Bitcoin

This Week’s Best and Worst Altcoin Performers Revealed as BTC Stalls Above $69K (Weekend Watch)

2 Mins read

As it keeps happening during the past several weekends, bitcoin’s price action is quite dull and the asset has failed to make a big move out of its $69,300 position.

The landscape with the altcoins is quite different, though, as many of them are in the red on a daily and even on a weekly scale.

BTC Stalls at $69K

Perhaps driven by the impressive spot ETF inflows, bitcoin’s business week was quite optimistic. The asset entered Monday at around $67,500 but quickly started to climb and jumped above $70,000 by the end of the day.

It failed to conquer that level at first, but the bulls kept the pressure on, and BTC skyrocketed to $71,500 on Wednesday. Another leg-up followed on Friday that resulted in tapping $72,000 for the first time in over two weeks.

This is where the landscape changed for the worse. The bears intercepted the move and drove bitcoin south hard. In a matter of hours, the cryptocurrency had lost more than three grand and fell to $68,500.

It managed to bounce off on Saturday morning and rise above $69,000. Since then, the price movements have been quite sluggish and the asset remains at around $69,300. Its market cap stands still at $1.365 trillion, but its dominance over the alts has jumped to 51.2% on CG.

Bitcoin/Price/Chart 09.06.2024. Source: TradingView
Bitcoin/Price/Chart 09.06.2024. Source: TradingView

Alts See Red

The growing BTC dominance means that most alts have retraced in the past 24 hours. Toncoin is among the poorest performers as it has dropped by over 6% and sits well below $7. Substantial losses are evident from SOL, XRP, DOGE, SHIB, AVAX, DOR, BCH, and NEAR.

The meme coins have felt some of their inevitable volatility as PEPE has dumped by 6% and WIF is down by more than 5%.

The weekly landscape is quite different for some. BNB, which marked a new all-time high above $715 earlier, is up by 12% and trades close to $680. TON is actually in the green (9%), while SHIB (-8%), DOGE (-8.5%), AVAX (-10%), LINK (-13%), and DOT (-10%), and NEAR (-11%) are deep in the red.

The biggest gainers in the past seven days are BRETT (60%), ORDI (22%), and STX (23%). In contrast, BEAM (-22%), TIA (-20%), and LDO (-20%) have lost the most value.

The total crypto market cap is down by 0.6% in a day to $2.670 trillion.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Cryptocurrency charts by TradingView.


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