The weekend is not going in the typical calm manner as BTC dipped to a 5-week low of $79,100 on Saturday before it staged a notable comeback.
Most altcoins followed suit, and we will also talk about their weekly movements, as there are some painful declines.
BTC Recovers From a 5-Week Low
It’s safe to say that the past week or so didn’t go quite well for the primary cryptocurrency, aside from a brief uptick on Wednesday. Bitcoin tanked after the CPI and PPI readings from the previous week to just under $80,000 but managed to rebound quickly to $82,600. Another rejection followed, but the bulls managed to keep the asset above $80,500.
The start of the new business week led to another attempt at $83,000, but BTC was halted again, and it dropped to $81,000. A sudden price pump on Tuesday and an even more profound surge on Wednesday drove the cryptocurrency to almost $85,000 for the first time in approximately two weeks.
However, the predominantly bearish market sentiment prevailed once again, and bitcoin nosedived quickly. It first dipped below $83,000 before it crashed to under $81,000. It remained there at the end of the week before it suddenly plunged to $79,100 (on most exchanges) on Saturday. Permanent critic Peter Schiff was quick to predict another drop to $75,000, but BTC defied him (again) and jumped to $80,900.
It was stopped there and is currently fighting to stay above $80,000. Its market cap has declined to $1.610 trillion on CMC, while its dominance over the alts remains at 60%.
Alts in Red (Mostly)
The weekly charts are quite painful for most altcoins. Ethereum is down by nearly 4% and now struggles at $2,330. XRP continues to trade below $1.30, while SOL is down to $101 after a 3% drop. Even more violent drops come from the likes of NEAR (-11.4%), RAIN (-12.7%), TAO (-8%), QNT (-8.6%), BTW (-28%), AVAX (-10.5%), DOT (-8.3%), AAVE (-12%), and HBAR (-13.5%).
In contrast, PEPE has soared by 13%, while M, even though it’s down by 15% in the past 24 hours, has soared by 25% weekly. XMR, ZEC, and BNB are also slightly in the green.
The total crypto market cap has broken below $2.7 trillion on CMC after another 0.4% decline since yesterday.
The post Worst-Performing Altcoins This Week as BTC Battles to Hold $80K: Weekend Watch appeared first on CryptoPotato.