The recent week has posed challenges for Bitcoin as sharp price drops were observed, fluctuating between $62,000 and $53,800. This period marked the largest correction within the ongoing bull cycle that began in November 2022, impacting not only Bitcoin but also altcoins, particularly Ethereum. Analysts attribute this downturn to the selling pressure stemming from the initiation of Mt.Gox refunds and Bitcoin transfers by the German and US governments.
The decrease in Bitcoin's price led to a significant shift in market sentiment, evident from the plummeting greed index from around 80% to 29%. While Bitcoin experienced a weekly decline of up to 15%, Ethereum suffered an even more substantial drop of 18%. Concurrently, various altcoins experienced mixed outcomes with some plummeting and others surging.
CoinmarketCap data highlights the top 100 cryptocurrencies that performed well during the week, showcasing profitable ventures: - [Image: Top Gaining Altcoins]
On the other hand, there were significant losses recorded among the top 100 coins, pointing to weak performers: - [Image: Top Losing Altcoins]
*Disclaimer: This content does not provide investment guidance.
