Bitcoin has finally calmed after the massive volatility mid-week and stands just above $29,000.

The altcoins are also sitting quietly today, with Solana being the only notable gainer from the larger caps.

BTC Maintains $29K

This past working week started rather calmly, as bitcoin continued trading sideways in a tight range of around $27,500. The landscape changed on Tuesday when the bulls initiated a massive leg-up that ultimately drove the cryptocurrency to $30,000.

However, that was short-lived as false panic surrounding the US government and Mt. Gox wallets brought the asset south hard. In fact, BTC erased all gains in minutes and slumped back down to $27,000.

As the news turned out to be fake, bitcoin went back on the offensive and reclaimed almost all losses this time. As such, it came inches away from tapping $30,000 yesterday but ultimately failed. Despite retracing by several hundred dollars since then, bitcoin still trades above $29,000.