SOL Down 14% Weekly Amid Network Issues, BTC Stopped at $24K: Market Watch

Bitcoin initiated another leg up towards $24,000 but failed inches away from it, and the subsequent rejection brought it down by almost $1,000.

Most altcoins are also slightly in the red today. SOL is among the poorest performers on a weekly scale amid the latest network issues.

Bitcoin Stopped Ahead of $23K

BTC tried to overtake $25,000 three times in the past few weeks but to no avail so far. The latest attempt came a week ago, but the asset slumped by over $1,400 in the following hours. The landscape took another turn for the worse on Friday when the US announced the January PCE numbers.

Bitcoin slipped by another grand and fell to a multi-week low of under $22,800 during the weekend. It bounced off rather quickly and reclaimed $23,000, as reported yesterday.

The bulls tried to take it up a notch by pushing it toward $24,000. BTC came just inches away from tapping that level but failed and was driven back down to $23,300, where it currently sits as well.

As such, its market capitalization has declined to $450 billion, while its dominance over the alts stands at 42.3%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

SOL Down Double Digits

CryptoPotato reported yesterday about the network issues Solana experienced during the weekend. The blockchain was down for almost a full day, and the dev team failed to locate where the issue came from.

Although the network is back online, this latest outage harmed the native cryptocurrency. SOL is down by 2% in the past 24 hours alone, and it even slipped to $21,50 during the weekend. As such, the asset has declined by almost 15% in the past week.

Most of the larger-cap alts are in a similar state. Ethereum, Binance Coin, OKB, Polygon, Polkadot, Shiba Inu, Litecoin, and Avalanche are all down by up to 3% in the last 24 hours.

TONCOIN and EOS are among the few exceptions posting minor gains. The former is up by 2.5%, while the latter has increased by almost 4%.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

The post SOL Down 14% Weekly Amid Network Issues, BTC Stopped at $24K: Market Watch appeared first on CryptoPotato. • 2023