Bittensor Soars 80% Weekly, Bitcoin Pauses Below $65K Level

Monday began positively for Bitcoin, which soared to a four-week high of $64,800 before facing resistance and retreating.

The major altcoins are experiencing a slowdown on a daily basis, particularly among the larger-cap assets. However, many mid- and lower-cap altcoins have seen remarkable gains.

BTC Stopped at $65K

Bitcoin experienced a notable week, starting with a price decline from $60,000 to below $58,000 last Monday. The situation shifted mid-week after the US Federal Reserve announced its first rate cut in over four years, lowering the rate by 0.5%.

After the expected volatility, the cryptocurrency took a positive turn, gaining over four thousand dollars by Friday morning when it briefly surpassed $64,000. It initially faced resistance and spent the weekend trading around $63,000.

This Monday differed from the last, as the bulls made another attempt, pushing Bitcoin to a four-week peak just under $65,000. However, the asset was halted and fell by nearly two thousand dollars.

It’s important to mention that the upcoming week is expected to be quite significant for the entire market, and you can find out why – here.

Currently, Bitcoin’s market cap has risen above $1.250 trillion, while its dominance over altcoins stands at 54% according to CoinGecko.

Alts With Significant Gains

While most of the larger-cap altcoins are relatively quiet today, with slight gains from ETH, BNB, LINK, AVAX, and TRX, as well as minor losses from SOL, XRP, and SHIB, mid and lower caps have seen substantial increases.

The native token of Bittensor leads the way with a daily rise of 15.5%. Additionally, TAO has surged by 80% over the past week, trading at around $550 now. Notable gainers for the day include IMX, RENDER, AAVE, WLD, and NEAR.

IMX also ranks among the top performers on a weekly basis, boasting a 45% increase, followed by SUI (40%) and APT (30%).

The total cryptocurrency market cap has grown by about $20 billion since yesterday, now sitting at $2.320 trillion according to CoinGecko.