These Tokens Skyrocket While Bitcoin Price Struggles at 29K: Market Watch

The past 24 hours failed to bring much in terms of positive price action, especially within the largest cryptocurrencies, by means of total market capitalization.

However, zooming out reveals that there are some tokens that performed tremendously better than the rest throughout the day, so let’s have a look.

Bitcoin Price Stuck at $29K

The primary cryptocurrency declined by 1.5% throughout the past 24 hours and is currently trading at around $29,000. This comes on the back of a relatively slow day where most of the top altcoins are also slowly bleeding out, performing considerably worse compared to BTC.

As seen in the chart below, BTC’s price was completely unable to make any forward progress and declined from the $29,400 level.

Source: TradingView

It’s worth noting that Bitcoin dominance – the metric which tracks it share relative to that of the rest of the market – remains comparatively high in the past few days, clocking in at almost 47%. This means that Bitcoin has been performing better than altcoins.

Altcoins Bleed Out, But Not All

The altcoin market is painted red, and there’s only one slight exception, which barely made it into the green – XMR. Of course, that’s concerning the altcoins with a relatively large market capitalization.

Source: Quantify Crypto

The above isn’t to say that there weren’t cryptocurrencies that failed to perform well throughout the past 24 hours – on the contrary.

FLEX coin (FLEX) is today’s best performer by a large margin. The cryptocurrency is up a whopping 30% in an otherwise struggling market, bringing its total weekly gains close to 50%.

Following FLEX is XDC Network, which exploded by almost 15% in the past 24 hours. Kaspa (KAS) is a close third with almost 13% in gains. These are the best-performing altcoins today.

On the other hand, Compound’s COMP is down 8%, making it the worst-performing altcoin. In any case, it’s interesting to see what tomorrow will bring and if the market will continue on its choppy path.


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Cryptocurrency charts by TradingView.

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