Bitcoin faced rejection at $87,300 this week after climbing from $80,000 support, eventually settling around $83,500 by press time with a weekly gain of 5%. The largest cryptocurrency initially rallied $7,000 in under 24 hours at the start of the business week, fueled by substantial exchange-traded fund inflows, but bulls were unable to sustain gains above $87,000.
Altcoins significantly outpaced Bitcoin's performance, with several tokens posting weekly gains far exceeding the cryptocurrency's 5% advance. XRP, LINK, and ADA each gained 17-18%, while larger alt gainers included NEAR at 45%, SUI at 39%, AVAX at 29%, and BCH at 32%. These rallies drove Bitcoin dominance down approximately 2% over the week to 56.5%.
The cryptocurrency market cap reached $3 trillion with 24-hour trading volume at $113 billion. Bitcoin and Ethereum both posted weekly gains of around 5-6%, with Bitcoin at $83,500 and Ethereum at $2,685.
Several developments marked the week. Zcash surged past $1,600 following the launch of Europe's first ZEC exchange-traded product by 21Shares. Ondo Finance launched three blockchain-based portfolio products modeled on BlackRock strategies. Bitget reported a $351 million hot wallet breach, stating that customer funds would be covered by its User Protection Fund. Additionally, major Bitcoin holders resumed accumulations, with one entity purchasing 2,305 BTC for $183.4 million across two separate buys.
