Bitcoin (BTC) price is at $69,000 as of this writing, and altcoins remain relatively calm over the weekend. The positive news during the week has helped Bitcoin attempt to break out of its long-standing consolidation level. Although it hasn’t succeeded yet, there may be new attempts in the coming days. So, what is the current situation in cryptocurrencies today?
Bitcoin (BTC) Current Status
After breaking the $40,295 level, Bitcoin price has entered an exciting period. Although the price, which set an all-time high at $73,777, fell to $56,845, it managed to climb back to the $72,000 mark. This is the fourth time it has returned to this level since March. Looking at the broader picture and considering the ongoing uptrend, the outlook is quite bright.
For the leading cryptocurrency, strong new ATH attempts are expected in an environment where $71,200 has turned into a permanent support. At the $74,000 level, a significant break will trigger the liquidation of $1.4 billion in short positions.
Currently, BTC seems to be preparing for another upward attempt after a 3-4 day dip. Investors should be ready for new attempts if it closes above $67,900.
Current Status of Cryptocurrencies
Undoubtedly, this week’s star was Ethereum (ETH). The price increased by 20% weekly and is above $3,700. The largest altcoin by market cap is likely to see new highs with the ETF launch. Among the top 100 cryptocurrencies, PEPE Coin was the biggest gainer. It increased by more than 57%, setting a new all-time high.
UNI Coin, which faced off with the SEC, also rose by 43% with the support of the ETH surge, followed by cryptocurrencies like ONDO and LDO. Altcoins such as AR, AKT, FTM, JUP, ORDI, and TRX were the biggest losers of the week, experiencing drops between 7% and 14%.
Overall, as is typical for the weekend, volumes have dropped. Total trading volume fell to $53 billion, and the total value of cryptocurrencies is $2.57 trillion. BTC market dominance stands at 53%.
