As the cryptocurrency market begins a new week, Bitcoin (BTC) remains in the spotlight after a weekend surge to $86,000, its highest mark in 11 days. However, this spike was short-lived, with prices falling back below $85,000 shortly thereafter. Bitcoin has now attained a market dominance of over 60%, the highest since 2021, while altcoins like Solana (SOL) and TRON (TRX) manage to stand out in an otherwise stagnant market.
What Contributed to Bitcoin’s Rise?
Last week was quite significant for Bitcoin. The cryptocurrency experienced a drop to approximately $74,000 on Monday, but ended the week above $83,000 before reaching the weekend high of $86,000. Unfortunately, this upward trend did not sustain, and the price retreated once again.
Is Mantra Coin Facing a Crisis?
A notable event in the market last week was the alarming decline of Mantra (OM). The OM coin’s value plummeted by over 90%, attributed to mandatory liquidations on centralized exchanges. The project’s CEO cited “irresponsible leveraged trading” as the core issue behind this dramatic fall.
The OM coin shockingly dropped from $6.31 to $0.70 within just an hour, leading to $74.5 million in liquidations—marking it as the second-largest liquidity loss recorded after Ethereum (ETH).
In contrast, other major altcoins like XRP, BNB, and DOGE experienced only minor losses, while Solana and TRON showed gains of around 3%, distinguishing them in the current market.
Ethereum’s performance was relatively subdued, only gaining a little over 1% and just exceeding the $1,600 threshold. This increment, however, paled in comparison to Bitcoin’s recent advancements.
The cryptocurrency market has struggled to surpass the $2.9 trillion resistance, with approximately $20 billion lost in the past 24 hours, indicating a fragile environment for any coins beyond Bitcoin. Key takeaways include:
- Bitcoin surged to $86,000 but retreated below $85,000.
- Market dominance for Bitcoin surpassed 60%, its highest since 2021.
- Mantra (OM) experienced a dramatic collapse due to forced liquidations.
- While most altcoins remained stable, Solana and TRON stood out with gains.
As the market dynamics continue to shift, stakeholders remain alert to potential changes in investor sentiment and emerging trends across various cryptocurrencies.
