It has been another eventful and volatile week in the cryptocurrency landscape, once again kicking off on the wrong foot. Let's break down the action.
After a slow weekend where $BTC lingered around $86,000 without much movement, Monday brought volatility that drove the asset down to $80,000 before a brief bounce to $84,000. Unfortunately, this recovery was short-lived, as $BTC plummeted to below $77,000 for the first time since early November 2024.
The bulls managed to step in and arrest the decline, propelling $BTC back to $84,000 after promising CPI numbers for February. Yet, this surge couldn't hold, with $BTC slipping again to $81,000 and even down to $80,000 on Thursday and early Friday. Currently, $BTC is hovering near $84,000, but the overall market looks grim, with many assets submerged in red. For the week, $BTC has experienced a 6% decline.
Several altcoins have severely underperformed, resulting in $BTC dominance reaching a four-year high. Notable declines include $ETH (-13%), $DOGE (-16%), $ADA (-17%), $LINK (-16%), $LTC (-13%), and $SUI (-18%).
In the latest market data, the overall market cap sits at $2.811 trillion, with $94 billion in 24-hour volume and $BTC dominance at 58.9%. Currently, prices are $BTC: $83,092 (-6.4%), $ETH: $1,895 (-8.3%), and $XRP: $2.3 (-8.3%).
In key news this week, the SEC is reportedly contemplating classifying $XRP as a commodity. After ongoing legal discussions with Ripple, this shift could bring significant changes to the landscape. Additionally, experts are pondering whether Trump's short-term policies aimed at fighting inflation could lead to long-term benefits for the crypto sector.
Making headlines this week, MGX has invested $2 billion in Binance, marking a substantial entry into the crypto market. Meanwhile, $ETH has faced a tough journey, losing significant value but may soon touch key levels that historically precede large rallies.
In exciting accumulation news, large entities have amassed nearly $400 million in $BTC recently as prices dipped. This could signal a tempting entry point for investors, especially as $BTC’s MVRV ratio has fallen to yearly lows.
Charts analyzing $ETH, $XRP, $ADA, $SOL, and other assets are available for those looking deeper into price trends.
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⚠️ Disclaimer: This analysis is for informational purposes only and should not be considered financial or investment advice.
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