Bitcoin fell to $57 000
The past week has been less than favorable for Bitcoin, witnessing a near 9% drop in its value, with the digital currency dipping to $57,200 on several occasions in recent days.
Simultaneously, altcoins haven’t fared any better, experiencing dips on both daily and weekly measures. The cumulative capitalization of the cryptocurrency market has shrunk by over $250 billion since the previous Sunday.
Bitcoin's recent price activity, particularly at the tail end of the last week and the start of Monday, provided little hint of the upcoming downturn. Remember, the cryptocurrency had soared to $64,000 the past weekend and even hit a three-week peak on Monday just above $65,100.
Yet, at this juncture, the market's bears stepped in, halting any further price increases. The result was a swift descent for Bitcoin, dropping to $58,000 by Wednesday and shedding $7,000 in value.
Come Friday, the price further slipped to $57,750 after Thursday's attempt to breach the $60,000 mark failed. Despite attempts to recover, Bitcoin faced resistance at $59,000 on several tries.
Consequently, the digital asset once again fell below $58,000 a few hours ago. Though it has slightly recuperated above that level since, it is still down by 1.2% for the day and nearly 9% over the week.
Its market capitalization now stands at $1.150 trillion, yet its dominance in the altcoin market has increased to 53.9%.
As Bitcoin's dominance grows amidst its own price retracements, altcoins are enduring even harsher setbacks. While daily figures are negative, the weekly losses tell an even more alarming story.
Ethereum has seen a 9.5% decrease from last Friday, now struggling to maintain above the $2,500 mark, partly due to diminished interest in ETH ETFs within the United States. Meanwhile, BNB has dropped by 8.6%, XRP by 6.6%, DOGE by 8.2%, ADA by 9%, SHIB by 7.5%, and LINK by close to 10%.
Among the larger-cap altcoins, Solana and Avalanche have encountered the steepest declines, both plummeting over 15% to $132 and $22, respectively.
TON shows a peculiar case, being slightly positive on a weekly basis, though this is somewhat misleading following last Saturday's plummet after Telegram CEO Pavel Durov's arrest. FET stands out as one of the few larger-cap altcoins to see actual weekly gains.
The overall cryptocurrency market capitalization has nosedived to $2.140 trillion, indicating a loss of more than $250 billion within approximately a week.
