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.
Bitcoin/Price/Chart 06.10.2024. Source: TradingView
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
The post These Alts Dumped the Most Weekly as Bitcoin (BTC) Calms at $62K (Weekend Watch) appeared first on CryptoPotato.
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]
