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1INCH Skyrockets 45% Daily, Bitcoin Stagnates Above $30K: Market Watch
Bitcoin continues to trade sideways after last week’s enhanced volatility and has not made a major move for a third consecutive day.
Most altcoins are also relatively quiet, with XRP surging the most from the larger caps, while BNB has retraced by over 2%.
BTC Gets Boring
The last few business days of last week were quite eventful for the entire crypto space. This came as Judge Analisa Torres, president over the legal battle between the SEC and Ripple, ruled in favor of the blockchain project in regard to its XRP sales. This has a profound and immediate effect on all assets, including bitcoin.
The primary cryptocurrency shot up by $1,500 to a 13-month peak at over $31,800 (on Bitstamp). However, it failed to keep its momentum going and retraced by several hundred dollars almost immediately.
More violent moments followed on Friday when BTC dumped to just under $30,000. The bulls finally managed to intervene and pushed the asset to around $30,300 by Saturday. Bitcoin stalled for the next 48 hours and has not made a move since.
As such, its market capitalization remained at $590 billion, and its dominance over the altcoins is still at 48.5%.
Needless to say, XRP was the most significant gainer after Ripple’s win over the SEC. The asset almost doubled in value within the first 24 hours after the ruling and neared $1. However, it failed there and retraced to $0.7 yesterday. It has bounced off and added 4.5% in a day now and trades at $0.75.
In contrast, BNB, which was outplaced by XRP, is down by 2.3% and struggles to remain above $240. SOL, ADA, MATIC, LTC, AVAX, and BCH are also slightly in the red from the larger-cap alts.
On the other hand, Uniswap, Arbitrum, and Aptos have all jumped by between 4-5% in a day.
The best performer from the top 100 alts, though, is 1inch Network’s native asset. 1INCH has soared by 45% in a day and over 90% weekly and sits well above $0.5.
The total crypto market cap has seen a minor increase and stands above $1.220 trillion on CMC.