Lido DAO (LDO) Soars 17% Weekly, Bitcoin (BTC) Maintains $27K (Weekend Watch)

Jun 4, 2023

Bitcoin has remained stuck during the weekend amid the lower trading volumes but still stands above $27,000.

The altcoins are also quiet on a daily scale, but several – such as LDO, INJ, and QNT, have produced massive weekly gains.

BTC Flat at $27K

It was less than a week ago, on Monday when the primary cryptocurrency initiated a massive leg-up that resulted in tapping a three-week high at $28,500. This came after the initial deal reached by the US government in regard to the nation’s debt ceiling.

However, the asset failed to continue upwards and returned to $28,000 by Tuesday. A significant $1,000 price drop occurred on Wednesday, which was mimicked by a similar one a day later. Ultimately, BTC dropped to a weekly low on Friday morning at under $26,600.

The bulls managed to intercept the move and helped bitcoin recover some of the losses by the time the weekend arrived. The past two days have been rather uneventful, as the cryptocurrency remains stuck at just above $27,000 amid the typically low weekend trading volumes.

Consequently, BTC’s total capitalization is still at $525 billion, and its dominance over the alts is at the same place as yesterday – 45.9%.

BTCUSD. Source: TradingView

LDO, INJ, QNT Record Weekly Gains

The larger-cap altcoins have mimicked BTC’s performance during the weekend, meaning there are little-to-no volatile movements. Despite a minor daily setback, ETH still stands at precisely $1,900 after going below and over that level during the week.

Binance Coin, Ripple, Dogecoin, Polygon, Litecoin, Shiba Inu, and Avalanche have all added less than 1% in the past 24 hours. ADA, SOL, and DOT are up by somewhere between 1-2%.

Yesterday’s top performer – TRON – has dumped hard today by almost 5%. Looking at the charts on a weekly scale provides a different picture for several alts. Lido DAO, Injective, and Quant have all soared by over 15% within the past seven days.

In total, though, the crypto market cap has remained relatively sluggish in the past two days and sits close to $1.150 trillion.

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

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Cryptocurrency charts by TradingView.