QNT Rises 12% as Bitcoin Struggles to Reach $20,000
QNT is the top performer today with a 12% price increase. Bitcoin is much lower than $20,000.
Although the trading volumes yesterday were quite low, similar to previous weekends, bitcoin still took a minor hit and fell to a weekly low. This is a sign that the market is still unstable and cautious about the future of the currency.
Looking at the altcoin market, it seems that QNT is one of the few exceptions to the rule, as it is up by double digits. Most other altcoins are slightly in the red, but QNT is bucking the trend.
Bitcoin Dips Below $19,000
It is clear that the cryptocurrency market is highly volatile and sensitive to news. The US job reports caused a sell-off even though the numbers were better than expected. This shows that investors are still cautious about investing in cryptocurrencies.
BTC reacted with an immediate price drop of around $1,000 – from over $20,000 to $19,300. The asset bounced off initially and jumped to north of $20,000 once again, but the bears came back to play and drove it south. It is evident that the market is still very volatile and unpredictable. The bears might be in control for the time being, but the bulls could come back at any moment and push the prices higher.
It is clear that bitcoin is in a period of consolidation at the moment, with prices slipping to $19,500 yesterday and spending most of the day there on low trading volumes. However, this dip below $19,300 could be a sign that further downside is ahead in the short-term, as this is now the lowest price seen since early October.
The market cap for Bitcoin currently stands at a few hundred dollars upwards, but is still below $375 billion. Its dominance over the altcoins has calmed at 39.6%.
Alts With Minor Losses: Still Down, But Not Out
The larger-cap altcoins have not enjoyed the past several days, except for Ripple, which was yesterday's best performer. Although XRP is slightly in the red now, it has remained above $0.5 as it's up by 9% weekly. Looking ahead, it's possible that the altcoin market could see some relief as Bitcoin stabilizes around the $10,000 mark.
Ethereum's ability to defend the $1,300 level despite a minor daily retracement is a positive sign for the cryptocurrency. Binance Coin, Cardano, Solana, Dogecoin, Polkadot, Shiba Inu, Polygon, Tron, and Avalanche are also with minor daily losses, but this does not seem to be deterring Ethereum. The cryptocurrency remains a strong investment option in the current market.
With the crypto market currently in a slump, most altcoins are also seeing little activity. However, QNT is one apparent exception, surging by 12% to over $155. This could be a sign that QNT is poised to weather the current market conditions better than other altcoins.
The market cap of all crypto assets stands still at $940 billion.
The post Bitcoin Dipped to Weekly Lows on Minor Trading Volumes (Weekend Watch) appeared first on CryptoPotato. The cryptocurrency markets experienced a slight dip over the weekend, with Bitcoin falling to its weekly low on Sunday.
