Bitcoin’s price saw a significant drop on Friday, only to bounce back slightly on Saturday and maintain a position above $54,000 since then. The cryptocurrency had been on a bullish trend earlier in the week, nearing $60,000 on Tuesday. However, a sharp rejection sent it tumbling to $55,500 by Wednesday. This was followed by another lower high on Thursday, bringing bitcoin’s value down to $55,200 on Friday.
Anticipation for the US jobs report led to further fluctuations in bitcoin’s price. The report, showing a modest decrease in unemployment rates, caused bitcoin to spike by $1,500 in minutes to $57,000. Unfortunately, this rally was short-lived, with bitcoin experiencing a massive drop shortly after. In a matter of minutes, bitcoin lost over four thousand dollars, falling to $52,800.
Altcoins also faced significant challenges throughout the week, with many experiencing losses alongside bitcoin. However, there were some minor relief increases, with ETH hovering around $2,300 and BNB reclaiming $500. Other altcoins such as SOL, DOGE, TRX, TON, ADA, and AVAX also posted gains, with AVAX leading the way with a 6% daily increase. The biggest gainer from the top 50 alts was SUI, which skyrocketed by almost 11%.
Despite the volatility in individual cryptocurrency prices, the total crypto market cap managed to defend the $2 trillion level and even climbed slightly above it. This indicates that while certain cryptocurrencies experienced sharp fluctuations, the overall market remained relatively stable.
The past week has been a rollercoaster ride for bitcoin and the broader cryptocurrency market. With significant price drops, swift recoveries, and ongoing market stability, it is clear that the crypto space remains highly volatile. Investors should proceed with caution and monitor the market closely to navigate these turbulent times effectively.