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Bitcoin Taps $27K, Solana Soars 5% Daily (Weekend Watch)

BTCEUR - Jordan Lyanchev 2023-05-28 16:15

Unlike the previous few weekends, this one is turning out to be more positive for bitcoin, which spiked to over $27,000 earlier today.

The altcoins also trade in the green today. SOL is among the most notable gainers, with a 5% surge that helped it reclaim $20.

BTC Above $27K

Last week didn’t go all that well for the primary cryptocurrency, especially after the latest rejection at $27,500 recorded on Tuesday. The bears took complete control of the market in the following few days and pushed it south to a two-week low at $25,900 by Thursday.

The landscape started to change as the working week came to an end, and BTC quickly reclaimed $26,000. It even spiked to almost $27,000 by Saturday but was stopped there at first.

However, the bulls propelled a more impressive price increase on Sunday morning that drove the cryptocurrency to a multi-day high of $27,300. Despite retracing slightly since then, bitcoin is still almost 2% up on the day.

As such, its market capitalization has neared $530 billion, and its dominance over the altcoins has increased a bit to 46.4%.

BTCUSD. Source: TradingView BTCUSD. Source: TradingView

SOL Jumps 5%

The alternative coins have also headed higher during the weekend, which is in contrast with what happened in the past few ones.

Ethereum slipped below $1,800 during the week but has managed to reclaim and retrain that level. Another minor increase on a daily scale has pushed the second-largest crypto to $1,850. Binance Coin, Polygon, Dogecoin, Tron, Polkadot, Litecoin, and Avalanche are up by somewhere between 0.5% and 2% in a day.

More gains from the larger-cap alts come from Cardano, Shiba Inu, and today’s top performer – Solana. SOL has jumped by almost 5% and currently trades above $20.

With most lower- and mid-cap alts seeing green today, the total crypto market cap has added $15 billion and sits close to $1.140 trillion. The metric dipped below $1.1 trillion just a few days ago.

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

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