Bitcoin’s price weakness persisted over the weekend, with the asset trading just below $76,000 and heading toward a fifth consecutive weekly close in the red. The broader altcoin market also faced significant declines, with several major tokens recording double-digit losses over the past week.
Bitcoin’s Turbulent Week
October ended with a major hack against a crypto company, resulting in $6.3 billion being siphoned from Binance. Bitcoin reacted immediately, tumbling from roughly $81,000 to $76,000 within an hour. A subsequent rebound attempt was stopped at $79,000.
Entering US mid-term election day on Tuesday, BTC struggled at $78,000. The Democratic sweep did not provide relief, and the cryptocurrency plunged to a then-seven-week low of $75,800. On Wednesday afternoon, the landscape briefly changed as BTC, alongside Wall Street, skyrocketed to a local peak of $81,000.
However, this massive leg up was followed by an even more profound leg down. A day later, bitcoin erased all gains and dipped below $75,000 on Friday for the first time since the August breakout rally. It has since struggled to stage a major recovery and currently sits inches below $76,000.
Bitcoin’s market capitalization has remained at $1.520 trillion, while its dominance over the alts has touched 60% again.
Altcoins in the Red
The past 24 hours brought no major price moves within the altcoin space, but the weekly performance was painful. While ETH, BNB, and XMR are down by a more modest 1%-3%, others such as XRP, SOL, DOGE, LINK, and ADA have plummeted by up to 8.5%.
Even more violent declines are evident from NEAR (-15%), BCH (-13%), HYPE (-12%), and XLM (-11%) among the largest caps. ENA has plummeted by over 18%, ONDO is down by 12%, and PUMP has slumped by more than 14%.
TRX and BTW are among the few exceptions in the green. ZEC is also up by 2% weekly, but it was stopped at $1,330 yesterday.
The total crypto market cap has shed approximately $100 billion in a week and is down to $2.550 trillion.
