Crypto Keeps Growing Despite Bearish Sentiments

Avalanche and Solana displayed remarkable performance, experiencing significant double-digit price surges once again. Bitcoin responded positively to the weekly low it established, surging by $3,000 within hours, challenging the $38,000 mark anew. Altcoins are also showing gains, with ETH and BNB hovering around the $2,000 and $250 marks respectively.

Reaching $38,000 again

Bitcoin underwent a substantial surge precisely a week ago, reaching $38,000 for the first time in 18 months. However, the anticipated move by bears swiftly pushed the asset southward, resulting in a decline of over $2,000 in minutes.

By the weekend, BTC had regained some value, staying above $37,000 for several days. The situation worsened on Tuesday and particularly on Wednesday, when bears drove the cryptocurrency to a weekly low of $35,000.

Despite this, BTC rebounded after adding $3,000 in less than a day, revisiting $38,000 before once again falling under that mark. Presently, it has been unable to surpass this level, hovering approximately $500 below it. Still, its market capitalization has grown by around $30 billion, reaching just over $730 billion on CoinMarketCap.

Altcoins show positive momentum

During periods of heightened Bitcoin volatility, most altcoins do not stay on the sidelines. Modest gainers among larger-cap altcoins include ETH, BNB, XRP, TRX, LINK, and LTC, with price increases of up to 4%.

More significant price surges are seen in Solana (11%), Cardano (9%), Dogecoin (6%), Polkadot (8%), Toncoin (8%), and Uniswap (5.5%). Avalanche stands out with a substantial 27% daily surge, resulting in AVAX trading well above $23. The total crypto market cap increased by over $60 billion overnight, currently nearing $1.45 trillion on CoinGecko.

Other markets

Asian stocks declined on Friday amid escalating US-China tech competition, prompting Alibaba to scrap an $11 billion cloud unit listing. The 10% decline in stock price for Alibaba also adversely impacted Hong Kong and mainland benchmarks. Meanwhile, the MSCI Asia Pacific Index dipped, despite being on track for a weekly gain of around 3%.

In the oil market, prices faced a fourth consecutive weekly loss, entering bear territory. Treasury yields held steady after a decline fueled by soft US economic data. US shares experienced volatility, with the S&P 500 on track for its best month in over a year. China directed lenders to limit interbank funding rates, while Berkshire Hathaway sold Yen bonds. In India, regulators urged banks to increase buffers for certain consumer loans, and money-market fund assets reached a record high. Lastly, gold prices rose after the most significant increase in a month.