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The asset itself has rocketed by 800% weekly and is now the 92th-largest by market cap.
ByJordan Lyanchev
Similar to the previous weekends, this one is quite sluggish for bitcoin, as its price remains in a very tight range between $77,000 and $77,400.
Most larger-cap alts are in the same boat, with minor losses compared to yesterday. CRO, PUMP, and BTW have marked more substantial gains, but one alt reigns supreme.
BTC Fights for $77K
Bitcoin finished the first week of September with intense volatility after it rocketed to $82,400 for the first time since mid-May, before it was rejected and driven south to under $79,000 that Friday after the release of the US jobs report. The following week or so was less eventful, as the cryptocurrency remained between $80,000 and $77,600.
The upper boundary halted its breakout attempts, while the support managed to hold the bears. However, it all started to change on Thursday and especially on Friday. At first, the lower boundary gave in, and BTC slipped to $77,000. Then came the release of the CPI numbers for August, which sent shockwaves through the market.
The initial reaction drove BTC to $76,000, marking a multi-week low. However, the bulls stepped up somewhat surprisingly and drove the cryptocurrency north to $79,800 within an hour. Another rejection followed, and BTC returned to its starting point at $77,000. Since then, it has been trading sideways between $77,000 and $77,500, currently above the former.
Its market cap has retreated to under $1.550 trillion on CMC, while its dominance over the alts remains sluggish at 58.7%.
One Alt Above Them All
Ethereum, which rocketed to nearly $2,700 on Friday, was stopped there and now fights to stay above $2,500. BNB is down to $722 after a 1.3% daily decline, while XRP remains well below the key $1.40 level. SOL, TRX, DOGE, XMR, and LINK are also slightly in the red.
In contrast, RAIN is up by over 2%, CRO has gained 3%, while PUMP has pumped (right?) by 6%. BTW has stolen the show from the larger caps, rocketing by 11% to over $0.55.
However, the altcoin in question that has posted the biggest gains is Lisk (LSK). The asset has exploded by 325% daily to $0.82. Its weekly gains are even more impressive, posting an 800% surge.
The total crypto market cap has remained at essentially the same level as yesterday at $2.640 trillion on CMC.
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About the author
Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato’s Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain.
Source: cryptopotato.com