Bitcoin‘s price has stabilized below $68,000 after a volatile week, mirroring a broader trend of sluggishness in the cryptocurrency market. However, several altcoins have shown notable performances, providing a mixed landscape for investors.
Bitcoin Stabilizes Below $68K
Bitcoin/Price/Chart 02.06.2024. Source: TradingView
Bitcoin experienced a strong start to the week, surging from below $69,000 to over $70,500 on Monday. Bulls appeared poised to challenge the all-time high of $73,800, but the momentum quickly reversed. By Tuesday, Bitcoin had slumped by more than $3,000, nearing the $67,000 mark. Despite several attempts to breach $70,000, Bitcoin remained volatile, ultimately calming down to around $68,000 by the end of the business week. The weekend has been particularly uneventful, with Bitcoin holding steady just below $68,000.
Most altcoins have mirrored Bitcoin’s daily performance, failing to produce significant movements. Over the week, however, some altcoins have recorded impressive gains, while others have suffered notable losses.
Top Altcoin Gainers
Among the top 100 altcoins, NOT stands out with a staggering 270% weekly gain. Other significant gainers include BRETT (61%), JASMY (50%), TIA (22%), and BGB (21%). These altcoins have defied the broader market trend, delivering remarkable returns for investors.
Conversely, several larger-cap altcoins have struggled. Uniswap has dropped by more than 12%, Dogecoin has fallen by 7%, slipping below $0.16, and other altcoins like BCH, NEAR, ARB, IMX, and XRO have also seen declines.
Ethereum has managed to post minor weekly gains, alongside TON and SHIB. LINK and WIF have recorded the most significant jumps in the past seven days among larger-cap altcoins.
Market Cap Decline
Overall, the total cryptocurrency market cap has decreased by approximately $40 billion since last Sunday, standing at $2.660 trillion as of now.
Cryptocurrency Market Overview. Source: QuantifyCrypto
While Bitcoin’s price remains relatively stable below $68,000, the altcoin market has experienced a week of mixed results, with some tokens soaring and others falling. Investors are watching closely as the market navigates this period of volatility and sluggishness.
