The week started well for Bitcoin but ended with a significant decline, as did most altcoins.
BTC Slips to $84K
Bitcoin gained positive momentum at the start of the week, hitting a multi-week high of just under $89,000 on Monday. However, failing to break through resistance, its price began to consolidate between $86,000 and $88,000. On Friday, it fell below this range, dropping to $83,500. Thus, Bitcoin erased all its weekly gains and currently struggles to hold above $84,000. Its market capitalization has plunged to $1.665 trillion, while its dominance has increased to 59.1%.
Alts Turn Red
Most altcoins also experienced a notable price drop. Ethereum fell below $1,900 after reaching $2,100 earlier this week. XRP lost another 4% despite the positive news and is now below $2.15. BNB, SOL, DOGE, ADA, LINK, TON, and SUI witnessed similar declines, with the last two losing more than 6% in the past day.
Overall Crypto Market Overview
With ongoing price drops in the primary cryptocurrency and most alts, the total cryptocurrency market capitalization has decreased to $2.810 trillion, almost $200 billion below this week's peak.
This week has proven to be challenging for the cryptocurrency market, with significant declines in prices for major digital assets.
