Bitcoin (BTC) Down 9% Weekly, Altcoins Turn Red as Total Crypto Market Cap Loses $250B

It wasn’t a good week for bitcoin as the asset is down by about 9%, and it slipped below $58,000 earlier today for the third time in days.

Bitcoin (BTC) had a rough week, slipping below $58,000 on Friday after failing to conquer the $60,000 level on multiple occasions.

The world’s leading cryptocurrency dropped to a three-day low of $57,750 earlier today, according to data from markets pro. BTC attempted to regain some ground and bounced off to just over $58,000 at the time of writing.

However, the asset is still trading at a loss of 1.2% on a 24-hour scale and slipped by nearly 9% on a weekly basis.

BTC Price Failed at $60,000 Multiple Times. Now What?

The price movements that unfolded for BTC at the end of the previous week and on Monday couldn’t really have foreseen how things would turn out.

To quickly recap, bitcoin had jumped to $64,000 last weekend and shot up to a three-week high on Monday at just over $65,100.

However, the bears reminded of their presence at this point and didn’t allow any further gains. In fact, the cryptocurrency headed south almost immediately and dumped to $58,000 on Wednesday, erasing seven grand of value.

This led to a price dip to $57,750 on Friday after failing to conquer decisively the $60,000 level on Thursday.

The asset then attempted to regain some traction, but it was stopped at the lower boundary of the mentioned range on a couple of occasions. As a result, BTC slipped below $58,000 once again hours ago.

Now, BTC trades at a price that’s still notably lower compared to the record high of over $69,000 that was reached in early November.

It appears that the bears have taken over in the past few days, but the bulls managed to defend the support at around $57,500 for now. It now remains to be seen whether BTC will attempt another leg up or continue to consolidate in the lower price range.

Alts Turn Red as BTC Dominance Rises

The increasing BTC dominance in times of bitcoin retracements means that most alts have it worse.

While the daily numbers are also in the red, we will mainly concentrate on the weekly declines as they are even more painful.

ETH dropped by 9.5% since this time last Friday and now trades below $2,500 amid the lack of demand for the ETH ETFs in the States. BNB is down by 8.6%, XRP by 6.6%, DOGE by 8.2%, ADA by 9%, SHIB by 7.5%, and LINK by almost 10%.

The biggest losers from the larger-cap alts are Solana and Avalanche. Both have slumped by more than 15% to $132 and $22, respectively.

TON is slightly in the green on a weekly scale, but that’s actually deceiving since it plummeted last Saturday after the arrest of Telegram’s CEO, Pavel Durov. FET is the only larger-cap with actual gains on a weekly scale.

The total crypto market cap has plummeted to $2.140 trillion, which showcases that it lost more than $250 billion in about seven days.

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