Bitcoin has experienced a turbulent week in the market, with its price plummeting on Friday only to recover some ground on Saturday. Despite this recovery, bitcoin has struggled to maintain above $54,000 since then. The cryptocurrency reached close to $60,000 on Tuesday, but a subsequent rejection led to a sharp decline, with the asset dropping to $55,500 by Wednesday. Another lower high on Thursday saw bitcoin slipping further to $55,200 before the release of the US jobs report.
Following the modest decrease in unemployment rates revealed in the US jobs report, bitcoin experienced a sudden spike of $1,500 in just minutes, reaching $57,000. However, this rally was short-lived as the cryptocurrency then plummeted by more than four thousand dollars, falling to $52,800. The bulls intervened at this point and initiated a minor recovery that pushed bitcoin slightly over $54,000 on Saturday. Since then, the trading action has been mostly sideways, with bitcoin standing about $500 above this mark.
The altcoins have also experienced a tumultuous week, mirroring bitcoin’s movements. Despite the overall bearish sentiment, most altcoins saw minor gains on a daily scale. Ethereum (ETH) is slightly in the green, nearing $2,300, while Binance Coin (BNB) reclaimed $500 following a 2% daily increase. Other altcoins such as Solana (SOL), Dogecoin (DOGE), TRON (TRX), and TON have posted similar gains, with Cardano (ADA) seeing a 4% increase. Avalanche (AVAX) emerged as a top performer, soaring by 6% daily. The biggest gainer from the top 50 altcoins is SushiSwap (SUI), which skyrocketed by almost 11% to nearly $1.
Market Cap and Overall Landscape
Despite the volatility, the total crypto market cap managed to defend the $2 trillion level and is currently about $20 billion above it. Bitcoin’s market cap suffered a 7% weekly decline, plummeting to $1.075 trillion, while its dominance over altcoins dropped by almost a whole percentage to 53.2% on CoinGecko.
The cryptocurrency market has experienced significant fluctuations over the past week, with bitcoin and altcoins struggling to maintain stability. The rollercoaster ride of prices and market movements serves as a reminder of the inherent volatility and unpredictability of the crypto space. As investors navigate these uncertain waters, the importance of risk management and strategic decision-making becomes increasingly paramount.
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