Bitcoin’s price volatility only intensified at the end of the business week as the asset dumped to a multi-month low before it staged an impressive five-digit recovery that was stopped at $72,000.
Most altcoins are well in the green on a daily scale, but the weekly charts are still painful. Nevertheless, many have bounced off the multi-year lows they posted yesterday.
BTC Stopped at $72K
There’s no valid way to sugarcoat what happened in the crypto markets in the past week or so. Just last Saturday, the primary digital asset dumped from $84,000 to under $76,000 in what’s usually a highly uneventful day. Although that was a painful crash on its own, it wasn’t the end of BTC’s struggles.
The asset dipped once again to under $74,000 at the beginning of the business week, but the actual calamity took place on Thursday and culminated on Friday morning.
At the time, BTC plummeted by approximately $17,000 in just over 24 hours from $77,000 to $60,000, which became its lowest price tag since before the US elections in late 2024. After liquidating thousands of traders for billions of dollars, the move south was finally exhausted, and bitcoin actually went on the offensive on Friday evening.
The peak came at almost $72,000, which was tapped on a couple of occasions, but BTC couldn’t break through it. Just the opposite, it was stopped and driven south to $68,000, where it currently sits.
Its market capitalization is down to $1.360 trillion on CG, while its dominance over the alts has slipped to 56.6%.
BTCUSD Feb 7. Source: TradingView
Alts Try to Rebound
Ethereum was among the poorest performers during the overall crash, dumping from more than $3,000 to under $2,700 in just over a week. It has bounced since then to $2,010 as of press time. SOL, BCH, XMR are also well in the green, followed by XRP, TRX, DOGE, and ADA.
In contrast, the recent high-flyer HYPE has dropped by almost 5% daily and now sits below $33. PUMP and WLFI are also in the red from the larger caps.
The total crypto market cap has recovered over $100 billion since its multi-year bottom on Friday morning and is up to $2.4 trillion on CG.
Cryptocurrency Market Overview Feb 7. Source: QuantifyCrypto
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