Bitcoin’s Price Movement and Altcoin Performance
BTC Stalls at $62K
Bitcoin’s price movements have calmed over the weekend, somewhat expected, and the asset stands still at around $62,000. Most alts have performed in a similar fashion since Friday, but the weekly landscape is quite painful, with several double-digit losers.
It’s safe to say that it wasn’t a good week for the primary cryptocurrency. It stood above $66,000 last Sunday but its troubles began as soon as Monday with a nosedive to $63,000. The situation worsened mid-week amid the escalating tension in the Middle East. This culminated on Wednesday and Thursday with a few price dips below the coveted $60,000 level.
Nevertheless, the bulls managed to defend that level and pushed bitcoin north. Since that multi-week low on Thursday, the cryptocurrency has regained about two grand and now stands around $62,000. Its movements during the weekend have been quite dull.
Still, bitcoin is down by more than 5% in the past week. This means that its market dominance has plunged from over $1.3 trillion to $1.225 trillion now. Its dominance over the alts, though, has increased during the same period to 54.3% on CG.
XRP, DOGE Lead on the Way Down
Ripple’s native token was frequently in the news during the week. Although it started positively with a filing for an XRP ETF, the SEC was quick to halt the enthusiasm by filing an appeal against a 2023 court decision about the secondary sales of the asset.
This had a dramatic impact on its price as it tumbled by 15% within less than a day from over $0.6 to $0.51. XRP is still down by double digits on a weekly scale, even though it has recovered slightly to $0.53.
The other notable losers on a weekly scale from the larger-cap alts include DOGE (-13.7%), ADA (-11.4%), SHIB (-11.4%), DOT (-12.4%), NEAR (-12.2%), and more.
Crypto Market Overview
The total crypto market cap lost over $150 billion at one point during the week but has regained some traction and is now at $2.250 trillion on CG.
Conclusion
In conclusion, the past week has been a challenging one for the cryptocurrency market, with bitcoin and several altcoins experiencing significant losses. The market has regained some traction, but the overall sentiment remains bearish. As the market continues to evolve, it’s essential to stay informed and adapt to the changing landscape.
FAQs
Q: What is the current price of bitcoin?
A: Bitcoin is currently trading at around $62,000.
Q: What happened to XRP’s price?
A: XRP’s price tumbled by 15% within less than a day from over $0.6 to $0.51 due to the SEC’s appeal against a 2023 court decision about the secondary sales of the asset.
Q: Which altcoins experienced significant losses?
A: DOGE (-13.7%), ADA (-11.4%), SHIB (-11.4%), DOT (-12.4%), NEAR (-12.2%), and more.
Q: What is the current market capitalization of the crypto market?
A: The total crypto market cap is currently at $2.250 trillion on CG.
