Saturday saw a slow market as the market moved sideways. The most notable gainer was Ethereum, which jumped 4% on a slow day as BTC held firm under $50,000.
Ethereum was the standout crypto on a slow day across the market. The major cap altcoin climbed a measly 4% on a day with little volatility. The weekend has generally been a slow time for altcoins as traders focus on their time off.
However, the past few weeks has seen bullish volatility across the board, except for last weekend which saw huge bearish volatility. This weekend decided to play both fields, with the market volatility disappearing as action slowed.
ETH Remains Strong
Ethereum managed to remain above $1,500 and has begun pushing the $1,600 resistance as Bitcoin bearish momentum affects the market. Ethereum will be looking to push for an all-time high once Bitcoin volatility calms down. The altcoin has remained strong during Bitcoin’s retrace from all-time highs.
The market tends to agree that Ethereum looks bullish and this upcoming week could see some positive momentum for Ethereum.
BTC Continues to Range
Bitcoin appears to be ranging between $47,000 and tough resistance at $50,000. The crypto already saw a bounce off of the lows to rebound back upwards as it pushes and holds around $48,000 at present. This lack of volatility means Bitcoin could well remain fairly stable for a change. The weekend appears to have stabilized Bitcoins volatility for the meantime. However, Monday could bring volatility to the markets.
One thing that does look certain is that BTC is holding the $47,000 trendline as support very well. Thus, the likelihood of Bitcoin pushing higher if support continues to hold is likely.
These current $BTC levels (IF) turned to support will become the bottom zone of Anger and Denial in the coming months
— Picasso (@cryptopicasso) March 6, 2021
Top 100 Gainer
Altcoins saw some respite on Saturday as BTC finally saw reduced volatility. This gave altcoins an opportunity to breathe and bullish momentum was seen across the top 100.
Of these, Bancor was the biggest gainer on Saturday as it continues to push its latest offering. Bancor (BNT) recently released liquidity mining. Also, the exodus of traders from UniSwap to SushiSwap and Bancor has paid dividends for the BNT token as the price surged 21% on Saturday.
Other notable gainers on Saturday were Compound (COMP), Ontology (ONT) and NEM (XEM).
XEM recently announced updates to the protocol which will see its mainnet launched soon. Moreover, Binance is supporting the Symbol (XYM) token airdrop for XEM holders on Mar 12.
Overall, Saturday was a slow day for the market. Altcoins remained fairly stable across the board minus a few top gainers. However, more volatility is likely to be expected next week.
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