Bitcoin Eyes New Week Consolidating At $58K: Market Cap Maintains $1.8T (Market Watch)

Bitcoin Eyes New Week Consolidating At $58K: Market Cap Maintains $1.8T (Market Watch)

After dipping by roughly $5,000 in a day, bitcoin has reclaimed some ground and has returned to about $58,000. Most altcoins also suffered yesterday but have shown early signs of recovery, and the crypto market cap has jumped back to $1.8 trillion.

Bitcoin Attempts After-Weekend Recovery

The primary cryptocurrency entered the weekend at around $58,000, following another brief dip to $56,000. Saturday went on to be unusually uneventful price-wise for the asset, but Sunday didn’t go all that well for the bulls.

The latest rejection at the coveted $60,000 price mark drove bitcoin south to an intraday low of $55,500 (on Bitstamp). After losing nearly $5,000, though, BTC fought back by recovering over $2,000 and sits shy of $58,000.

The technical indicators suggest that the first resistance line in bitcoin’s way up is situated at $58,355. Should the cryptocurrency overtake it decisively, the following obstacles are $60,000 and the all-time high at $61,780.

Alternatively, bitcoin could find support if the price slips again at $55,465, $53,500, $52,500.

Cryptocurrency Market Overview. Source: Quantify Crypto

Stable Altcoins; THETA Nears Top 10

The majority of the alternative coins also slumped in value yesterday, which led to an $80 billion loss for the crypto market cap. Since then, though, most have calmed and even showed slight recovery signs.

Ethereum dropped to $1,750 but has bounced off and currently stands just beneath $1,800. Binance Coin has also calmed around $265, while Polkadot and UNI have marked minor gains.

In contrast, Cardano, Ripple, Litecoin, and Chainlink are slightly in the red still.

THETA is among the best-performing large-cap altcoins with a 16% surge in a day and 50% in a week. As a result, THETA has jumped above $10 and has neared the top 10 coins by market cap.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

While the larger-caps are calm, the situation with the lower-cap alts is significantly more volatile, as usual. Harmony has gained the most on a 24-hour scale with a 55% surge to $0.18.

Dent (30%), Solana (16%), BitTorrent (13%), Helium (13%), Kusama (13%), Ocean Protocol (12%), VeThor Token (11%), and SwissBorg (10%) follow.

In total, the crypto market cap has added about $50 billion since yesterday’s low and has touched $1.8 trillion once more.

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Cryptocurrency charts by TradingView.


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