLM) Defies Market Sentiment: Weekend Watch
Bitcoin spiked to a multi-day high above $26,400 yesterday, but that was short-lived, and the asset has returned to a familiar sight at under $26,000.
The altcoins are also slightly in the red today, with BNB, ADA, and SOL retracing by over 1%.
BTC Fails at $26K
Bitcoin’s price performance has been anything but impressive for the past 10 days or so, ever since it shot up by $2,000 and then dumped by almost $3,000 days later after Grayscale’s win over the SEC.
The subsequent violent rejection pushed the asset to an 11-week low of $25,350. The bulls finally stepped up at that point and helped bitcoin recover some ground by the time last weekend had arrived. As such, BTC stood calmly at under $26,000.
The following days, including most of the business week, went by uneventfully, with the cryptocurrency stuck at the same spot. It finally made a move upwards yesterday when it pumped to a multi-day high at over $26,400.
However, that turned out to be a false breakout, and BTC has lost all the momentum, trading below $26,000 once again now. Its market cap is still just inches above $500 billion, and its dominance over the alts is back down to 48.3%.
XLM in Green
Most alternative coins have mimicked BTC’s performance as of late, with minor gains yesterday and subsequent retracements today. Ethereum, Ripple, Dogecoin, Tron, Polkadot, Polygon, and Shiba Inu have all declined by up to 1%.
More losses come from the likes of Binance Coin, Cardano, Litecoin, and Solana, with SOL dropping by about 2%.
Stellar’s native token is the only notable exception from the larger-cap alts. XLM is up by over 4% in a day and trades above $0.13.
Naturally, the total market cap has also lost yesterday’s gains and is back down to $1.040 trillion on CMC.
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