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.
BTC Stalls at $62K
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.
Bitcoin/Price/Chart 06.10.2024. Source: TradingViewXRP, 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.
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.
Cryptocurrency Market Overview. Source: QuantifyCrypto