The price of Bitcoin witnessed relative stability over the weekend, as the cryptocurrency continued to consolidate around the $69,300 level, following a pattern similar to what happened in recent weeks.
Despite a strong start to the week, with Bitcoin opening at around $67,500 on Monday and making a significant rise to exceed $70,000 at the end of the day, the rise did not last long.
On Wednesday, Bitcoin reached its weekly peak at $71,500, driven by investor optimism and the influence of Bitcoin ETFs.
Despite the progress it made on Friday by touching the $72,000 barrier for the first time in more than two weeks, the market witnessed a rapid decline.
By Friday evening, selling pressure had pushed Bitcoin back sharply to $68,500.
During Saturday morning, Bitcoin was able to partially recover back to the $69,000 level, but since then the movement has been very slow and the coin has been trading around $69,300.
Bitcoin remaining at these levels contributed to its market dominance rising to 51.2%, although its total market value remained constant at about $1.365 trillion.
Performance of alternative digital currencies:
In contrast, altcoins were suffering notable declines.
Toncoin saw the biggest losses among the major altcoins as it fell over 6% to trade below $7.
SOL, XRP, DOGE, SHIB, AVAX, BCH and NEAR also recorded notable declines.
On the meme side, PEPE suffered losses of 6%, while WIF fell by more than 5%.
In a look at the weekly performance, altcoin results were mixed.
Despite the daily declines, BNB saw a 12% rise to reach levels near $680, after hitting an all-time high of $715.
Also, TON managed to rise by 9%.
In contrast, weekly losses were steeper for some other currencies, with SHIB falling by 8%, DOGE by 8.5%, AVAX by 10%, LINK by 13%, DOT by 10%, and NEAR by 11%.
As for the currencies that achieved significant gains over the past seven days, they include BRETT with an increase of 60%, ORDI with an increase of 22%, and STX with an increase of 23%.
On the other hand, BEAM, TIA, and LDO recorded the largest weekly losses, with declines of 22%, 20%, and 20%, respectively.
Overall, the total market capitalization of cryptocurrencies fell by 0.6% in one day, to $2.670 trillion, reflecting the challenges that altcoins face in the face of Bitcoin’s continued dominance.
