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As it keeps happening during the past several weekends, bitcoin’s price action is quite dull and the asset has failed to make a big move out of its $69,300 position.
The landscape with the altcoins is quite different, though, as many of them are in the red on a daily and even on a weekly scale.
BTC Stalls at $69K
Perhaps driven by the impressive spot ETF inflows, bitcoin’s business week was quite optimistic. The asset entered Monday at around $67,500 but quickly started to climb and jumped above $70,000 by the end of the day.
It failed to conquer that level at first, but the bulls kept the pressure on, and BTC skyrocketed to $71,500 on Wednesday. Another leg-up followed on Friday that resulted in tapping $72,000 for the first time in over two weeks.
This is where the landscape changed for the worse. The bears intercepted the move and drove bitcoin south hard. In a matter of hours, the cryptocurrency had lost more than three grand and fell to $68,500.
It managed to bounce off on Saturday morning and rise above $69,000. Since then, the price movements have been quite sluggish and the asset remains at around $69,300. Its market cap stands still at $1.365 trillion, but its dominance over the alts has jumped to 51.2% on CG.
Alts See Red
The growing BTC dominance means that most alts have retraced in the past 24 hours. Toncoin is among the poorest performers as it has dropped by over 6% and sits well below $7. Substantial losses are evident from SOL, XRP, DOGE, SHIB, AVAX, DOR, BCH, and NEAR.
The meme coins have felt some of their inevitable volatility as PEPE has dumped by 6% and WIF is down by more than 5%.
The weekly landscape is quite different for some. BNB, which marked a new all-time high above $715 earlier, is up by 12% and trades close to $680. TON is actually in the green (9%), while SHIB (-8%), DOGE (-8.5%), AVAX (-10%), LINK (-13%), and DOT (-10%), and NEAR (-11%) are deep in the red.
The biggest gainers in the past seven days are BRETT (60%), ORDI (22%), and STX (23%). In contrast, BEAM (-22%), TIA (-20%), and LDO (-20%) have lost the most value.
The total crypto market cap is down by 0.6% in a day to $2.670 trillion.
