The king of cryptocurrencies tested $30,000 again in the early hours of today, but the bulls defended the critical zone. Amidst a busy agenda, uncertainty surrounding Bitcoin continues. Although altcoins have been negatively affected by the recent price fluctuations, altcoins that have survived the heavy selling pressure are relatively maintaining their gains.
BTC, which dropped to $30,064 early in the morning, had surpassed $30,300 at the time of writing. As we have previously emphasized, closing below the support area of $30,400 can lead to deeper lows. With the Fed meeting just around the corner, bulls are struggling to keep the buying excitement alive in this region. Furthermore, the ongoing profit-taking is preventing the king of cryptos from reaching higher peaks.
The remaining 15 days of this month will shape Bitcoin’s performance in August. If the Fed bypasses the interest rate hike and adopts a more moderate approach, we may see a new annual peak for Bitcoin at the end of the month or the beginning of August. For now, it is crucial to reclaim the critical level of $30,400 permanently.
Since BTC has been relatively sideways since the early minutes of yesterday, the overall recovery in altcoins has weakened. The cumulative value of cryptocurrencies continues to hold the $1.2 trillion support. Bitcoin’s market dominance has slightly weakened and stands at 48.5. The top 100 cryptocurrencies have shown the following highest gainers in the past 24 hours:
The top 3 gainers in the daily chart also lead the list of gainers in the past 7 days. The weekly price increases ranged from 20% to 41%. The star of the week was XRP Coin. Ripple (XRP) experienced a massive increase in price on a weekly basis. Although it has retraced from its peak, it retains a gain of 53%. The second biggest gainer was COMP, which experienced a 41% increase in 7 days.
Despite the positive sentiment in the markets, there were also altcoins that experienced losses in the weekly chart. BSV and XEC both dropped by 10%. It is not surprising to see double-digit losses for these altcoins that do not generate utility and experience speculative rallies.