Bitcoin experienced a tumultuous week as its price took a nosedive on Friday, only to recover slightly on Saturday and hover above $54,000. Despite briefly approaching $60,000 earlier in the week, the leading cryptocurrency faced a sharp rejection that sent it plummeting to $55,500 by Wednesday. A subsequent lower high on Thursday further dragged BTC down to $55,200. The release of the US jobs report provided a temporary boost, propelling Bitcoin to $57,000 before another steep drop ensued. Within minutes, the price plunged by over $4,000, landing at $52,800. The bulls stepped in to initiate a minor recovery, pushing Bitcoin back above $54,000.
While Bitcoin struggled with volatility, altcoins also faced a challenging week but managed to show signs of resilience. Ethereum (ETH) saw a minor increase, approaching $2,300, while Binance Coin (BNB) reclaimed the $500 mark with a 2% daily gain. Other altcoins such as Solana (SOL), Dogecoin (DOGE), TRON (TRX), and TON exhibited similar modest gains. Cardano (ADA) stood out with a 4% increase, while Avalanche (AVAX) surged by 6% daily. Among the top 50 altcoins, SushiSwap (SUI) experienced significant growth, skyrocketing by almost 11% to almost $1.
Despite the ups and downs in individual cryptocurrency prices, the total crypto market cap remained steady around the $2 trillion mark. While Bitcoin’s dominance over altcoins slightly decreased to 53.2%, its market cap dipped to $1.075 trillion. The weekly performance of Bitcoin and altcoins reflected a 7% decline, signaling the underlying volatility and uncertainty in the market. However, the recent recovery attempts and positive daily gains among altcoins suggest a degree of resilience and investor interest in the broader cryptocurrency ecosystem.
The past week has been a rollercoaster ride for Bitcoin and altcoins, characterized by sharp price fluctuations and mixed performance. While Bitcoin faced significant volatility and a downward trend, altcoins demonstrated resilience and minor gains. The market cap of the overall cryptocurrency market remained stable, indicating sustained interest and investment despite the challenges. As investors navigate the uncertainty and fluctuations in the market, it is essential to closely monitor price movements and broader trends to make informed decisions.
