As a seasoned researcher with a decade of experience in the ever-volatile world of cryptocurrencies, I’ve seen it all – from meteoric rises to heart-wrenching falls. This week has been no exception as I watched Bitcoin plunge by nearly 9%, slipping below $58,000 once again. The altcoins have followed suit, with the total crypto market cap plummeting by over $250 billion in just seven days.
This past week wasn’t favorable for Bitcoin; its value dropped approximately 9%. Earlier today, it dipped below $58,000 for the third consecutive day.
1. Alternative cryptocurrencies are also showing losses, with declines visible over both daily and weekly timeframes. In just a few days, the overall value of the cryptocurrency market has dropped by over $250 billion compared to last Sunday.
BTC Down 9% Weekly
Last weekend, I watched in awe as Bitcoin surged to an impressive $64,000, and then soared even higher to a three-week peak of around $65,100 on Monday. But let me tell you, I couldn’t have predicted the direction it would take next.
Nevertheless, it was evident that the bears had asserted themselves, preventing any additional growth. Instead, the cryptocurrency took a downward turn, swiftly dropping to around $58,000 on Wednesday, effectively losing approximately $7,000 in value.
On Friday, I observed a drop in price to $57,750 as our attempts to surpass the $60,000 mark decisively on Thursday proved unsuccessful. Since then, Bitcoin has been making efforts to regain some momentum but has been halted at $59,000 on multiple occasions.
Just now, the value of the asset dropped below $58,000 yet again. Currently, it’s slightly above that mark, but it’s currently 1.2% lower for the day. On a weekly scale, it’s nearly 9% in the red.
The market value of this asset has fallen to a staggering $1.150 trillion, yet it maintains a stronghold with a 53.9% supremacy in terms of altcoins (alternative cryptocurrencies) on CoinGecko.
Alts Turn Red
As a crypto investor, I’ve noticed that during Bitcoin’s periods of retreat, its dominance tends to increase significantly, which means a tougher time for most altcoins. While daily statistics show losses too, it’s crucial to concentrate on the weekly declines as they tend to be more agonizing.
Over the past few days, Ethereum (ETH) has seen a decrease of approximately 9.5% from its price last Friday, and is currently grappling with staying above the $2,500 mark due to reduced demand for ETH-related Exchange Traded Funds (ETFs) in the United States. Similarly, BNB has dropped by 8.6%, XRP by 6.6%, DOGE by 8.2%, ADA by 9%, SHIB by 7.5%, and LINK is almost 10% lower.
It appears that Solana and Avalanche have suffered significant losses among the larger altcoin market. Their values have dropped over 15%, with Solana at approximately $132 and Avalanche at around $22.
On a weekly basis, TON shows a slight increase, but this is deceptive because it experienced a significant drop following the arrest of Telegram’s CEO, Pavel Durov, last Saturday. In contrast, FET is the notable exception among larger-caps that has registered gains on a weekly scale.
The overall value of the cryptocurrency market has dropped significantly, now standing at approximately $2.140 trillion. This represents a loss of over $250 billion in just about a week’s time.
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2024-09-01 11:34