Bitcoin Recovers Amid Weekend Volatility; Solana Soars

By: Isha Das

Bitcoin, the flagship cryptocurrency, experienced one of its most volatile weekends this year. With the weekend witnessing price swings between 3% and 7%, the value of Bitcoin dipped to as low as $64,550 after achieving a new all-time high of $72,760 last Thursday. However, Bitcoin rebounded and is currently trading around $68,300, showing promising signs of recovery against market volatility.

Memecoins also saw a market surge, collectively crossing a market cap of $55 billion. Noteworthy performers of the week include SHIB, WIF, BONK, and debutant CORGIAI. Meanwhile, Solana also showcased impressive gains over the past week, with a 36% increase. Currently, only Bitcoin and BNB Chain are within 20% of reaching their all-time highs.

Bitcoin's weekend trading has been fairly stable this year due to the launch of Bitcoin ETFs in the United States. Despite the volatility, Bitcoin's fear and greed index consistently found itself in the 'extreme greed' zone, albeit experiencing a slight fall since last week. Resultantly, the wider market appears mostly green over the past 24 hours indicating positive movements.

Ethereum, Cardano, and Dogecoin were the only digital assets that have not recovered to near local highs over the past seven days. Bitcoin also seems to have broken above a significant bearish trend line and might gain bullish momentum if it surpasses the $70,000 resistance zone in the near term.