Bitcoin's Volatile Week
Bitcoin was stopped for a second time this week at $104,000 and was pushed south by over two grand during the weekend.
It was an eventful and painful week for the primary cryptocurrency that began with a nosedive on Monday. At the time, the asset was rejected at $111,000 and driven south to around $104,000. After a brief recovery attempt, the bears intervened once again on Tuesday and initiated another violent decline that this time saw BTC dumping below $100,000 for the first time since June.
The asset bottomed, at least for now, at just under $99,000. It bounced off on Wednesday and spiked to $104,000, where it was stopped, and the subsequent retracement resulted in another slip to a five-digit price territory.
The rebound attempt was similar as BTC spiked to $104,000 on Friday evening but couldn’t surpass that level and now sits below $102,000 again. It’s down by over 8% in the past week, and its market cap has tumbled to $2.020 trillion on CG.
Its dominance over the altcoins was also harmed in the past seven days and is well below 58% as of press time.
Altcoin Performance: Mixed Results
Most larger-cap alts are well in the red on a daily basis as well, with ETH sliding beneath $3,400 and XRP slipping below $2.30.
Most larger-cap alts have followed BTC on the way south in the past 24 hours. Ethereum is below $3,400 again, while XRP has lost the $2.30 support. More painful declines come from the likes of DOGE, ADA, HYPE, LINK, XLM, and SUI.
In contrast, the two largest privacy coins have stolen the show with double-digit gains. ZEC has risen by over 11% daily to almost $600, while XMR has tapped $420 after a 13% surge.
ICP, the recent high-flyer, is down by more than 12% daily, while TAO has dumped by 6%.
The total crypto market cap has declined by almost $40 billion since yesterday and is down to $3.510 trillion.
