Bitcoin Consolidates Round $42K, Solana Eyes $100 on WEN Airdrop Frenzy (Market Watch)

Bitcoin (BTC) has skilled little to no volatility up to now three days. However, the asset is within the inexperienced on a weekly scale.

Altcoins which have additionally charted some positive factors within the final seven days embody Solana (SOL), Avalanche (AVAX), and extra. Just like BTC, they’ve did not impress within the final 24 hours, although.

Bitcoin’s Consolidation

As of the second of writing these traces, Bitcoin’s worth is buying and selling at roughly $42,000 (per CoinGecko’s information), down round 1% from its $42,700 degree registered on January 28. The asset’s worth has been comparatively calm over the weekend, however this was not the case final week when it dropped beneath $39K.

As CryptoPotato reported, its plunge triggered over $200 million in liquidations. The following improve above $41K had an analogous impact, however this time, it primarily affected quick sellers. 

BTC’s dominance over different cash has been on the rise within the final ten days, at present standing at round 52.4% (TradingView’s information).

Solana is Taking the Offensive Once more

Most altcoins have adopted Bitcoin’s steps as of late, registering no substantial volatility. Conflux (CFX) and Sui (SUI) are among the many few exceptions which have jumped right now by 10% and three%, respectively.

Whereas Solana (SOL) is up a mere 0.2% on a day by day scale, its 10% upswing in every week has pushed its worth close to the $100 mark. The primary perpetrator behind the uptick in exercise on Solana appears to be the continued frenzy behind the WEN token airdrop.

Different main altcoins, similar to ETH, XRP, ADA, and BCH, are barely within the purple. The overall cryptocurrency market cap is down 0.6% within the final 24 hours, at present equaling round $1.7 trillion (CoinGecko’s estimations).