As a seasoned crypto investor with several years of experience in this volatile market, I’ve seen my fair share of price swings and market shifts. The recent calmness in Bitcoin’s price action comes as a relief after the rollercoaster ride it took us on during the past few days. With BTC sitting just under $68,000, its market capitalization at $1.330 trillion, and dominance over altcoins at 50%, I remain cautiously optimistic about its future price movements.
Over the last couple of weekends, Bitcoin‘s price movements have subsided, with the cryptocurrency now hovering around the $68,000 mark.
As an analyst, I’ve observed that the daily performance of altcoins has been rather lackluster. However, on a weekly basis, there have been some truly astonishing price increases.
BTC Stops Below $68K
I’ve noticed an intriguing development with Bitcoin this week. It began the week on a positive note, surging from around $69,000 to above $70,500 within hours on Monday. With bulls gearing up for another potential run towards the record high of $73,800, Bitcoin’s path suddenly took an unexpected turn. Instead of continuing its upward trend, it started shedding value at a rapid pace.
By Tuesday, the value of the cryptocurrency had dropped by over $3,000, approaching the $67,000 mark. The unstable market saw multiple price swings in the ensuing days, with several failed attempts to reach $70,000 and brief dips below $67,000.
As a crypto investor, I found the end of the business week less chaotic than expected, with Bitcoin settling around the $68,000 mark. However, the weekend has been uneventful, as Bitcoin failed to make any significant price movements, leaving it just shy of that level.
The company’s market value remains steady at a staggering $1.330 trillion, meanwhile, it holds approximately 50% market supremacy among its alternative counterparts.
NOT’s Week
From my perspective as a researcher, I’ve observed that most altcoins tend to follow Bitcoin’s daily price movements quite closely. Consequently, it seems prudent for us to shift our attention towards analyzing their weekly performance instead.
The larger-alternative cryptocurrencies, such as Uniswap, have suffered significantly within this period, with Uniswap experiencing a decline of over 12%. Dogecoin, too, has dropped by nearly 7% and dipped below $0.16. Further losses are reported in coins like Bitcoin Cash, NEAR, Aave, Immutable X, and Chainlink.
Unlike other cryptocurrencies like ETH, TON, and SHIB, which have seen only modest weekly increases, LINK and WIF have experienced significant jumps over the last seven days.
Among the top 100 altcoins, the coins that experienced the greatest percentage increases are not: Bretter (61% rise), Jasmy (50% rise), Tia (22% rise), and Background (21% rise).
Approximately $40 billion has been wiped off the total cryptocurrency market capitalization since last Sunday, bringing the current value to around $2.66 trillion as of now on CoinMarketCap.
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2024-06-02 10:52