Bitcoin Ping Pongs at $30K as Synthetix (SNX) Leads Altcoin Rally: Market Watch

The cryptocurrency market failed to initiate anything of substance throughout the past 24 hours, with bears somewhat assuming control over the momentum. The total market capitalization dropped by around $12 billion during the period, where most major cryptocurrencies are trading in the red today.

Bitcoin’s price is flirting with $30K, but this might be about to change soon, according to some analysts. Let’s dive in.

Bitcoin Price Ping Pongs at $30K

The BTC price seems unable to break out from the relatively narrow range that it’s currently trading within. The price has once again fallen below the pivotal level of $30K as it failed to sustain yesterday’s gains, as seen in the chart below.

Prominent analyst Willy Woo has recently observed that the price might soon be about to break out of its consolidation, with many indicators leaning bullish. If that’s the case, we can finally see BTC move away from the current range.

Bitcoin’s dominance remains more or less where it was yesterday – at around 46.5%, according to CoinGecko. This shows that altcoins were unable to make a difference as well.

Synthetix Network (SNX) Pumps 10% Daily

Most of the larger altcoins are trading in the red today, as demonstrated in the heatmap below. Most notably, Ripple’s XRP has been unable to sustain above $0.8 and has tumbled to $0.77, down 5.5% on the day.

That said, SOL is down even more, trading at negative 7% in the past 24 hours, down to $25.

The cryptocurrency that gained the most over the same period out of the top 100 is Synthetix Network (SNX). It’s up 10.3% and a total of 30% for the past seven days. Following it at a close second place is Maker’s MKR, which gained 9% during the last day.

Rocket Pool (RPL), on the other hand, lost 7.6% in the past 24 hours and is down over 20% during the week.