Analyzing the Weekly Performance of BTC, ETH, and SOL
The question of the volatility of the digital currency ecosystem comes into the right perspective when it is experienced by market traders. While the losses can be grave, there are opportunities that smart traders look out for in this wavering price trend of top digital assets. There’s been a lot of activity in the digital currency ecosystem this week. These activities have sparked a trend that has caused a massive swing in both directions for some of the top digital currencies including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Bitcoin started the week on a very bullish note as the entire ecosystem anticipated the adoption of the flagship cryptocurrency as a legal tender in El Salvador. On Monday, Bitcoin was changing hands as high as $52,537.46, with a flash crash ruining the ambitious push to test the resistance point at $55,000.
Apparently, the market investors that stacked up on the excitement of the El Salvador Bitcoin as legal tender news wasted no time in taking profit from the accrued gains. From Monday to date, Bitcoin’s price has tanked to a low of $43,285.21 and is currently trading at a price of $46,332.52, up 0.62% in the past 24 hours.
Ethereum (ETH) started off the week with a price of $3,953, giving off an impression that it was geared up to break the resistance at the $4,000 price mark for the first time since it dropped below its ATH of $4,362.35 back in May. Ethereum also trailed the encompassing crypto market flash crash paring off its gains to drop to a low of $3,062.22. While the deflationary token has recovered from this low, its hope of retesting the $4,000 target in the short term appears over-ambitious.
Solana is perhaps the only digital currency amongst the top ten in ranking by market cap to have outgrown its weekly opening price of around $163.34. One of the major highlights of the Solana price growth was the DeFi and NFT revolution on its blockchain, a trend that largely decoupled the coin from the impacts of the recent flash crash. While the coin is currently seeing a mild correction with a real-time price of $184.42, atop a 3.04% slump in the past 24 hours, Solana has tapped a new ATH of $214 attained about 19 hours ago.