Bitcoin’s price performance over the weekend has remained notably stable, hovering close to the $84,000 mark. This calmness comes on the heels of a particularly volatile trading week.
While the majority of altcoins have shown a slight downturn on a daily scale, Toncoin has bucked the trend, enjoying a surge following positive developments surrounding Telegram’s founder, Pavel Durov.
BTC Maintains Its Ground at $84K
The past week was anything but tranquil for Bitcoin, the leading cryptocurrency. A significant decline began on Monday, as Bitcoin’s price dipped by $6,000, bringing it down to the crucial support level of $80,000. Initially, the asset managed to rally back from this threshold to reach $84,000. However, persistent selling pressure from bears saw it retrace back below that level by Tuesday.
On that day, Bitcoin plunged to a disappointing four-month low underneath $77,000. Fortunately, bullish forces stepped in to prevent a further decline. The cryptocurrency regained momentum, surged past $80,000, and peaked at $84,000 by Thursday, even amidst favorable US CPI data released for February.
Following this peak, Bitcoin faced resistance but eventually broke through, exceeding $85,000 for the first time since the previous weekend. After this spike, the asset experienced a slight pullback and has been trading at approximately $84,000 through the weekend.
As a result, Bitcoin’s market capitalization remains underneath $1.670 trillion, and its dominance in the cryptocurrency realm hovers just below 59% with respect to altcoins.
Altcoin Highlights: Toncoin on the Rise
One of the most significant stories within the cryptocurrency sector emerged from France regarding Telegram’s founder, Pavel Durov. After a challenging period that included his arrest in August 2024, Durov has had his passport returned by French authorities, a development announced by the TON Foundation.
This news spurred a substantial increase in Toncoin’s value, which surged over 20% immediately following the announcement. Although Toncoin has experienced a slight retracement since reaching its peak, it remains firmly in the green with double-digit gains.
Additionally, MNT has also performed well, witnessing an 8% increase, while AVAX is up by 3%. However, most other significant cryptocurrencies such as XRP, DOGE, LTC, and ADA have shown declines.
It is worth noting that the total cryptocurrency market capitalization has decreased by approximately $30 billion since its recent peak, now resting below $2.840 trillion.
As we move forward, the fluctuations in both Bitcoin and altcoin markets will be imperative for traders and investors to monitor closely.
