Bitcoin experienced a rollercoaster ride last week, starting with an attempt to reach $60,000 on Tuesday, only to be met with strong resistance that pushed it back down to $55,500 by Wednesday. The situation worsened with another lower high on Thursday, bringing the price down to $55,200 on Friday in anticipation of the US jobs report.
Following the release of the jobs report, Bitcoin saw a sudden spike of $1,500, bringing it back up to $57,000. However, this rally was short-lived as the price quickly plummeted by more than four thousand dollars, falling to $52,800. The bulls stepped in at this point, initiating a minor recovery that managed to push the price back over $54,000 on Saturday. Since then, Bitcoin has been trading sideways, hovering around $54,000.
The altcoin market mirrored Bitcoin’s volatility, with most coins experiencing similar ups and downs throughout the week. Ethereum managed to stay slightly in the green, inching closer to $2,300, while BNB surged to $505 after a 2% daily increase. Other altcoins like SOL, DOGE, TRX, and TON also posted minor gains, with ADA leading the pack with a 4% increase. AVAX saw a significant 6% daily surge, but the biggest gainer was SUI, skyrocketing by almost 11% to reach close to $1.
Despite the fluctuations in individual coin prices, the total crypto market cap managed to defend the $2 trillion level. Currently, the market cap is hovering around $20 billion above this mark, indicating resilience in the face of market turbulence. Bitcoin’s dominance over the altcoins has slightly declined to 53.2%, while its weekly losses amount to 7%, resulting in a market cap of $1.075 trillion.
Bitcoin’s price volatility has once again demonstrated the unpredictable nature of the cryptocurrency market. While the overall market cap has remained relatively stable, individual coins have experienced significant price swings, reflecting the speculative and high-risk nature of investing in cryptocurrencies. Investors should exercise caution and stay informed about market trends to navigate these turbulent waters successfully.
