Bitcoin has calmed after last week’s massive price dumps but continues to struggle and fail to sustain the $26,000 level.
Most alts are also calmer on a daily scale, but numerous, such as APE, UNI, LTC, and SHIB, have plummeted hard on a weekly scale.
The primary cryptocurrency experienced massive volatility last week when speculations arose that Elon Musk’s SpaceX had disposed of its remaining BTC stash. The asset reacted with an immediate price dump that drove it from $28,600 to a two-month low at $25,300.
This was even after the approval of the first spot Bitcoin ETF in Europe, which came on Tuesday. The following days were less eventful, and BTC tried to reclaim the $26,000 but was stopped a few times.
By the time the weekend came, the asset had calmed at around $26,000. It spent the next 48 hours stuck at that level and is yet to break out of it.
As such, its market capitalization has remained inches away from $510 billion, while its dominance over the alts is quiet at 48%.
BTCUSD. Source: TradingView
As expected, many alternative coins faced more severe nosedives during the market-wide crash on Thursday and have failed to recover even portions of the losses.
Consequently, the weekly losses are quite painful for some. Such is the case for Shiba Inu, ApeCoin, Uniswap,
and Litecoin, as all four have dumped by over 20% in the past seven days. This is even after LTC’s 2.5% daily increase.
The past 24 hours have been quite calm for the alts as well, with ETH, ADA, TRX, and DOT sitting slightly in the green, while BNB, XRP, DOGE, SOL, and SHIB.
The total crypto market cap has also remained still over the past 24 hours at around $1.050 trillion. It’s worth mentioning that the metric fell hard by over $110 billion in a few days last week, though.
Cryptocurrency Market Overview. Source: Quantify Crypto
The post These Altcoins Dump 20% Weekly While Bitcoin Struggles at $26K (Market Watch) appeared first on CryptoPotato.
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