Bitcoin slipped to a five-week low of $79,100 on Saturday before staging a rebound, as the weekend brought unusual volatility to the cryptocurrency market. The largest digital asset jumped to $80,900 but was stopped there and is now fighting to stay above $80,000, according to the source data.
Bitcoin's market capitalization has declined to $1.610 trillion, while its dominance over altcoins remains at 60%. The total crypto market cap has broken below $2.7 trillion after another 0.4% decline since yesterday.
Bitcoin's volatile week
The past week was difficult for bitcoin aside from a brief uptick on Wednesday. After CPI and PPI readings from the previous week, bitcoin fell to just under $80,000 but quickly rebounded to $82,600. Another rejection followed, though bulls kept the asset above $80,500.
The start of the new business week brought another attempt at $83,000, but bitcoin was halted again and dropped to $81,000. A sudden price pump on Tuesday and a larger surge on Wednesday drove the cryptocurrency to almost $85,000 for the first time in approximately two weeks.
Predominantly bearish sentiment then prevailed. Bitcoin dipped below $83,000 before crashing to under $81,000 and remained there at the end of the week, ahead of Saturday's plunge to $79,100 on most exchanges.
Altcoins mostly in the red
Weekly charts were painful for most altcoins. Ethereum is down by nearly 4% and is struggling at $2,330. XRP continues to trade below $1.30, while SOL is down to $101 after a 3% drop.
Larger declines came from several tokens:
- NEAR: down 11.4%
- RAIN: down 12.7%
- TAO: down 8%
- QNT: down 8.6%
- BTW: down 28%
- AVAX: down 10.5%
- DOT: down 8.3%
- AAVE: down 12%
- HBAR: down 13.5%
There were a few exceptions. PEPE has soared by 13%, while M, despite being down 15% in the past 24 hours, has soared by 25% weekly. XMR, ZEC and BNB are also slightly in the green.
