Market Watch: Holidays Consolidation as BTC Stagnant at $40K, FIL Soars 11%
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The cryptocurrency market continues to be untypically calm, with bitcoin failing to make a decisive move while still standing above $40,000. Most of the altcoin space is in a similar position, except for Filecoin, which soared by double digits.
Bitcoin Stands Still at $40K
It was just over ten days ago when the primary cryptocurrency failed at $47,000 and started its gradual descent. In a matter of days, the asset found itself dropping to $45,000 and $43,000.
Somewhat expectedly, BTC also lost the January 2021 ATH of $42,000 before the situation worsened on April 12. At that point, bitcoin dumped beneath the coveted $40,000 for the first time in about a month.
It reacted well to this decline and bounced off to around $42,000, but it was rejected there. As such, it fell to $40,000 on Friday and has remained above that level ever since. As of now, BTC stands there again, meaning that its market capitalization is still way below the $800 billion mark.
Filecoin Steals the Show
Despite known for their highly volatile nature, the altcoins have failed to produce any turbulent movements in the past 24 hours (again).
Ethereum slipped below $3,000 for the first time in weeks several days ago but reclaimed that level shortly after and stands just north of it as of writing these lines.
Binance Coin is above $410 after the asset failed to breach $420 a few days back. On a daily scale, Ripple, Cardano, Dogecoin, Shiba Inu, and CRO are slightly in the red.
In contrast, Solana, Terra, Avalanche, and Polkadot have marked minor price increases.
Filecoin is the most substantial gainer with an 11% daily increase. As a result, FIL has spiked above $21.
Due to the aforementioned lack of substantial price movements from the larger-cap cryptocurrencies, the total market cap stands still as well at just under $1.9 trillion.
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