As an analyst with over two decades of experience in the financial markets, I can confidently say that this past week in the crypto world has been nothing short of exhilarating. The rollercoaster ride of Bitcoin (BTC) has kept me on my toes, with its daily price swings and eventual stabilization above $68,000.
Over the weekend, it’s likely that Bitcoin‘s price fluctuations settled down, and currently, it’s holding steady above the $68,000 mark.
Over the past 24 hours, various alternative cryptocurrencies (altcoins) have seen minor losses. However, it’s important to note that the previous trading week was quite favorable for these digital assets, with significant increases observed in Ethereum (ETH), Solana (SOL), Bitcoin Cash (BCH), and particularly Dogecoin (DOGE).
BTC Calms Above $68K
Over the past weekend, Bitcoin stabilized around $62,000 after experiencing a dip below that amount on Thursday. The dramatic price swings were saved for the trading week, which began with an initial surge to $64,500 on Monday and a subsequent rise to $66,500 later in the day.
On Tuesday, the price movement of Bitcoin was particularly erratic. It peaked at $68,000, then dropped by around $3,000, only to climb back up to $68,000 again by Wednesday.
Over the ensuing days, the main digital currency saw a steady climb, peaking on Friday at a record high of $69,000 since late July. However, it hasn’t been able to surpass that threshold and has experienced a slight decline since then. Despite this setback, Bitcoin is currently trading above $68,000 and has gained approximately 8.5% over the past week.
The market capitalization has stabilized at a value of approximately $1.350 trillion, and it continues to hold about 55.1% of the total market share in comparison to alternative cryptocurrencies (alts) on CoinGecko.
APE Back in Top 100
Today’s update reveals that ApeCoin has taken the lead as the best performer in the last 24 hours, skyrocketing more than 60% following its mainnet launch. This significant increase has once again placed APE among the top 100 altcoins by market capitalization, with a current value of approximately $1.2.
As an analyst, I’m shifting my attention from daily fluctuations to weekly performances, particularly focusing on Dogecoin. This original meme coin has been a standout, surging approximately 30% since last Sunday, pushing its trading price above $0.14, following the latest Elon Musk engagements.
The other notable gainers include LTC (13%), BCH (9.5%), SOL (8%), and ETH (7%).
After a significant weekly increase, the overall value of the cryptocurrency market has settled around $2.450 trillion, following a surge of approximately $150 billion.
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2024-10-20 10:10