Bitcoin Stagnant Amid $40K: Solana Soars 14% (Market Watch)

Bitcoin Stagnant Amid $40K: Solana Soars 14% (Market Watch)

After gaining $6,000 in a few days, bitcoin’s price has calmed around the coveted $40,000 mark. Some alternative coins have outperformed their leader in the past 24 hours with notable gains from XRP, UNI, LINK, and SOL.

SOL Rises 14% as ETH Touches $2.4K

The past several days have been highly bullish for the alternative coins. Ethereum is a prime example as it dropped to $1,720 early last week, but it has been on a tear ever since.

ETH has added roughly $700 of value and earlier today registered a six-week high of about $2,460 (on Bitstamp). Despite retracing slightly, the second-largest crypto still stands at around $2,400.

Binance Coin (2%), Cardano (2%), Dogecoin (1%), Polkadot (3%), and Litecoin (1.5%) are also in the green. However, XRP, UNI, BCH, and LINK have increased by 5-6% in a day.

Furthermore, Solana is the biggest gainer from the larger-cap altcoins, following a near 14% surge to $32.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

More gains come from Quant (21%), Flow (20%), Ontology (14%), Siacoin (10%), and OMG Network (10%). As such, the cumulative market cap of all crypto assets is just shy of $1.6 trillion as it’s up by about $300 billion in a week.

Bitcoin Calm Around $40K

The primary cryptocurrency also enjoyed the past week or so. After the struggles below $30,000 on July 20th, the asset pumped hard and added more than $10,000 in days. This resulted in nearing $41,000 on July 28th, which became the highest price line since June 15th.

However, the asset failed to breach that level despite a few more attempts to break out. It even dipped below $39,000 shortly after, but the bulls didn’t allow further decreases.

In fact, bitcoin has calmed around a tight range for the past 48 hours and currently sits just below $40,000. Its market capitalization has remained at $750 billion, while its dominance over the alts has slid slightly to 47.5% as they have marked serious gains in the past 24 hours.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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