Bitcoin could end the week flat despite reaching a high of $29k and a low of just below $27k.
The world’s largest cryptocurrency by market cap has been trading around the $28k mark in recent days.
Bitcoin Could End The Week Flat
Bitcoin, the world’s largest cryptocurrency by market cap, could end the week at around the same price it started. BTC was trading at just around $28k at the start of the week but slumped to roughly $26,500 after the CFTC filed a lawsuit against Binance, the world’s largest cryptocurrency exchange.
Despite the bearish sentiment that came with the lawsuit, the bulls held on and were able to push Bitcoin back above the $27k level. Bitcoin held on to this position and went on to reach the $29k mark for the first time in nearly a year.
Bitcoin has now dropped toward the $28k mark and could end the week trading around that level. Over the past seven days, Bitcoin has lost 0.35% of its value, an indication that there is no clear pattern movement between the bulls and the bears.
The total cryptocurrency market cap could also end the week at the value it started. At press time, the total crypto market cap stands at $1.18 trillion, down by less than 1% over the last seven days.
XRP, the native token of the Ripple ecosystem, has been the best performer among the top 100 cryptocurrencies by market cap over the past week. XRP has added 24% to its value and is now trading above $0.5 per coin.
The recently launched Arbitrum token (ARB) is also one of the best performers, adding more than 4% to its value over the last seven days.