The cryptocurrency markets have experienced a tumultuous week. Major trends indicate a weakening interest in Bitcoin, while altcoins are stepping into the spotlight.
Bitcoin's Situation
Bitcoin, which reached a record of $123,000 at the start of the week, subsequently lost a significant portion of its value and dropped below $115,000. Attempts to break higher faced stiff resistance, leading to sideways trading in the $117,000 to $120,000 range. In recent days, Bitcoin's price has fallen by 2.6%.
Altcoins Surge
While Bitcoin slows down, many altcoins like Litecoin (LTC), ENA, and Cronos (CRO) have shown significant gains. Notably, Binance Coin (BNB) reached new all-time highs, exceeding $800. Ethereum also demonstrated growth, nearing $3,700.
Key Events of the Week
This week, several key events attracted attention: BlackRock launched an Ethereum ETF, which became the third fastest fund to reach $10 billion. Ripple faced a price drop due to a $140 million asset sale by one of its co-founders, causing panic and a downturn in token prices. Additionally, analysis indicates that investors have begun shifting from Bitcoin to more speculative assets.
The new week in the cryptocurrency market has revealed significant changes. Interest in Bitcoin is waning while altcoins are on the rise, potentially creating new trading conditions in the coming days.
