Hassan Maishera
TL;DR
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Bitcoin has stagnated around the $37k region after its rally towards $38k last week.
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Most altcoins also underperformed over the weekend, with the total market cap now around $1.41 trillion.
Bitcoin Slips Below $37k
Bitcoin, the world’s leading cryptocurrency by market cap, has underperformed over the weekend. It has lost nearly 1% of its value over the weekend and is now trading at $36,880 per coin.
There is no catalyst behind this performance as the market is simply correcting following last week’s rally. BTC added more than 7% to its value last week, rallying close to the $38k region.
Market experts are optimistic that BTC could reach the $40k level over the next few weeks, with the bull market expected to be in full swing in the coming months.
Solana and Avalanche (AVAX) outperformed the other major altcoins last week, adding more than 40% to their values, respectively. Solana is trading around the $58 region and could rally towards the $70 mark if the current momentum is maintained.
AVAX is also up by 45% over the last seven days and is currently trading at $18 per coin. Ether, the second-largest cryptocurrency by market cap, added 8% to its value last week and is trading above the $2k mark.
The total cryptocurrency market cap currently stands at $1.4 trillion, still down by more than 50% from the all-time high of $3 trillion achieved in 2021.
