In a tumultuous week for the cryptocurrency market, Bitcoin (BTC) saw significant price fluctuations, hitting a record high above $70,000 before facing a rapid and forceful rejection. This marked the second consecutive time BTC charted an all-time high, only to be met with aggressive bearish movements that led to substantial liquidations totaling billions of USD.
BTC’s Rocky Ride
Earlier this week, Bitcoin’s price surged above $69,000 on Tuesday, following a substantial gain on Monday. However, the bears swiftly intervened, causing a rapid decline of almost $10,000 in a matter of minutes. Despite this setback, Bitcoin managed to recover most of its losses promptly, stabilizing around $67,000 in the subsequent days.
A renewed bullish offensive on the weekend propelled Bitcoin’s price to just over $70,000 for the first time in history. However, the celebration was short-lived as the cryptocurrency once again faced a sharp correction, shedding a few thousand dollars in value.
BTCUSD. Source: TradingView
As of the latest update, BTC is trading at approximately $68,500, and its market capitalization is nearing $1.350 trillion according to CoinGecko. Despite the recent volatility, Bitcoin’s dominance over alternative coins remains at 49.2%.
FLOKI Surges 111% Weekly, Approaches Top 50 Cryptocurrencies
While Bitcoin grappled with price swings, meme coins took center stage in the ongoing bull run. FLOKI, in particular, demonstrated remarkable resilience and surged by over 110% in the past week, including a 40% gain in the last 24 hours. This performance has positioned FLOKI near the top 50 largest cryptocurrencies by market capitalization.
Worldcoin (WLD) has also emerged as a significant gainer among the top 100 altcoins, experiencing a remarkable 42% increase, pushing its value above $10 despite recent controversies surrounding the project.
Other notable gainers from the top 100 altcoins include The Graph (25%), AGIX (20%), AR (19%), and NEAR (19%). While major cryptocurrencies like BNB, DOT, ICP, TON, and SHIB recorded minor gains over the past day, Ethereum (ETH) briefly surpassed $4,000 before retracing to almost $3,900 at present.
Overall Market Trends
The crypto market’s total capitalization has witnessed a notable uptick, exceeding $2.7 trillion. Amidst the volatility, meme coins and notable altcoins continue to make substantial moves, contributing to the overall dynamism of the cryptocurrency landscape. Investors are closely watching the developments, and the market’s resilience suggests that more surprises may be in store in the coming days.
