Over the past week, Bitcoin has experienced extreme volatility in its price movements. It initially approached the $60,000 mark on Tuesday, only to face a sharp rejection and drop to $55,500 by Wednesday. This trend continued with another lower high on Thursday, driving the price down to $55,200 on Friday in anticipation of the US jobs report. Following the release of the report, which showed a modest decrease in unemployment rates, Bitcoin spiked to $57,000 within minutes. However, this rally was short-lived as the price quickly dropped by over four thousand dollars to $52,800.
While Bitcoin faced significant price fluctuations, altcoins also saw some relief. Ethereum (ETH) managed to stay close to $2,300, while Binance Coin (BNB) reclaimed the $500 mark. Other altcoins like Solana (SOL), Dogecoin (DOGE), TRON (TRX), and TON experienced minor daily gains. Cardano (ADA) stood out with a 4% increase, and Avalanche (AVAX) soared by 6% in daily trading. The biggest gainer among the top 50 altcoins was SushiSwap (SUI), which surged by almost 11% to nearly $1.
Despite the price fluctuations, the total crypto market cap managed to defend the $2 trillion level. Bitcoin’s market cap dropped to $1.075 trillion, leading to a decline in its dominance over altcoins to 53.2% on CoinGecko. This shift indicates that while Bitcoin remains the dominant player in the market, altcoins are gaining ground and experiencing increased investor interest.
The cryptocurrency market witnessed a turbulent week with Bitcoin facing significant price swings and altcoins showing some signs of recovery. While Bitcoin’s dominance has slightly decreased, altcoins like Ethereum, Binance Coin, and others have managed to post daily gains. The overall market cap remains resilient, indicating that the cryptocurrency market continues to attract investors despite the volatility. As the market dynamics evolve, it will be interesting to see how Bitcoin and altcoins perform in the coming weeks.