Bitcoin has been experiencing dull price action with the asset failing to make a significant move out of its $69,300 position. However, the altcoin landscape paints a different picture, with many altcoins trading in the red on a daily and weekly scale. Despite this, bitcoin’s business week was quite optimistic, with the asset climbing above $70,000 and reaching as high as $72,000 before facing a bearish trend that drove its price back down to around $69,300.
The growing dominance of bitcoin has resulted in most altcoins retracting in the past 24 hours. Altcoins such as Toncoin, SOL, XRP, DOGE, SHIB, AVAX, DOR, BCH, and NEAR have all experienced substantial losses. The meme coins have also felt the impact of volatility, with coins like PEPE and WIF experiencing significant drops in value. However, some altcoins like BNB and TON have managed to perform well over the week, with gains of 12% and 9% respectively. On the other hand, coins like SHIB, DOGE, AVAX, LINK, DOT, and NEAR are facing significant losses.
Despite the mixed performance of altcoins, there have been some notable gainers in the past seven days, including BRETT, ORDI, and STX. Conversely, coins like BEAM, TIA, and LDO have seen significant losses in value. The total crypto market cap currently stands at $2.670 trillion, down by 0.6% in a day. Overall, while bitcoin remains relatively stable in its price action, the altcoin market is experiencing a mix of both gains and losses in value.
In terms of market trends, bitcoin has remained stagnant around the $69,300 mark, failing to make any significant moves out of this position. Despite some bullish momentum earlier in the week, the asset faced a bearish trend that saw its price drop by over three thousand dollars. As a result, the market capitalization of bitcoin remains at $1.365 trillion, with its dominance over altcoins increasing to 51.2% according to CG. This has led to a retracement in most altcoins, with many experiencing losses in the past 24 hours.
The altcoin market has seen a mix of performances over the past week, with some coins like BNB and TON performing well and showing gains of 12% and 9% respectively. On the other hand, coins like SHIB, DOGE, AVAX, LINK, DOT, and NEAR have faced losses ranging from 8% to 13%. The meme coins have also seen some volatility, with coins like PEPE and WIF experiencing drops in value. Despite this, there have been some notable gainers like BRETT, ORDI, and STX, while others like BEAM, TIA, and LDO have seen significant losses in value.
Overall, the cryptocurrency market remains relatively stable, with bitcoin showing sluggish price movements around the $69,300 mark. While the altcoin market has seen a mix of gains and losses, the total crypto market cap has decreased by 0.6% in a day to $2.670 trillion. As market trends continue to fluctuate, investors will need to closely monitor the performance of both bitcoin and altcoins to make informed trading decisions.
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