VELVET has surged impressively by 150% within a week, successfully placing itself within the top 100 altcoins.
Following a week of adjustments, Bitcoin dropped to a local low of $62,500, where it found support and currently hovers around $63,000.
Most major altcoins have shown minimal fluctuations in the past 24 hours, with the exception of LINK and WLFI, both experiencing gains exceeding 5%.
BTC Stabilizes at $63K
After a stagnant weekend, Bitcoin attempted a breakout on Monday but was quickly rejected at $65,400, marking the second time it faced resistance at this level in three days. This latest rejection was even more severe, as BTC fell to $62,800 within mere hours.
Attempts to recover were thwarted at $64,400, leading to increasingly painful declines. By mid-week, bearish sentiment had taken over the market, escalating selling pressure. This trend peaked on Friday when Bitcoin dropped to $62,500, marking its lowest point in 10-11 days.
Although it bounced back shortly after, resistance emerged at $63,200, and it now struggles to maintain its position around $63,000. Bitcoin’s market cap has stabilized at $1.260 trillion on CoinGecko, while its dominance over altcoins, which hit a high of 57.3% earlier this week, has since decreased to below 57%.
LINK Attempts to Thrive
Recent analysis indicates that experts have expressed optimism regarding LINK, forecasting substantial price surges. The asset has made a strong initial breakout, climbing over 5% in a single day and successfully reclaiming the $9 support level. WLFI stands out as the only other major gainer among larger market capitalizations, while UNI has seen a 5% decline.
In contrast, XRP, SOL, TRX, HYPE, and RAIN are experiencing minor losses, while ETH, BNB, and DOGE have shown negligible gains.
VELVET has made its mark in the top 100 altcoins, increasing by 25% in just 24 hours and an impressive 150% over the week. Following this, ETHFI has surged by 12% daily, while OKB rounds out the top three gainers with a 6.5% increase.
The overall cryptocurrency market capitalization has dipped below $2.230 trillion on CoinGecko.
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