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This Week’s Biggest Losers Revealed as Bitcoin Slides to $106K: Weekend Watch

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Bitcoin’s price recovery since Friday was stopped at just over $107,000, and the asset has retraced by a grand since then.

While most altcoins are relatively sluggish on a daily basis, the weekly performance shows a clearer and violent picture for many.

BTC Back to $106K

It has been a hell of a ride for the primary cryptocurrency that began on October 10 with a massive price plunge from over $121,000 to $110,000 on some exchanges and to $101,000 on others. The initial propeller was the threats by US President Trump against China, but the actual pain came as the overly leveraged market came undone.

Nevertheless, BTC bounced off rather quickly and recovered some ground during the previous weekend. It kept climbing as the business week progressed and topped $116,000 on Tuesday. However, it was stopped there and pushed south to $110,000.

This resistance held at first but was lost on Thursday when the bears drove it south to $108,000. Friday saw another leg down that this time resulted in a price dump to under $104,000.

The cryptocurrency finally reacted with a relief rally when Trump said the tariffs on China won’t stand. BTC pumped to $106,000 and even $107,000 yesterday, but was stopped and pushed south to the former as of now. Its market cap is down to $2.120 trillion on CG, while its dominance over the alts is just over 57%.

BTCUSD. Source: TradingVIew
BTCUSD. Source: TradingView

Ups and Downs

Most altcoins have remained sideways over the past day, but the weekly charts show a different picture. BNB is among the poorest performers, having lost 8% of value and trading below $1,100. BCH is down by 12%, while LINK, XLM, AVAX, HBAR, ADA, and XRP are also slightly in the red.

In contrast, ETH, SOL, TRX, and DOGE are with minor weekly gains. More impressive increases came from the likes of MNT, WLFI, TAO, and ENA.

The total crypto market cap is down to $3.7 trillion, which means it has erased roughly $500 billion in just over a week.

Cryptocurrency Market Overview Weekly. Source: QuantifyCrypto
Cryptocurrency Market Overview Weekly. Source: QuantifyCrypto

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