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Cryptocurrency Market Witnesses Rollercoaster Week with Bitcoin's Volatility and Ethereum's Steady Stand

WEEKLY WATCH - Cryptocurrency Market Navigates Rollercoaster Week with Bitcoin's Struggle at $43,000 and Ethereum's Resilience Above $2,300

Feb 05, 2024
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Despite Bitcoin's wavering performance, Ethereum stands firm above $2,300 while altcoins experience mixed outcomes in the face of ongoing market fluctuations.

In the past week, the cryptocurrency market has been marked by substantial volatility, with most major cryptocurrencies undergoing a sideways movement. This period of consolidation has brought about uncertainty among market participants.

Bitcoin (BTC) has faced a lackluster trajectory, slipping below $43,000 only to rebound during Asian trading hours. Despite attempts to breach the $44,000 mark proving unsuccessful, the cryptocurrency made strides, reaching $43,750 at its peak last week. However, the momentum was short-lived as it fell back to $42,000 post the latest FOMC meeting. Recovering ground over the weekend, Bitcoin hovered around $43,000 until a sudden dip today, almost reaching a thousand dollars. Currently, Bitcoin has regained most of its losses, maintaining proximity to $43,000. With a market capitalization surpassing $840 billion, its dominance over alternative coins inches slightly above 51% on CMC.

While Bitcoin faced its share of turbulence, Ethereum (ETH) demonstrated remarkable stability, consistently holding a position above $2,250. The resilience is attributed to the formation of new higher lows, providing a sturdy foundation for the asset's value. In January, Ethereum experienced a price surge linked to Bitcoin ETF expectations, briefly reaching $2,500. However, nearly a month later, the price has settled around $2,300, marking a 1.6% increase within the day and maintaining its steadfast position.

In the midst of these market dynamics, most alternative coins witnessed modest gains over the past day, with exceptions like LINK and TIA, experiencing impressive increases. Binance Coin (BNB) saw a 1% rise, aiding ETH in staying above $2,300, while BNB remained north of $300. Meanwhile, SOL, DOGE, TRX, DOT, MATIC, and TON recorded slight declines. XRP, ADA, and AVAX faced negligible losses. Chainlink took center stage among alts, surging by 5% to reach nearly $19, while TIA displayed a 7% increase, trading above $18.

Despite the fluctuations, the global market cap of all crypto assets remained sluggish at $1.650 trillion on CMC, emphasizing the persistent uncertainty within the broader cryptocurrency landscape.

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