Bitcoin’s price took a hard hit on Friday, only to recover some ground on Saturday and maintain above $54,000 since then. Despite heading towards $60,000 earlier in the week, a subsequent rejection led to a steep drop to $55,500 by Wednesday. With another lower high on Thursday, bitcoin slipped further to $55,200 on Friday as traders awaited the US jobs report. Following a modest decrease in unemployment rates, BTC spiked to $57,000, only to experience another sharp decline. In a matter of minutes, bitcoin plummeted by over four grand, falling to $52,800 before bulls stepped in for a minor recovery pushing it back above $54,000 on Saturday.
The trend wasn’t any kinder to altcoins, facing similar challenges and losses throughout the week. However, some relief was seen with ETH nearing $2,300 and BNB reclaiming $500. Other altcoins like SOL, DOGE, TRX, and TON also posted minor gains, with ADA up by 4% and AVAX soaring by 6% daily. The biggest gainer from the top 50 alts, SUI, experienced an impressive 11% surge, bringing its value close to $1.
Despite the fluctuations, the total crypto market cap managed to defend the $2 trillion mark and is currently sitting at about $20 billion above it. Bitcoin’s dominance over the altcoins has declined by almost a whole percentage to 53.2% on CoinGecko, with its market cap slipping to $1.075 trillion – reflecting a 7% decrease weekly.
Overall, the past week has proven to be a rollercoaster ride for both Bitcoin and altcoins – demonstrating the extreme volatility of the cryptocurrency market. Investors and traders need to remain vigilant and adaptable to navigate through these turbulent times.
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