With 2022 in its third week, Bitcoin is still sluggish and has been bullish ever since the Feds gave reassurance to the market about raising interest rates. But being volatile, bitcoin has had a tough weekend. It hovered just over $43,000 but fell 0.29%.
At the time of writing this article, bitcoin was standing at $42,812. Analysts say trading has been light for the popular cryptocurrency as investors looked for signs that its downward slide has reached an end. They are hoping that bitcoin will enter a new bull cycle of gains.
Ether has also been through a volatile week, thanks to BTC and continues to be shy of the $4,000. It has been down by 0.52% in the last 24-hours. Analysts believe the two most popular cryptos are feeling the impact of the omicron variant of the COVID pandemic. Businesses across the world, with the coronavirus pandemic raging into the second year, struggle with supply chain issues and inflation.
Altcoins having a good time
But altcoins seem to be having a good time. Cardano has recorded an 8% boost, with Polkadot (DOT up by 4%), Avalanche (AVAX up by 4%), Solana (SOL up by3%) and Terra (LUNA up by 5%) making impressive gains. Cardano has come up as a winner from the larger-cap alts. The popular meme coins – Dogecoin paired with Binance has investors looking wide-eyed. It soared 17% last week when Elon Musk announced dogecoin can be used to purchase Tesla merchandise.
Meanwhile, Shiba Inu became one of the most-purchased tokens by ethereum whales. This came about after the meme coin lost first place as the biggest USD holding on whale wallets. Shiba Inu is now ranked in the top 10 of most bought tokens among large wallets.