XRP maintained the daily calm but emerged as the best performer this week. The coin took a turn north with a weekly gain of 18% as the price crossed the $0.5 mark before declining. Also, other altcoins have been posting slight daily losses in the past week.
The cryptocurrency market is witnessing a radical development in the general movement of prices. Over the past few weeks, crypto assets have been on and off in the north and south directions. However, after recovering slightly over the past week, most cryptocurrencies lost almost everything they gained over the weekend.
Bitcoin has been struggling to rally for the past 24 hours. This was after the underlying crypto asset lost its anchor at the critical $20,000 level. Bitcoin is almost heading below $19,000 with more downside force in the market.
XRP wins this week
Weekends are not favorable for the majority of crypto assets. The market saw lower trading volumes from Saturday, which extended into Sunday. As a result, most altcoins have been quiet, with slight declines in their value.
XRP emerged as the winner with gains of 18% over the past week. Its performance is considered the best among the large-cap cryptocurrencies. With the sudden price breakout, the token finally crossed the required 0.5 mark.
The second largest crypto asset, Ethereum, fell in the first trading hours. ETH price swings below $1,300. Other altcoins like Solana (SOL), Polygon (MATIC), and Polkadot (DOT) have the same records.
On a daily basis, Cardano, Shiba Inu, BNB and Dogecoin are down significantly by around 2.5%. QNT, which had the best performance of yesterday, also fell.
Bitcoin is now hovering around the $19K region
Bitcoin has had a complicated story with its performance lately. The underlying crypto is currently hovering around the $19K region, and there are doubts that it will receive further support. In addition, the recent release of the US jobs report had a bearish impact on Bitcoin, which lost nearly $1,000 after the announcement.
Last week, BTC reached a three-week high of $20,500. But it gradually started the movement south to $20,000. The largest global crypto asset stopped in this critical area for several days before moving south again. At the time of writing, BTC is trading at around $19,238, which shows an increase in the past 24 hours.
Featured image from Pixabay, charts from TradingView.com