Bitcoin’s price took a significant hit on Friday, experiencing a sharp drop before recovering some ground on Saturday. Despite this rebound, the cryptocurrency has struggled to maintain its position above $54,000 since then. The week started off on a positive note, with Bitcoin approaching the $60,000 mark on Tuesday. However, a swift rejection followed, causing the asset to plummet to $55,500 by Wednesday. The downward trend continued with another lower high on Thursday, pushing Bitcoin’s price further down to $55,200 on Friday.
The market’s reaction to the US jobs report played a significant role in Bitcoin’s price fluctuations. Following the release of the report, which showed a modest decrease in unemployment rates, Bitcoin experienced a rapid spike of $1,500 in just a few minutes, reaching $57,000. However, this rally was short-lived, as the cryptocurrency experienced a massive drop shortly after. Within minutes, Bitcoin’s price plummeted by more than four thousand dollars, falling to $52,800.
While Bitcoin faced a rollercoaster week, altcoins also struggled to maintain stability. However, many altcoins have shown signs of recovery, with some posting minor gains on a daily scale. Ethereum (ETH) has managed to stay in the green, approaching the $2,300 mark. Binance Coin (BNB) has reclaimed $500 after a 2% daily increase. Other altcoins such as Solana (SOL), Dogecoin (DOGE), TRON (TRX), and TON have also posted similar gains. Cardano (ADA) is up by 4%, while Avalanche (AVAX) has surged by 6% daily. The biggest gainer from the top 50 altcoins is Suterusu (SUI), which has skyrocketed by almost 11%, placing the token close to $1.
Despite the volatility and price fluctuations, the total crypto market cap has managed to defend the $2 trillion level, with a slight increase to about $20 billion above it. Bitcoin’s market cap has slumped to $1.075 trillion, with a dominance over altcoins declining to 53.2% on CoinGecko. While the market remains turbulent, the recent price movements and recovery efforts indicate underlying strength and resilience within the cryptocurrency space. Investors and traders continue to monitor the market closely, analyzing key indicators and trends to make informed decisions in a rapidly changing environment.
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