Altcoins
This Week’s Best and Worst Altcoin Performers Revealed as BTC Stalls Above $69,000 (Weekend Watch)
As has been the case over the past few weekends, bitcoin’s price action is rather dull and the asset has failed to make a big step forward from its $69,300 position.
The landscape with altcoins is quite different though, as many of them are in the red on a daily and even weekly scale.
BTC stops at $69,000
Perhaps driven by impressive spot ETF inflows, bitcoin’s business week was quite upbeat. The asset entered Monday at around $67,500, but quickly began to rise and jumped above $70,000 by the end of the day.
It initially failed to capture that level, but the bulls kept up the pressure and BTC skyrocketed to $71,500 on Wednesday. Another bounce occurred on Friday, resulting in it hitting $72,000 for the first time in over two weeks.
This is where the landscape has changed for the worse. Bears intercepted the move and took Bitcoin south. Within a few hours, the cryptocurrency had lost more than three thousand dollars and dropped to $68,500.
On Saturday morning, it managed to rebound and surpass $69,000. Since then, price movements have been rather slow and the asset remains at around $69,300. Its market cap stands at $1.365 trillion, but its dominance over alternatives has jumped to 51.2% on CG.
Bitcoin/Price/Chart 09.06.2024. Source: TradingView
Alts See red
BTC’s growing dominance means that most alts have seen a retracement in the last 24 hours. Toncoin is among the worst performers as it has fallen by more than 6% and is well below $7. Substantial losses are evident from SOL, XRP, DOGE, SHIB, AVAX, DOR, BCH and NEAR.
Meme coins felt some of their inevitable volatility as PEPE tumbled 6% and WIF fell more than 5%.
For some the weekly landscape is quite different. BNB, that marked a new all-time high above the previous $715, it is up 12% and is trading close to $680. TON is in fact in green (9%), while SHIB (-8%), DOGE (-8.5%), AVAX (-10%), LINK (-13%) and DOT (-10%) and NEAR ( -11%) are deep in the red.
The biggest gainers over the past seven days are BRETT (60%), ORDI (22%) and STX (23%). In contrast, BEAM (-22%), TIA (-20%) and LDO (-20%) lost the most value.
The total cryptocurrency market capitalization fell 0.6% in one day to $2.670 trillion.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency charts from TradingView.