Bitcoin Merges at $42K, Solana Eyes $100 in WEN Airdrop Frenzy (Market View)

Bitcoin (BTC) has experienced little to no volatility over the past three days. On the other hand, the asset is in the green on a weekly basis.

Altcoins that have made some gains over the past seven days include Solana (SOL), Avalanche (AVAX), and more. Like BTC, though, they failed to impress in the last 24 hours.

Bitcoin consolidation

As of this writing, the price of Bitcoin is trading at approximately $42,000 (according to CoinGecko data), down about 1% from the $42,700 level recorded on January 28. Property prices were relatively stable over the weekend, but this was not the case. The case dropped below $39k last week.

Like CryptoPotato reported, the collapse resulted in more than $200 million in outflows. The subsequent rise above $41K had a similar effect, but this time, it primarily affected short sellers.

BTC's dominance over altcoins has been increasing over the past ten days, currently at 52.4% (TradingView's data).

Solana is taking the offensive again.

Most altcoins followed Bitcoin's levels till the end without registering any volatility. Conflux (CFX) and Sui (SUI) were among the few that jumped 10% and 3%, respectively, today.

While Solana (SOL) is up just 0.2% on a daily basis, its 10% gain on the week has pushed its price to the $100 mark. The frenzy behind the WEN token airdrop seems to be largely responsible for the upsurge in Solana.

Other leading altcoins such as ETH, XRP, ADA and BCH are slightly in the red. The value of the entire cryptocurrency market decreased by 0.6% in the last 24 hours, currently equal to about 1.7 trillion dollars (CoinGecko estimate).