Bitcoin’s price consolidation that started a few days ago continues, as the asset seems stuck at the $118,000 level.
While most larger-cap alts have mimicked BTC’s underwhelming performance during the weekend, some, such as OKB, MNT, XMR, and LINK, have soared by double digits.
BTC Consolidation Endures
The business week started on the right foot for bitcoin as the bulls initiated a leg up that pushed it from $118,000 to just over $122,000 on Monday alone. Although the asset retraced in the following days, it went on the offensive hard on Wednesday and Thursday morning once again.
The culmination occurred in the early hours of August 14, when BTC skyrocketed past its July all-time high and set a new one at just over $124,500. Following this $5,000-$6,000 price pump in hours, though, came the almost inevitable correction that drove BTC down to $121,000.
The worst was yet to come later that day, after the release of the hot PPI data for July. Bitcoin reacted with an immediate price drop to under $118,000, dragging the altcoins with it. Since then, BTC has remained sideways at around $118,000 even though there was a big but disappointing meeting between the presidents of the US and Russia.
For now, its market cap stands still at $2.350 trillion, while its dominance over the alts is down to 57.6% on CG.
Double-Digit Pumps for These Alts
As the graph below will show, most larger-cap alts are with minor gains or losses over the past day. ETH, BNB, SOL, DOGE, HYPE, XLM, and SUI are slightly in the green, while XRP, ADA, and TRX have charted insignificant losses.
In contrast, LINK has soared by over 10% in the past day and now sits above $24. XMR and MNT have also charted similar gains, while OKB has stolen the show once again with a 17% surge that has driven it to over $120.
The cumulative market cap of all crypto assets has added over $30 billion since yesterday and is up to $4.080 trillion on CG.
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Cryptocurrency charts by TradingView.
