ApeCoin Skyrockets 16% Daily, Bitcoin Taps $20K (Weekend Watch)

After recent volatility and falling prices, bitcoin finally saw some relief as it touched $20,000.

Most altcoins have also seen slight gains. Once again, however, Ripple stands out as the best performer of the larger-cap alternatives, while ApeCoin has soared 16%.

BTC back to $20,000

It’s safe to say that last week didn’t go so well for the mainstream cryptocurrency. The asset had risen to a multi-week high of just under $23,000 on September 13, but bearish general sentiment and US CPI numbers quickly pushed it lower.

Within a day, bitcoin found itself struggling to stay above $20,000. While it initially did, it inevitably fell short by the end of the work week.

BTC’s weekly low hit $19,300, set on Friday, but the asset reacted somewhat positively at the time and bounced back a few hundred dollars.

It continued to rise on Saturday and early Sunday and is therefore currently above $20,000. However, its market cap is still below $400 billion, while its dominance over altcoins has stagnated at 39.5%.

BTCUSD.  Source: TradingView
BTCUSD. Source: TradingView

XRP, APE on the Go

Ever since the hyper Ethereum Merge took place on Thursday, the price of the native cryptocurrency has struggled. It initially reacted calmly to the switch from PoW to PoS, but began its free fall in the following hours.

Thus, ETH dropped from $1,600 to a multi-week low below $1,400 in about a day. As of now, the second largest crypto is at $1,450 after a small daily increase.

Similar gains are evident from Binance Coin, Cardano, Solana, Dogecoin, Shiba Inu, and MATIC from the larger cap highs.

Interestingly, Ripple has once again outperformed everyone else in the top 10 with another massive surge. An 11% increase has pushed XRP to just under $0.4.

ApeCoin has become the biggest gainer of mid-cap alternatives. APE is up more than 16% on a 24-hour scale and is trading well above $5.5.

However, the crypto market cap has still remained below the $1 trillion mark.

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

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