Bitcoin Dipped to 9-Day Low, ApeCoin Soars 7% (Weekend Watch)

By akohad Oct22,2022


Bitcoin’s fight to remain above $19,000 didn’t go all that well yesterday, as the asset fell to a 9-day low of $18,600 before bouncing off.

The altcoins also went through similar price movements, but most are slightly in the green on a daily scale, including APE’s notable surge.

Bitcoin’s New Local Low

Ever since the end of the previous working week, bitcoin had calmed after the storm and stood at around $19,000. It spent most of the weekend there, and Monday was no exception.

Only as Tuesday was approaching the asset went on the offensive and spiked to $19,600. It was stopped there at first, but it initiated another leg up a day later. However, to no avail again as the bears pushed it south.

As such, BTC returned to a familiar ground of around $19,000 and started fighting for it. Yesterday, though, the cryptocurrency took a sharp dive below that level and dipped to $18,600, which became its lowest price tag since the massive volatility on October 13.

However, the asset reacted well to this drop, bounced off, and now stands inches above $19,000 once more. Its market cap is at $365 billion, while its dominance over the altcoins sits tight at 40%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ApeCoin Stands Out

Most altcoins experienced a similar ending to the working week but have reclaimed some ground as Saturday arrived.

Ethereum is close to $1,300 after a minor 24-hour price increase. Binance Coin, Cardano, Dogecoin, MATIC, Shiba Inu, and Uniswap have seen similar price pumps in a day.

Ripple and Avalanche have added slightly more value – up to 4% daily. As a result, XRP trades at $0.46, while AVAX sits above $15.

ApeCoin stands out as the most impressive gainer from the mid-cap alts. APE is up by 6.5% daily, which has pushed it to almost $4.5.

The overall crypto market cap has recovered a few billion in a day and sits at $920 billion, according to data from CoinMarketCap.

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

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Cryptocurrency charts by TradingView.


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By akohad

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