In terms of price action, Bitcoin had a controversial week as it fell to a ten-day low and rose by almost five grand a day later but failed to maintain its momentum.
Altcoins also suffered weekly, but most are back in the green after yesterday's retracements.
BTC aims for $68,000
The volatile week began on Monday after BTC failed to clear $71,000 on Sunday, resulting in a price drop of two grand. After bouncing again to $70,000 on Tuesday, bears initiated another downtrend that resulted in a sharper price drop to $66,000.
They kept the pressure high in the following hours, pushing Bitcoin to a ten-day low of around $64,500. This came amid reports that the US government had transferred 2,000 BTC to Coinbase. The stock was confiscated by Silk Road and the fear of selling led to a significant drop in price.
Nevertheless, Bitcoin reacted well after this crash, rising by almost five thousand dollars to just over $69,000 a day later. However, this was short-lived as the asset fell to $66,000 yesterday.
Currently, BTC is close to around $68,000 after bulls took the lead again. Its market cap has increased to $1.340 trillion while its dominance over alts stands at 50.3%.
BTCUSD. Source: TradingView
DOGE is rising
Most altcoins have fallen in recent days but are now back in the green with slight gains. ETH, BNB, SOL, XRP, ADA, SHIB and DOT are all up around 1-2% in the last day.
More impressive price jumps can be seen with TON and AVAX. Toncoin is up 4% and trading well above $5.3, while AVAX is up 2.7% and trading north of $46.
Dogecoin is the most notable winner among the larger altcoins. DOGE is up 5% and has reclaimed the $0.18 mark. NEAR and STX are the other alts with notable gains of 5-6%.
The total crypto market cap has increased by about $30 billion since yesterday and is up to $2.665 trillion at CG.
Overview of the cryptocurrency market. Source: QuantifyCrypto
SPECIAL OFFER (sponsored)
LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!
Disclaimer: The information found on CryptoPotato comes from the authors cited. It does not represent CryptoPotato's opinion on whether investments should be bought, sold or held. We recommend that you do your own research before making any investment decisions. Use of the information provided is at your own risk. Please see the disclaimer for more information.
Cryptocurrency charts from TradingView.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.