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After the highly volatile first business week of the new year, BTC has calmed slightly and remained at around $44,000.
Most altcoins are also quieter today, but the weekly charts showcase a different story, with numerous ups and downs.
BTC Stalls at $44K
It’s safe to say that the first week of 2024 was quite eventful. It all started with a massive leg-up on Tuesday that drove the primary cryptocurrency to a 21-month peak at nearly $46,000, perhaps fueled by anticipations of an upcoming ETF approval.
Reports that there will be no such product coming to light anytime soon, though, resulted in the opposite direction. Bitcoin slumped by over four grand in hours and dumped to $41,500. As these speculations were refuted, the asset went on the offensive once again.
This culminated in a few attempts to overcome $44,000 but to no decisive end so far. BTC remains shaky at around that level, with a few dips below it in the past 48 hours.
Nevertheless, its market capitalization remains above $860 billion, and its dominance over the altcoins has increased further to 52.2% on CMC. Recall that the metric had dumped below 50% at the start of the new year.
This Week’s Movements
Most altcoins experienced significant price movements during the business week, but the 7-day charts show substantial declines. Solana is among the biggest losers, having dumped by 10%. As a result, SOL currently sits way below $100.
More losses on a weekly scale come from Cardano (-14%), Avalanche (-14%), Polygon (-14%), Polkadot (-16%), Chainlink (-11.5%), and Dogecoin (-12%).
Ethereum, Binance Coin, and Tron are also in the red, but in a less painful way. BONK, HNT, MINA, and EGLD lead the way in terms of weekly losses from the mid-cap alts.
In contrast, GMT, AKT, and TIA lead the way with impressive gains.
Overall, the total crypto market cap is at $1.660 trillion, which is essentially the same spot it was last week.
