Bitcoin, the leading cryptocurrency, experienced a roller coaster weekend as it attempted to breach the $43,000 mark but fell short. It retreated to its initial position of approximately $42,000. Other altcoins also faced minor losses, except for Shiba Inu and Internet Computer, which recorded substantial gains.
Following its peak on Saturday, Bitcoin retraced on Sunday and suffered a significant drop of $3,000 on Monday. This brought its value to slightly below $41,000. The next day, Bitcoin experienced another decline, reaching a weekly low of $40,200. However, bullish momentum emerged, pushing the cryptocurrency back up to $43,000.
A Bumpy Week
Despite the release of US CPI data, Wednesday did not introduce further volatility. It was not until Thursday when news about Ledger’s vulnerabilities surfaced that Bitcoin encountered rapid price fluctuations, dropping by almost $2,000 before recovering most of its losses after the company announced a fix for the issues.
By the end of the week, Bitcoin reached a local peak of $42,750 but failed to surpass this level. It is currently trading just below $42,000, with its market capitalization falling below $820 billion. Bitcoin’s dominance over the altcoins has slightly increased to 51.7% according to CoinMarketCap.
Meme Coin Sensation
The most notable influence on the market in the past week has been the Solana-based meme coin called BONK. It experienced a staggering rise, increasing by over 100% daily and more than 1,200% weekly to reach a new all-time high. This surge also had a positive impact on the price of SOL, although it retraced over the weekend and is currently valued at slightly above $70. Another prominent gainer was ICP, which has seen a 15% increase in the last 24 hours and an 80% surge over the week, now trading above $10. Shiba Inu also saw a 9% jump within 24 hours.
In contrast, several larger-cap altcoins experienced losses. Ethereum (ETH) showed a 1.5% decrease, Binance Coin (BNB) dropped by 2.5%, Cardano suffered a decline of over 3%, and Chainlink faced a similar fate. The total crypto market cap decreased by $20 billion in a day, standing at $1.580 trillion.
The past week in the Bitcoin market has been a wild ride, characterized by fluctuations and uncertainties. As the leading cryptocurrency tries to break through key resistance levels, it encounters resistance and pulls back. Meanwhile, smaller altcoins experience both gains and losses, influenced by factors such as meme coin sensations and market sentiment. Investors and traders must closely monitor market developments and navigate through the high volatility to make informed decisions.
It remains to be seen how Bitcoin and the overall cryptocurrency market will perform moving forward. The coming days and weeks will likely continue to be marked by ups and downs, making it an exciting and challenging landscape for both participants and observers of the market.