It wasn’t a good week for Bitcoin as the asset fell roughly 9% and dipped below $58,000 today for the third time in days.
Altcoins are also in the red on both a daily and weekly scale. The total cryptocurrency market cap has lost more than $250 billion since last Sunday.
BTC drops 9% weekly
The price movements that occurred in BTC at the end of last week and on Monday did not allow us to predict how things would turn out. Recall that Bitcoin had risen to $64,000 last weekend and soared to a three-week high on Monday, just above $65,100.
However, the bears remembered their presence at this point and did not allow further gains. In fact, the cryptocurrency headed south almost immediately and thrown to $58,000 on Wednesday, wiping out $7,000 in value.
On Friday, the price dropped to $57,750 after failing to decisively conquer the $60,000 level on Thursday. Since then, BTC has attempted to regain some traction but stalled at $59,000 on a couple of occasions.
As such, the asset fell back below $58,000 hours ago. Although it has managed to recover to just above that level now, it remains 1.2% less on the day and almost 9% in the red on a weekly basis.
Its market cap has plummeted to $1.15 trillion, but its dominance over alts is up to 53.9% on CG.
Alts turn red
The increasing dominance of BTC in times of Bitcoin pullbacks means that most altcoins are having a harder time. Although the daily numbers are also in the red, we will mainly focus on the weekly drops as they are even more painful.
Ethereum has fallen 9.5% since this time last Friday and is now struggling below $2,500 amid the lack of demand In the case of US ETH ETFs, BNB is down 8.6%, XRP is down 6.6%, DOGE is down 8.2%, ADA is down 9%, SHIB is down 7.5%, and LINK is down almost 10%.
The biggest losers among the larger-cap alternatives are Solana and Avalanche. Both have fallen by more than 15% to $132 and $22 respectively.
TON is slightly in the green on a weekly scale, but that’s actually misleading as it plummeted last Saturday following the arrest of Telegram CEO Pavel Durov. FET is the only major-cap cryptocurrency with real gains on a weekly scale.
The total cryptocurrency market capitalization has plummeted to $2.14 trillion, meaning it has lost more than $250 billion in roughly seven days.
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