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The cryptocurrency market experienced significant declines over the past week, resulting in a loss exceeding $100 billion. This downturn follows substantial losses across the sector, with BTC‘s price still failing to recover the $28K threshold.
Bitcoin Price Below $28K
Bitcoin saw a minor recovery of 1% in the last 24 hours, yet it remains considerably lower for the week.
Source: TradingView
Nonetheless, the cryptocurrency has not been able to regain the $28K mark, indicating that bulls are having difficulty reestablishing dominance. Over the week, it experienced a decline of approximately 9% but still managed to outperform the broader market significantly.
This is reflected in Bitcoin’s dominance – a metric that measures its market share relative to other cryptocurrencies. As of this writing, it is at 44%, having increased by 4% over the past week. This indicates that BTC has performed considerably better than altcoins.
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Radix Stands Out, Gains 13%
Radix (XRD) has risen by 30.9% over the last week, with a gain of around 13% in just the past day. Although the cryptocurrency has lost substantial value during this timeframe, it remains the top performer in both periods.
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WOO Network (WOO) has also increased by about 11.5%, followed by BitTorrent (BTT), which has risen by 6%. Conversely, Arbitrum’s ARB has seen a decline of approximately 2.3%. Overall, the market has been relatively stable in the last 24 hours.
Source: Quantify Crypto
Ethereum continues to trade below $1,900, while XRP has fallen below the crucial $0.5 level. It remains to be seen whether sentiment will change or if further pressure is forthcoming.
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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.
