In the rapidly evolving world of cryptocurrency, another tumultuous week has come to a close. The winds of change are blowing in favor of altcoins, particularly as Bitcoin seems to be losing pace.
At the start of the past week, Bitcoin reached a new all-time high, briefly surpassing $123,000. However, the excitement was short-lived, with the primary cryptocurrency almost immediately losing $7,000 in value. The subsequent ten days saw Bitcoin trapped in a relatively narrow range between $117,000 and $120,000, with each attempt to break free met with a strong rejection.
The most significant drop occurred recently when Galaxy Digital reportedly started to offload $1.5 billion worth of BTC, causing the cryptocurrency’s price to fall below $115,000 for the first time in two weeks. While Bitcoin has managed to regain some of its losses, it is still struggling to surpass $116,000 and is down by over 2.5% on the weekly scale.
Meanwhile, several altcoins like LTC, ENA, and CRO saw significant gains during the same period. Binance Coin soared to a new all-time high of over $800 before experiencing a slight dip. Ethereum, driven perhaps by substantial inflows into spot Ethereum ETFs, is also in the green, having risen to $3,850 earlier this week. It currently hovers near $3,700, marking a 1.2% weekly increase.
However, recent sharp price corrections from assets like XRP, XLM, HBAR, PEPE, and AAVE have dampened some of the altseason speculation. These cryptocurrencies have all endured double-digit losses since last Friday.
Key market data: Market Cap: $3.876T | 24H Vol: $265B | BTC Dominance: 59.4%. BTC: $115,670 (-2.6%) | ETH: $3,684 (+1.2%) | XRP: $3.06 (-13%).
This week’s notable crypto headlines include BlackRock’s Ether ETF becoming the 3rd fastest fund to hit $10B in a year, a $140M sell-off by a Ripple co-founder that crashed XRP on Binance, Robert Kiyosaki urging investors to own actual BTC rather than ‘paper’ ETFs, and Bitfinex’s report suggesting investor shift from Bitcoin to altcoins. For a full price analysis of Ethereum, Ripple, Cardano, Solana, and HYPE, click here.
