Bitcoin made an attempt to surpass the $43,000 mark over the weekend but fell short and retreated back to its starting point at around $42,000. While the primary digital asset experienced a slight recovery, most altcoins remained in the red with only Shiba Inu and Internet Computer managing to achieve notable gains.
After reaching a 19-month peak last Saturday, Bitcoin began retracing slowly on Sunday. However, the cryptocurrency took a major hit on Monday, dropping by a staggering $3,000 and dipping below $41,000. The following day, Bitcoin experienced another downward trend, plummeting to a weekly low of $40,200. Nevertheless, the bulls eventually managed to reverse this trajectory, pushing the price back up to $43,000.
Volatility Triggers
Despite the release of US CPI data, which had the potential to introduce more volatility, Bitcoin remained relatively stable on Wednesday. However, the narrative changed on Thursday when news broke about vulnerabilities in the Ledger wallet. Within minutes, Bitcoin experienced a sudden drop of nearly $2,000. Fortunately, it quickly recovered most of its losses when the wallet company announced that it had resolved the issues.
Stuck Below $42,000
Bitcoin reached a local peak of $42,750 on Friday and Saturday but failed to surpass this level. As of now, it stands just below the $42,000 mark, and its market cap has slipped below $820 billion. Despite this setback, Bitcoin’s dominance over altcoins has increased slightly to 51.7% on CoinMarketCap.
Meme Coin Frenzy
One of the highlights of the past week was the emergence of the Solana-based meme coin called BONK. At one point, it experienced a daily gain of over 100% and a weekly surge of over 1,200%, resulting in a new all-time high. The popularity of BONK also led to an increase in the price of Solana (SOL). However, SOL experienced a retracement during the weekend and is currently trading just above $70.
Notable Performers
Apart from BONK, Internet Computer (ICP) has also seen substantial gains. Within the past 24 hours, ICP has increased by 15% and has surged by more than 80% on a weekly scale, pushing its price above $10. Shiba Inu has also experienced a significant jump of 9% in the past 24 hours.
While some altcoins showed positive performance, the majority of larger-cap altcoins experienced losses. Ethereum (ETH) saw a decline of 1.5%, Binance Coin (BNB) dropped by 2.5%, and both Cardano and Chainlink plummeted by over 3%.
Total Crypto Market Cap Takes a Hit
Overall, the total crypto market cap has decreased by $20 billion since yesterday, currently standing at $1.580 trillion. This decline indicates a mixed performance across the cryptocurrency market, with significant fluctuations in both Bitcoin and altcoins.
Bitcoin’s recent price action has demonstrated its struggle to surpass the $43,000 resistance level. While some altcoins have shown resilience and achieved notable gains, others have experienced significant losses. The market continues to be influenced by meme coins, such as BONK, and the overall crypto market cap has taken a hit. Despite these challenges, the cryptocurrency market remains dynamic and unpredictable, offering both opportunities and risks for investors.
