Altcoins
This Week’s Best and Worst Altcoin Performers Revealed as BTC Stagnates Above $69,000 (Weekend Watch)
As has continued over the past few weekends, Bitcoin’s price action is quite lackluster and the asset has failed to break out from its $69,300 position.
The altcoin landscape is quite different, however, as many of them are in the red on a daily and even weekly scale.
BTC stagnates at $69,000
Perhaps thanks to impressive inflows into spot ETFs, Bitcoin’s business week was quite upbeat. The asset entered Monday at around $67,500 but quickly began to climb and surged above $70,000 by the end of the day.
Initially, it failed to reach this level, but the bulls kept up the pressure and BTC climbed to $71,500 on Wednesday. Another boost followed on Friday, which raised $72,000 for the first time in more than two weeks.
This is where the landscape deteriorated. The Bears intercepted this decision and pushed Bitcoin south. Within hours, the cryptocurrency had lost over three thousand dollars and fell to $68,500.
It managed to rebound on Saturday morning and exceed $69,000. Since then, price movements have been quite slow and the asset remains around $69,300. Its market cap still stands at $1.365 trillion, but its alt dominance has jumped to 51.2% on CG.
Bitcoin/Price/Chart 06/09/2024. Source: TradingView
Alts See Red
BTC’s growing dominance means most alts have retraced over the past 24 hours. Toncoin is among the worst performers as it has fallen more than 6% and is well below $7. Substantial losses are evident for SOL, XRP, DOGE, SHIB, AVAX, DOR, BCH and NEAR.
Meme coins have felt some of their inevitable volatility as PEPE is down 6% and WIF is down over 5%.
The weekly landscape is very different for some. BNB, which marked a new absolute record above $715 earlier, is up 12% and trading near $680. TON is actually in the green (9%), while SHIB (-8%), DOGE (-8.5%), AVAX (-10%), LINK (-13%), and DOT (-10%) , and NEAR (-11%) are deep in the red.
The biggest gainers over the past seven days are BRETT (60%), ORDI (22%), and STX (23%). On the other hand, BEAM (-22%), TIA (-20%) and LDO (-20%) lost the most value.
The total crypto market cap fell 0.6% in one day to $2.67 trillion.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency Charts by TradingView.