Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Bitcoin reached $28,000 yesterday, but a swift rejection caused it to fall back to $27,000, marking a nearly one-month low.
The alternative cryptocurrencies are faring no better, with some, like ARB and FXS, experiencing declines of over 25% on a weekly basis.
Bitcoin’s New Local Low
Significant changes can occur in the cryptocurrency markets within just a few weeks. Ten days ago, bitcoin was trading above $30,000 and even approached $31,000, representing its highest price level since June of the previous year. However, bearish pressure emerged at that point, altering the asset’s course.
BTC dropped below $30,000 shortly thereafter and began to lose value rapidly last week. This led to a decline to $27,500 by Friday and Saturday. Following a few days of sideways trading, BTC made an attempt to rally to $28,000 but was halted after reaching that threshold.
The rejection caused a further decline, and bitcoin recorded its lowest price in nearly a month at $27,000. It has since regained some ground and maintained that level, yet it remains down 8% for the week.
Thank you for subscribing; your first report will arrive in the coming hours!
Its market capitalization has remained steady at $530 billion, while its dominance over alternative coins stands at 46%.
Related Posts
BTCUSD. Source: TradingView
ARB, FXS Experience Significant Weekly Losses
The alternative cryptocurrencies also traded at much higher levels a few weeks ago but have lost a significant amount of that momentum. For instance, ETH surged above $2,100 following the completion of the Shapella update but has since dropped by approximately $300. Consequently, the second-largest cryptocurrency is currently struggling to stay above $1,800.
Most of the larger-cap altcoins are in the red on a daily basis. This includes Ripple, Cardano, Dogecoin, Solana, Polkadot, and Shiba Inu. Polygon has seen the largest decline (3%) and is now trading below $1.
Avalanche is one of the few altcoins showing gains, increasing by 3% today and rising to $17.
On a weekly basis, the situation for Arbitrum and Frax Share is particularly severe. Both assets have fallen by over 25%, trading at $1.3 and below $8, respectively.
The total cryptocurrency market capitalization has remained relatively stable at $1.150 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
