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Arbitrum (ARB) Soars 10%, Bitcoin (BTC) Eyes $29K: Market Watch

Bitcoin Rejected at $29K, Arbitrum’s ARB Dumps 20% Daily: Weekend Watch

Bitcoin’s value has experienced a temporary decline, but the asset has since surged to over $29,000.

Most altcoins are experiencing minor losses, but XRP has seen a decline of 5.5% after its significant rally.

Bitcoin Reaches $29K

Recently, Bitcoin had been enjoying a period of growth before the US CFTC’s lawsuit against Binance, which caused it to drop from over $28,000 to under $26,500 in just a few hours on Monday.

Despite the initial dip in value, Bitcoin quickly began to recover in the following days. Yesterday, it even saw a rise above $28,000, followed by another upswing which drove the value beyond $29,000 earlier today.

However, at this point, bears prevented further price increases, causing BTC to return below $29,000 As of now, its value has slightly improved on a daily scale, but it is still slightly above $550 billion in market capitalization, with dominance over altcoins currently at 46.6%.

BTCUSD. Source: TradingView

ARB Returns to Growth

The crypto community was eagerly awaiting the release of Arbitrum’s new native token, ARB. However, extreme volatility led to the asset settling at around $1.3 after its first few days of trading. A daily increase of 10% has pushed it to over $1.4, making it one of the best performers at present.

HBAR and ALGO are among the other impressive gainers in the mid-cap alts category. The larger-cap altcoins paint a different picture, with Ripple’s XRP dropping by 5.5% after its 60% increase the week before, although it still trades above $0.5.

Ethereum, Binance Coin, Cardano, Dogecoin, MATIC, Solana, Polkadot, Litecoin, and Shiba Inu have also seen considerable losses, and the total crypto market cap has declined below $1.2 trillion, losing just over $15 billion daily.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto