Similar to the previous weekend, Bitcoin’s price has stagnated again on Saturday and Sunday, with little to no action over the past 36 hours or so. Most larger-cap altcoins have remained sluggish as well, with only minor gains observed from HYPE and TRX. Monero (XMR), on the other hand, continues its significant decline after reaching an all-time high mid-week.
Bitcoin Remains Stable Despite Escalating Political Tensions
The preceding weekend was characterized by a dull market, with Bitcoin (BTC) trading sideways around the $90,500 mark. However, a breakout occurred on Monday, confirmed on Tuesday, as BTC surged past $92,000 with considerable force. Its price appreciation continued into Wednesday, reaching a multi-month peak of $98,000.
After experiencing gains of approximately $8,000 in less than a week, Bitcoin's upward momentum slowed, and it slipped below $94,500 on Thursday. The cryptocurrency rebounded on Friday and has maintained a position above $95,000 ever since. This period of price stagnation is particularly noteworthy given the significant increase in geopolitical tension since Friday.
The geopolitical landscape saw several developments, starting with multiple European Union nations deploying troops to Greenland following recent remarks by President Trump. Subsequently, POTUS announced a new set of 10% tariffs on all eight of those EU nations. In response, Union lawmakers convened an emergency meeting and issued threats regarding withdrawal from the ongoing trade deal.
Despite these unfolding events, BTC has remained unfazed, holding steady at around $95,000. As of press time, its market capitalization stands at $1.9 trillion, with its dominance over altcoins at 57.3%.
Analysis of Weekly Gainers and Losers in the Cryptocurrency Market
Among the larger-cap altcoins, TRX has emerged as the top gainer since yesterday, with a surge of 3% bringing its price close to $0.32. HYPE and XLM are also showing positive movement, while XMR has experienced another substantial drop of 10%, falling to well below $600. CC, PUMP, and ZEC are also trading in negative territory on a daily basis.
On a weekly scale, Ethereum (ETH) has performed favorably, with the second-largest cryptocurrency by market cap soaring by 7% and currently trading above $3,300. BNB, SOL, LINK, TRX, and even XMR are also in the green compared to their prices at the same time last Sunday. Conversely, XRP, DOGE, BCH, and LTC are experiencing significant declines over the past week.
Internet Computer Protocol (ICP) has recorded the most substantial gains since last Sunday, increasing by 25%. In contrast, Polkadot (POL) has seen the most significant value decrease within the same timeframe, losing 18%.
The total cryptocurrency market cap has seen a slight decrease over the past day, but it remains above $3.3 trillion according to CG data.
