The past seven days were marked by considerable declines throughout the entire cryptocurrency market. Almost everything is in the red, with the total capitalization sliding beneath $2 trillion.
There’s no other way of putting this – the past week was bad for bitcoin’s price. It was almost all downhill. The cryptocurrency was trading in the range between $61 and $63K last Friday, but things went south quickly as the weekend started.
Sunday marked the first big drop where the price lost around $9,000 in hours, leaving a record of more than $10 billion liquidations in less than 24 hours. Over the next few days, we saw bitcoin consolidating, but unfortunately, the bulls couldn’t get the upper hand, and the market tanked once again yesterday, pushing the price below $50,000. With this, bitcoin is down about 20% over the past seven days.
The majority of the altcoins followed. However, some of the large-caps, such as ETH and BNB, performed a lot better. Ether even charted a fresh all-time high yesterday but has since declined, and it’s currently around 7% down on the week. The same is true for BNB. Nevertheless, this has resulted in a bitcoin dominance of around 50%, signaling the relative strength of altcoins in the current market conditions.
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