• The article evaluates the performance of Cardano (ADA) and Filecoin as two best altcoins in the market today.
• Bitcoin briefly dipped below $28,000 mark but has bounced back above it.
• Trading volume has declined during the weekend.
Bitcoin Price Movement
Bitcoin started this week with a price drop to $27,200 on Monday after fake news that Interpol had served Binance CEO CZ with a Red Notice. However, the asset recovered all losses immediately after Zhao refuted the claims and drove it even further north, nearing $29,000 before dipping back down to $28,000 by Wednesday. Yesterday it dipped below that line again, going to a daily low of $27,800 but has since added almost $400 and currently trades above $28,000.
Cardano and Filecoin are performing well in comparison to other top 50 alts today. Trading volumes have decreased over the weekend for most altcoins resulting in less volatility than usual in their prices .
The start of this week saw some massive price fluctuations due to false news regarding Binance CEO CZ which resulted in a dip in Bitcoin’s price. However, since then BTC has slowly been recovering and is now trading just above its original position prior to the dip at around the $28K mark while altcoins Cardano and Filecoin are outperforming other alts in terms of performance today.
Impact of Low Trading Volume
The decrease in trading volumes on weekends is having an effect on how altcoins are performing as they tend to be more volatile by nature when compared with Bitcoin so their prices remain relatively stable due to lower trading activities over the weekend .
Overall, Bitcoin has seen some price movement within this week but has managed to recover from its dip close to where it was originally at around the 28K mark while altcoins such as Cardano and Filecoin are continuing to perform well despite lower trading volume during weekends.