Bitcoin Consolidates Around $42K, Solana Eyes $100 on WEN Airdrop Frenzy (Market Watch)

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Bitcoin Consolidates Around $42K, Solana Eyes $100 on WEN Airdrop Frenzy (Market Watch)
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Bitcoin (BTC) has experienced little to no volatility in the past three days. On the other hand, the asset is in the green on a weekly scale.

Altcoins that have also charted some gains in the last seven days include Solana (SOL), Avalanche (AVAX), and more. Similar to BTC, they have failed to impress in the last 24 hours, though.

Bitcoin’s Consolidation

As of the moment of writing these lines, Bitcoin’s price is trading at approximately $42,000 (per CoinGecko’s data), down around 1% from its $42,700 level registered on January 28. The asset’s value has been relatively calm over the weekend, but this was not the case last week when it dropped below $39K.

As CryptoPotato reported, its plunge triggered over $200 million in liquidations. The subsequent increase above $41K had a similar effect, but this time, it mainly affected short sellers. 

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BTC’s dominance over alternative coins has been on the rise in the last ten days, currently standing at around 52.4% (TradingView’s data).

Bitcoin Dominance, Source: Trading View

Solana is Taking the Offensive Again

Most altcoins have followed Bitcoin’s steps as of late, registering no substantial volatility. Conflux (CFX) and Sui (SUI) are among the few exceptions that have jumped today by 10% and 3%, respectively.

While Solana (SOL) is up a mere 0.2% on a daily scale, its 10% upswing in a week has pushed its price near the $100 mark. The main culprit behind the uptick in activity on Solana seems to be the ongoing frenzy behind the WEN token airdrop.

Other leading altcoins, such as ETH, XRP, ADA, and BCH, are slightly in the red. The total cryptocurrency market cap is down 0.6% in the last 24 hours, currently equaling around $1.7 trillion (CoinGecko’s estimations).

Cryptocurrency Market Overview
Cryptocurrency Market Overview, Source: Quantyfy Crypto
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Cryptocurrency charts by TradingView.



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