Bitcoin endured a whirlwind of a week, reaching a 13-month high before retracting to a value just below ZAR 561,300 ($30k), subsequently managing to uphold this critical level. While other cryptocurrencies exhibited a relative calm over the day, some, including SOL, AVAX, LEO, ARB, among others, posted appreciable gains.
Bitcoin’s Show of Resilience at $30K
The past weekend’s activity in the Bitcoin market could best be described as a rollercoaster ride. BTC’s value swung from ZAR 580,030 to ZAR 551,955 and then rebounded to ZAR 570,315 within mere hours on Friday. The following two days, Saturday and Sunday, were relatively stable, with Bitcoin hovering just above ZAR 561,300.
However, the calm was disrupted early Tuesday morning when Bitcoin pushed above the ZAR 580,030 mark again. Despite facing resistance at this point, the bulls went on a rally on Thursday, managing to drive Bitcoin north to ZAR 589,565 (on Bitstamp), marking a first in 13 months.
Yet, the digital asset faltered at this level again and plummeted to ZAR 555,537 by Friday morning. Despite this, it rebounded and reclaimed the sought-after ZAR 561,300 level within the following hours and has since maintained just above that mark.
Solana and Avalanche Register Significant Gains
In contrast to Bitcoin’s volatility, most alternative cryptocurrencies have stabilised on a daily basis. Ethereum neared the ZAR 37,365 mark at one point but experienced a sharp rejection yesterday and currently stands roughly ZAR 2,805 away from that level.
From the larger-cap alternative coins, Binance Coin, Ripple, Cardano, Dogecoin, Litecoin, Tron, Polkadot, and Polygon have all seen slight gains, indicating a slight move into the green.
However, the stars of the show have been Avalanche and Solana, posting gains of 7.5% and 13% respectively. As a result, AVAX stands above ZAR 243.23, while SOL hovers north of ZAR 411.62.
Total Crypto Market Cap Recovers ZAR 187.1 Billion in a Day
In the grand scheme of things, the collective market capitalisation of all cryptocurrency assets managed to reclaim just over ZAR 187.1 billion in a single day, pushing the total market cap above ZAR 33.68 trillion. This is particularly noteworthy considering that the metric dumped by ZAR 935 billion in one day.
For South African investors, these movements in the global cryptocurrency market signify not just potential opportunities but also risks associated with investing in such assets. Consequently, as we navigate these tumultuous times, it becomes increasingly crucial to stay informed about the evolving landscape of digital currencies.
Despite the weekend volatility, the general market mood remains optimistic. While Bitcoin defends the psychological ZAR 561,300 level, Solana and Avalanche are stealing the spotlight with impressive gains. These movements reaffirm the digital asset market’s vibrant and dynamic nature, underlining the importance of staying on top of the latest developments in this ever-evolving space.
