Bitcoin Stalls Around $30,000 as INJ Surges: Weekly Crypto Market Update

Key Insights: 

  • BTC stalls around $30,000 as INJ experiences massive gains. Ethereum stabilizes at $2,096.62.
  • Bitcoin experiences a surge, surpassing $30,000 for the first time in months. INJ sees significant gains, reaching over $8.5.
  • BTC’s value fluctuates while most altcoins stabilize. INJ experiences a massive surge, increasing almost 60% over the week.

Bitcoin’s price has maintained higher than $30,000 even though it has been stuck in a trading range around that level owing to reduced trading volumes over the weekend.

During the last week, the value of ETH, which was previously trading at $2,096.62 INJ, has significantly increased, bringing it up to a price of $2,096.62 INJ.

Bitcoin Stalls at $30,000

Following a sluggish start, the leading cryptocurrency had a busy week. BTC stayed stable at $28,000 on Monday, echoing the previous weekend’s pricing. However, the market situation changed dramatically over the day.

BTC surged to $29,000 as the bulls launched an upward trend that broke past that level. Consequently, Bitcoin surpassed $30,000 for the first time since June 2022. Shortly after, the US CPI news pushed the value back to $30,500.

However, the boost in BTC value was brief, with the currency losing $500 in minutes. On Friday, the bitcoin price surged again, hitting a fresh ten-month high of slightly over $31,000.

Following a volatile time, BTC stabilized from $30,000 to $30,500 over the following two days. It has a market valuation of less than $600 billion and a 46.1 percent dominance over altcoins.

Weekly Gains for INJ

Most cryptocurrencies experienced significant increases last week but have since leveled out. After finishing the Shapella update, Ethereum surged to an 11-month high of $2,100, up from $1,900. ETH has subsequently fallen marginally, although it remains close to that level.

Other big cryptocurrencies, such as Binance Coin, MATIC, Ripple, Cardano, Polkadot, Dogecoin, Solana, and Litecoin, are now stable, with tiny gains or losses.

Shiba Inu has had the most increase among the top ten major cryptocurrencies. SHIB has increased by over 3 percent and is now worth $0.000012. Injective has also witnessed large increases, with about a 10 percent rise in the last 24 hours and nearly 60 percent growth over the week, taking the trading value of INJ above $8.5.

The overall market capitalization of all cryptocurrency assets on CoinMarketCap has stayed steady from yesterday, hovering slightly around $1.3 trillion.

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