After a turbulent week, Bitcoin stabilized during the weekend, with its current value slightly above $98,000.
On a daily basis, many alternative cryptocurrencies are showing relatively slow progress, however, on a weekly scale, coins such as ADA, DOGE, AVAX, among others, have demonstrated substantial recoveries.
BTC at $98K
To begin the work week, Bitcoin encountered difficulties and dipped below its previous resistance level of $94,000 over the weekend. Unfortunately, this resistance was broken, causing a significant drop on Monday. At that moment, reports indicated that Bitcoin plummeted by approximately $3,000, reaching a monthly low of $91,300.
As a crypto investor, I initially braced myself for an extended correction that could push Bitcoin below $90,000. However, the resilience of the bulls proved to be unyielding, thwarting any attempts at another significant retracement. Instead, what unfolded was a remarkable turnaround, with Bitcoin recovering value and experiencing substantial fluctuations. Despite these ups and downs, it managed to extricate itself from its precarious situation.
On Friday, it peaked at $99,000 but was halted there and slid down to $98,000. Over the weekend, it moved within a narrow band, and now it’s hovering slightly above $98,000 following a 3.3% increase in value over the past week.
On the cryptocurrency platform, its market value has reached approximately $1.950 trillion, yet its control over alternative cryptocurrencies has decreased by more than 1% within the past week, now standing at 53.1%.
Alts in Weekly Recovery
As a researcher observing the crypto market, I’m pleased to note that most altcoins are experiencing growth over the past week. Specifically, Ethereum has recovered and is now valued above $3,600, marking an increase of over 6%. Additionally, Ripple‘s native token has seen a significant jump, reaching approximately $2.4 following a 9% surge in its value during the same period.
Among the major alternative cryptocurrencies, Cardano (ADA) and Dogecoin have experienced significant growth, climbing by double-digit percentages. Notably, ADA has seen an impressive rise of 22%, making it the frontrunner in this market uptick.
Among the standouts this week, I’ve observed significant growth in SUI, setting a new record high, as well as XLM and AVAX. Conversely, TON and BNB have experienced modest dips over the same period.
The combined value of all cryptocurrencies, as recorded by CoinGecko, has surged to a staggering $3.660 trillion, having dipped below the $3.4 trillion mark earlier in the week.
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2025-01-05 11:20