WEEKLY WATCH - Cryptocurrency Market Holds Steady as Bitcoin Maintains $42,000 Amid Altcoin Volatility

The crypto landscape witnesses stability as Bitcoin's dominance continues, while certain altcoins emerge as the week's surprising winners.

The cryptocurrency market kicked off the new week with a sense of stability, as major digital currencies sought to capitalize on the rebound witnessed in the previous week. Bitcoin (BTC) demonstrated resilience, reclaiming a crucial $42,000 level, while Ethereum (ETH) experienced a moderate decrease in its price.

As of today, Bitcoin's price hovers around $42,000, showing a slight 1% dip from its January 28 level of $42,700, according to CoinGecko's data. Despite a calm weekend, last week saw BTC's value dropping below $39,000, triggering over $200 million in liquidations. The dominance of Bitcoin over alternative coins has been steadily rising, currently standing at approximately 52.4%, according to TradingView's data over the last ten days.

Ethereum faced a notable correction, sliding from $2376 to a low of $2186, marking a 6% decrease over the past seven days. During this pullback, the coin's price broke below the channel pattern's support trendline, which had been instrumental in supporting a recovery rally for nearly three months. Presently, Ethereum is valued at $2,238.43, with a 24-hour trading volume of $7.00 billion and a market cap of $274.55 billion, experiencing a 1.3% decrease in the last 24 hours.

Altcoins, including Solana (SOL) and Avalanche (AVAX), displayed gains in the past week but failed to impress in the last 24 hours, following Bitcoin's trend of minimal volatility. Notable exceptions include Manta Network (MANTA), Sui (SUI), and Conflux (CFX), which emerged as stars of the week with impressive gains in the top 90 cryptocurrencies. Manta Network (MANTA) took the lead with a remarkable 50% surge, reaching a peak of $3.83 and currently trading at $3.66, showcasing robust performance with a 0.80% increase in the last 24 hours. Conflux (CFX) and Sui (SUI) experienced a 10% and 3% jump today, respectively. While Solana (SOL) showed a mere 0.2% increase on a daily scale, its 10% surge over the week pushed its price close to the $100 mark, driven by the frenzy behind the ongoing WEN token airdrop. Other leading altcoins, including ETH, XRP, ADA, and BCH, are slightly in the red.

The total cryptocurrency market cap has seen a 0.6% decrease in the last 24 hours, currently estimated at around $1.7 trillion, according to CoinGecko's estimations.