As the week comes to an end, bitcoin being highly volatile seems to have settled for comfort at the $40,000 mark. This comes after several days of relatively calm behavior around the US’s Federal Reserve raising the interest rates.
For almost two days, BTC stayed around the $39,000 level. It made the market reminiscent of its high volatility. According to data on CoinMarketCap, the popular crypto has been down by 1.12% in the last 24-hours and is trading at $40,512. Ethereum has gained around 0.60% and is changing hands at $2,777.
But the altcoins are dwelling in the red zone. Polkadot has lost as much as 3.76% in the last 24-hours. Solana is down by 2.65%, whilst Cardano, Terra LUNA have lost nearly 3%. The popular meme coins are also in red. Dogecoin is down by 1.72% and Shiba Inu has lost 3.14%. However, Avalanche seems to be the winner. It has gained 2.58% in the last 24-hours and is trading at $78.41.
Yesterday, the crypto market saw the emergence of a new token ApeCoin – which is linked to the very popular Bored Ape Yacht Club NFT collection. ApeCoin gained nearly 1000%, as per CoinMarketCap data, in the last 24-hours. It is trading at $10.92.
The crypto market has seen volatility throughout the week. The rise in altcoins, earlier in the week, suggested a greater appetite for risk among crypto traders. It seems that despite the price rallies and crashes, major cryptocurrencies – bitcoin and ether, are stabilizing.