Altcoin Surge Brings Market to Life Amid Bitcoin Slumber
Key Summary
Bitcoin remains stable at $83,000, but mid-cap altcoins are making headlines with significant gains, including STRK's 53% surge. The larger-cap alts are largely unchanged, but the market is expected to become more volatile later in the weekend. The recent attacks on Saudi Arabia and President Trump's hint at US involvement may trigger further price movements.
Market Analysis
Bitcoin's weekend sluggishness continues as the asset has barely moved from $83,000 over the past 36 hours. The larger-cap alts have also failed to produce any significant moves in either direction in the past day. However, the mid caps are making headlines with significant gains. STRK has stolen the show today, skyrocketing by over 53% to almost $0.11. The asset is up by over 105% in the past week. Other double-digit gainers include TIA and AERO, with gains of 21% and 15% respectively. The cumulative market cap of all crypto assets stands still at $2.8 trillion on CMC.
Bitcoin's Performance
Bitcoin started October with a bang, surging to over $87,000 on the second day of the month. However, the bears quickly interfered and pushed it south to under $84,000 on the same day. The asset rebounded last weekend toward $85,000 before it tried to break out again on Monday morning, only to be stopped at $86,600 this time. The following legs down were a lot more painful. At first, bitcoin crashed to $83,600. It bounced to $84,400 before the bears took complete control of the market and drove it south to $82,400 on Wednesday and to a multi-week low of $80,400 on Thursday. After losing nearly $7,000 in just a few days, the cryptocurrency was due for a rebound, which took place on Friday. However, the bulls' attempt was stopped at $83,500. Since then, the asset has been trading sideways at around $83,000 without any major moves.
Mid Cap Gainers
The mid caps are making headlines with significant gains. STRK has stolen the show today, skyrocketing by over 53% to almost $0.11. The asset is up by over 105% in the past week. Other double-digit gainers include TIA and AERO, with gains of 21% and 15% respectively. The cumulative market cap of all crypto assets stands still at $2.8 trillion on CMC.
Market Outlook
More volatility is likely to ensue later tonight or tomorrow morning after the new attacks against Saudi Arabia and President Trump's hint that the US could join the fight. The recent events may trigger further price movements in the market. Bitcoin's market cap remains at $1.660 trillion, while its dominance over the alts is at 59.5% on CMC.