Over the weekend, Bitcoin (BTC) maintained stability, fluctuating between $94,000 and $95,000 without any significant movements. However, altcoins such as XRP, ADA, and XLM stood out with notable increases in value, while SUI experienced a fall.
At the time of writing, the price of BTC was quoted at $94,626.50, with a 0.5% increase in the last 24 hours and a 3% decrease over the week.
BTC’s stability comes after a week of intense volatility. On Tuesday, Bitcoin surpassed $102,000 but then experienced a sharp drop, almost falling below $92,000. This was due to rumors that the Joe Biden administration would pressure the United States Department of Justice (DOJ) to sell the country’s bitcoin reserves. Additionally, US labor market data also had a downward effect on the price of bitcoin.
After briefly dipping to near $91,000, the leading cryptocurrency found stability as the bulls defended the $94,000 level. There was a brief rally to $95,000, but the subsequent rejection did not prevent the cryptocurrency from maintaining its stability. By the end of the weekend, Bitcoin had a market cap of $1.865 trillion, according to CG data.
While Bitcoin remained calm, the altcoin market saw significant movements. XRP, Ripple’s cross-border token, experienced a surge from $2.33 to $2.60 before correcting to $2.52. ADA, Cardano’s token, also performed impressively, rising nearly 10% to reach the resistance level of $1.04. XLM followed suit, rising over 8% to trade at around $0.45.
On the other hand, SUI faced a drop of over 3% to $4.82, while other cryptocurrencies such as TRX, SHIB, and BNB recorded slight declines. In contrast, ETH, SOL, DOGE, AVAX, TON, LINK, HBAR, and DOT managed to register modest gains.