Crypto market cap at $1 trillion as bitcoin above $22,000

The altcoins are quite stagnant on a daily scale, with EOS losing all of its yesterday’s gains

Bitcoin attempted to reclaim some of its recently lost value during the past 24 hours but was halted in its tracks and is back down to $22,300.

The altcoins are quite static on a daily scale, with EOS losing all of its yesterday’s advances.

The low trading volumes of the past weekend assisted bitcoin stay near $23,000 for most of it. The start of the week saw the asset moving toward $24,000. In fact, Bitcoin managed to tap that mark once on Wednesday, but that was a short and futile effort to claim it back.

The crypto currency remained stuck in a range between $23,000 and $24,000 for most of the week until Friday. This is where the prospect changed amid the Silvegate issues. Bitcoin plunged by more than $1,000 in minutes and dropped to an 18-day low of just below $22,000.

Though, some crypto analysts continue to debate the possible causes behind this decline. Still, Bitcoin managed to rebound and recoups some value. It even spiked to $22,600 during the weekend but failed and retreated to $22,300.

Its market cap has stayed near $430 billion, and its superiority over the altcoins is just more than 42 per cent.

The altcoins experienced similar volatility on Friday when most turned red, but the past 24 hours have been fairly uneventful. Ethereum, Ripple, OKB, Cardano, Dogecoin, Polygon, Polkadot, and Shiba Inu are with slight daily losses.

EOS was yesterday’s best performer but has lost nearly all gains today and trades back down to $1.2.

More losses are evident from Avalanche, Toncoin, Stellar, and others. On the contrary, QNT has gained 3 per cent of value and trades near $130.

In spite of the painful few days at the end of the week, the crypto market cap has managed to defend the coveted $1 trillion line.