In the last seven days, some cryptocurrencies experienced significant gains, even reaching triple-digit percentages. The overall crypto market had a positive week, led by Bitcoin, which surged by 11% and surpassed the $40,000 mark.
While many altcoins may have seen some pullback in their daily prices, their performance over the week has been impressive and noteworthy.
Bitcoin’s Rollercoaster Week: A Recap of Price Movements
The excitement began last Saturday when Bitcoin, the leading cryptocurrency, experienced a significant spike, breaking through the $39,000 barrier. After a relatively slow Sunday, Bitcoin rallied again on Monday, shooting up beyond $42,000, fueled by a massive daily candle.
The momentum for the bulls reached new heights on Wednesday as Bitcoin surged to $44,000, marking its highest point since May 2022. This midweek achievement added to the positive sentiment in the crypto space.
Despite a slight retracement on Thursday, Bitcoin resumed its climb on Friday, reaching $44,700 and establishing a new high for 2023. However, it has lost some ground since then and is currently hovering around $44,000.
BTCUSD. Source: TradingView
For the week, Bitcoin has shown resilience, boasting an over 11% increase in value. Its market capitalization now stands close to $860 billion. The dominance of Bitcoin over other altcoins witnessed fluctuations throughout the week, ranging from 52% to over 53%. However, as of now, the metric has settled at 52.4%, reflecting the dynamic nature of the cryptocurrency landscape.
Altcoin Landscape: Daily Retracement Amid Weekly Surges
Daily Struggles: SOL, ADA, DOT, and LINK: In the last 24 hours, the altcoin space faced challenges, primarily marked by retracements following gains on Saturday. Notably, SOL, ADA, DOT, and LINK experienced significant declines, each registering losses of around 5-6%.
Weekly Performance: Mixed Gains and Impressive Surges: Taking a broader view of the week, Ethereum, Binance Coin, Ripple, Chainlink, and Tron emerged as more moderate gainers, with increases of up to 9%, particularly for ETH. On the flip side, SOL, DOGE, MATIC, and DOT showcased remarkable performance with double-digit jumps. Cardano, Polkadot, and Avalanche took the spotlight with surges ranging from 30% to 50%. Consequently, AVAX reached above $32, while ADA is close to $0.6.
Noteworthy Weekly Surges: BitTorrent and Bonk: The most impressive weekly surges came from BitTorrent, recording a remarkable 170%, and Bonk, boasting a staggering 127%. Bonk, in particular, hit a new all-time high recently, adding to the remarkable performances in the altcoin space.
Market Cap Dynamics: Significant Increase
Cryptocurrency Market Overview. Source: Quantify Crypto
The total crypto market cap witnessed substantial growth, surging by over $160 billion in the past week. As a result, it now stands close to $1.640 trillion on CMC, indicating the resilience and expansion of the overall cryptocurrency market.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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