Bitcoin’s underwhelming price actions over the weekend continue as the asset plummeted to a multi-day low of $81,600 yesterday before staging a minor recovery.
Many altcoins have produced notable losses over the past week, led by XRP and ETH from the larger caps.
BTC Struggles at $83K
Last weekend went in a dull fashion as BTC’s price was stuck at $84,000. However, it started to gain traction on Sunday evening and pumped to $88,800, which became its highest price tag in over two weeks. As the community was preparing for a charge at $90,000, though, the landscape changed and bitcoin started to lose its momentum.
After a few days of sideways action around $86,000 and $88,000, the cryptocurrency slumped below the lower boundary on Friday and dropped to $83,400. It managed to sustain that level for a bit, but the bears increased the pressure over the past 24 hours.
The result came yesterday evening when BTC dropped to a 12-day low of $81,600 (on Bitstamp). It managed to react well to this Saturday crash and has recovered over a grand, but it’s still in the red on a daily and weekly scale.
Its market capitalization has declined to under $1.630 trillion on CG, while its dominance over the alts is at 59%.
Alts Bleed Out Weekly
Although most alts are quite sluggish on a daily scale, the weekly chart is quite painful. ETH, which was close to $2,100 at one point, is down by over 8% since last Sunday and is well below $1,850 now. XRP has dropped by 9% despite the lawsuit closure against the US SEC.
BNB, SOL, ADA, TRX, LINK, XLM, HBAR, DOT, and LTC have declined by somewhere between 3-7%, while UNI has plunged by more than 11%. The biggest losers, though, are PI and HYPE, as both are down by over 20% in a week.
SUI and TON are among the few exceptions with gains over the past week. TON has risen by nearly 4%, while SUI is up by almost 7%.
The total crypto market cap has slipped below $2.8 trillion, which means that it has lost $200 billion since the peak on Monday.
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Cryptocurrency charts by TradingView.
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