It’s been a tough week, and there are no two ways around it. The total cryptocurrency market capitalization declined by more than billion as Bitcoin’s price dipped below K. It’s been somewhat of a rollercoaster ride throughout the past seven days as the BTC price attempted to recover on a few occasions but failed to regain its position. Last Friday, the cryptocurrency tumbled toward K but the bulls were quick to recover during the weekend. As soon as the new week started, though, BTC bears took control once again and negated all attempts of a swift recovery. Now, Bitcoin is found trading at K, although it’s looking rather shaky. The liquidations are also spiraling up, meaning that a lot of futures traders are seeing their positions wiped off. But the downturn
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It’s been a tough week, and there are no two ways around it. The total cryptocurrency market capitalization declined by more than $70 billion as Bitcoin’s price dipped below $64K.
It’s been somewhat of a rollercoaster ride throughout the past seven days as the BTC price attempted to recover on a few occasions but failed to regain its position. Last Friday, the cryptocurrency tumbled toward $65K but the bulls were quick to recover during the weekend. As soon as the new week started, though, BTC bears took control once again and negated all attempts of a swift recovery.
Now, Bitcoin is found trading at $64K, although it’s looking rather shaky. The liquidations are also spiraling up, meaning that a lot of futures traders are seeing their positions wiped off.
But the downturn is definitely not isolated to Bitcoin alone.
The altcoin market is also suffering, especially when it comes to meme coins, but more on that later. Large-cap cryptocurrencies like BNB took a blow. It’s down 4% on the week, while Solana (SOL) decreased by a more considerable 10%. TON is down 10.4%, while ADA dropped by 9.4%.
Interestingly enough, Ripple’s XRP is up 2.2% during the past seven days, defying the negative market trend amongst the rest of the large-cap altcoins. This comes despite additional legal challenges that the company is facing in California (other than the major case against the US Securities and Exchange Commission).
That said, meme coins are having really tough times. The entire category, as a whole, is down a whopping 14%. DOGE dropped by 13%, SHIBA – by 17%, WIF – by 23%, FLOKI – by 19%, and so forth. It’s interesting to see if the meme coin season that started at the beginning of the year is already over, but at the time of this writing, it surely seems this way.
All in all, the crypto market is getting heated up, but unfortunately, it seems that the bears are in charge right now. Of course, that could all change in an instant, so it’s exciting to see how the next week will shape up.
Market Data
Market Cap: $2.47T | 24H Vol: $80B | BTC Dominance: 51.2%
BTC: $64,230 (-4.2%) | ETH: $3,510 (+0.1%) | BNB: $585 (-3.8%)
This Week’s Crypto Headlines You Better Not Miss
MicroStrategy Buys Another Massive Batch of BTC, Worth Almost $800 Million. MicroStrategy—the business intelligence software giant and publicly traded company listed on NASDAQ—announced that it has bought another $800 million worth of Bitcoin. This brings its total stash to 226,331, and it is currently worth around $8.3 billion.
Bitcoin Retail Crowd Still Missing: Can They Push BTC Above $70K? Retail investors are nowhere to be seen, according to recent research. These traders are typically known for making more emotional decisions and making rash investment choices associated with the later stages of a market cycle. In other words, the bull market might not be here yet.
Winklevoss Twins Commit $2 Million in BTC to Trump’s Presidential Campaign. Tyler and Cameron Winklevoss – the two co-founders of the cryptocurrency exchange Gemini – announced their donations of a combined $2 million to Donald Trump’s presidential campaign. It was made in BTC.
Stablecoins Could Capture 10% of Global Economy in the Next Decade: Circle CEO. According to Jeremy Allaire – the Chief Executive Officer of Circle (issuer of USDC stablecoin), stablecoins might be able to capture a whopping 10% of the global economy in the next decade. Is that too optimistic?
Cardano (ADA), Ripple (XRP) Targeted by Short Traders Amid Post-Relief Bounces. Two of the most popular altcoins – Cardano’s ADA and Ripple’s XRP – have apparently been targetted by short traders. According to data shared by Sentiment, funding rates indicate dominant shorting.
NVIDIA Surpasses Microsoft as World’s Biggest Company, Pushes These AI Cryptos Into Rally. The AI boom and demand for applications powered by Artificial Intelligence have helped NVIDIA’s stock to reach a whopping $135 this week. This pushed the company’s market capitalization to $3.335 trillion, thus surpassing Microsoft for the number one spot.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Binance Coin, Dogecoin, and Polkadot – click here for the complete price analysis.