This Week_s Biggest Gainers and Losers as BTC Stagnates Below $27K (Weekend Watch)

2023-10-15 09:10:47

After the more volatile end of the business week, the weekend continues to be rather dull in terms of BTC’s price performance, with the asset stuck below $27,000.

The altcoins also trade quietly, with minor gains charted by DOGE and ADA, while SOL is down by about 1%.

BTC Boring Below $27K

Bitcoin was riding high last week, as it even challeged $28,000 on a few occasions. However, it failed there, perhaps due to the global uncertainty propelled by the latest conflict between Israel and Hamas, and started to lose value gradually.

A more substantial price drop came on Monday, and another, even more violent, transpired on Wednesday. The second dropve the primary cryptocurrency to a multi-week low of $26,500.

The bulls managed to react at this point and didn’t allow any further declines. Just the opposite, BTC started regaining some of its lost value and spiked to $27,000 on Saturday morning.

Nevertheless, that turned-out to be a short-term attempt, and the cryptocurrency has returned ot below that round-numbered level where it has been situated for the past 24 hours.

This means that its market capitalization remains still at $525 billion, but its dominance over the altcoins has declined just slightly to 49.8% on CMC.

BTCUSD. Source: TradingView## Alts That Went Up and Down

Loom Network (LOOM) has emerged as the undisputed winner in terms of weekly (and even daily) gains from the top 100 altcoins. The asset has skyrocketed by 38% in the past 24 hours, and well over 100% on a weekly scale. As a result, LOOM trades above $0.35 and is currently the 72nd largest digital asset.

Klaytn (8%) and Trust Wallet Token (7%) are next in line in terms of weekly gains, but are way behind.

In contrast, there are multiple tokens that have lost significant chunks of value in the past week. Mante leads this adverse trend with a 17% drop, followed by Avalanche (-12%), DYDX (-11%), and Conflux (-10%).

The total crypto market cap is also down by quite a lot within the past seven days, and struggles at $1.050 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto

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