As a seasoned researcher with over a decade of experience in the financial markets, I’ve seen more than my fair share of market volatility. This past week was another rollercoaster ride for Bitcoin and altcoins alike.
Over the weekend, Bitcoin‘s volatility appears to have subsided, as was anticipated, with the digital currency maintaining a steady position around $62,000.
Since Friday, most alternative assets have shown comparable behavior, yet the overall picture for this week has been rather grim, featuring numerous investments that have dropped by double digits.
BTC Stalls at $62K
It’s clear that last week was not favorable for the leading cryptocurrency. It peaked at over $66,000 on Sunday, but problems started almost immediately on Monday, causing it to plummet to $63,000. The conditions deteriorated further in the middle of the week due to increasing tension in the Middle East. This situation led to more price drops, with falls below the significant $60,000 mark occurring on both Wednesday and Thursday.
Despite attempts to break through, the bulls successfully held that price point and propelled Bitcoin upward. From its multi-week low on Thursday, Bitcoin has climbed approximately $2,000 and currently hovers around $62,000. The digital currency’s activity over the weekend has been relatively subdued.
Nonetheless, Bitcoin has dropped by more than 5% in the last seven days, causing its market value to shrink from approximately $1.3 trillion to $1.225 trillion currently. Interestingly, despite this decline, Bitcoin’s dominance over alternative cryptocurrencies has grown to 54.3% on CoinGecko during the same timeframe.
XRP, DOGE Lead on the Way Down
During the past week, Ripple‘s native token was often the topic of news headlines. Initially, there was optimism due to a filing for an XRP Exchange-Traded Fund (ETF). However, the Securities and Exchange Commission (SEC) dampened the excitement by submitting an appeal against a 2023 court ruling concerning the secondary market sales of the asset.
The sudden drop had a significant effect on its price, causing it to plunge nearly 15% in less than 24 hours from around $0.6 to $0.51. Despite experiencing some recovery, currently trading at $0.53, XRP is still showing a double-digit percentage decrease over the past week.
On a weekly basis, some of the notable losers among the larger altcoins were Dogecoin (down 13.7%), Cardano (11.4%), Shiba Inu (11.4%), Polkadot (12.4%), Near Protocol (12.2%), and others.
During the past week, the combined value of all cryptocurrencies plummeted by approximately $150 billion at one stage, only to show signs of recovery and currently stands at a market cap of around $2.250 trillion as per CoinMarketCap.
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2024-10-06 11:34