Weekend Watch: ApeCoin up 7%, Algorand up 10%

Bitcoin still couldn’t conquer $17,000 and struggled below that line on Saturday’s low volume.

Most of the changes are fairly static today, with little or no movement. Algorand is one of the few exceptions.

Bitcoin is boring under $17k

This past week was markedly different from the previous week, as Bitcoin experienced some of the steepest price declines after the rapid crash of FTX. In a matter of days, the asset rose from over $21,000 to under $16,000 to mark a new two-year low.

But the bulls tried to intervene at this point and push Bitcoin north to around $18,000, failing there and back below $17,000 last Monday. Since then, it has remained relatively quiet around $17,000, but it has failed to break through this level despite its many attempts.

The last one came at the end of the business week, but bears parked bitcoins for just $17,000. As of now, BTC stands within a few hundred dollars of this line, which means that its market capitalization is still struggling to stay above $320 billion.

Its dominance over altcoins also held steady at 38.5%.

BTCUSD. Source: TradingView

ALGO steals the show

Most altcoins have also recently cooled off, and the past 24 hours are no different. Ethereum, which saw similar price declines after the FTX crash, is struggling around $1,200, after dropping below that level earlier this week.

On a daily scale, most major changes are more or less in the red. These include Binance Coin, Ripple, Dogecoin, Cardano, Polygon, Polkadot, Shiba Inu, and – somewhat predictably – Solana. SOL has been among the worst performers since the Alameda-FTX story began to unfold.

OKB is among the few exceptions to the majors, with a notable daily increase of 7%. As a result, the asset is currently trading above $20.

Algorand is another big winner. ALGO rose nearly 10% overnight and climbed above $0.3. On the other hand, ApeCoin jumped about 7%.

Overall, the cryptocurrency market cap has remained at $830 billion.

Overview of the cryptocurrency market.  Source: Quantify Crypto
Overview of the cryptocurrency market. Source: Quantify Crypto

After Watching the Weekend: ApeCoin Up 7%, Algorand Soars Up 10% Debuts on CryptoPotato.

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