Over the past weekend, Bitcoin (BTC) maintained stability, with prices fluctuating between $94,000 and $95,000 without significant movements. However, altcoins such as XRP, ADA, and XLM experienced notable increases in value, contrasting with the fall of SUI.
At the time of publication, the price of BTC was quoted at $94,626.50, representing a 0.5% increase in the last 24 hours and a 3% decrease over the week.
BTC maintained stability after a volatile week. Initially, Bitcoin surpassed $102,000 on Tuesday but then experienced a sharp drop, almost falling below $92,000. This was due to rumors that the Joe Biden administration planned to pressure the United States Department of Justice (DOJ) to sell the country’s bitcoin reserves. Additionally, US labor market data also contributed to the downward pressure on Bitcoin’s price.
After reaching a low near $91,000, the leading cryptocurrency found temporary stability. The bulls managed to defend BTC around $94,000, resulting in a brief rally to $95,000. Despite subsequent rejection, the cryptocurrency continued to hold steady and ended the weekend with a market cap of $1.865 trillion, according to CG data.
While Bitcoin remained calm, the altcoin market experienced significant activity. XRP, which is Ripple’s cross-border token, saw a considerable surge, rising from $2.33 to $2.60 before correcting to $2.52. ADA, Cardano’s token, also performed impressively, rising nearly 10% and reaching the resistance level of $1.04. XLM followed suit, with an increase of over 8% to trade at around $0.45.
In contrast, SUI experienced a drop of over 3% to $4.82, while other cryptocurrencies such as TRX, SHIB, and BNB recorded slight declines. On the other hand, ETH, SOL, DOGE, AVAX, TON, LINK, HBAR, and DOT managed to register modest gains.