Markets
Bitcoin (BTC) Price Recovers From Weekly Low, Ethereum (ETH) Targets $3.8K (Weekend Watch)
After a few days of sideways trading, the price of bitcoin moved lower on Friday and slipped to a weekly low of around $66,600 before recovering around a thousand dollars.
Altcoins are quite sluggish today, with ETH gaining around 1% in value and closing around the $3,800 mark.
BTC recovers
The start of the business week was under the total dominance of the bulls, who took the primary cryptocurrency from under $69,000 to a weekly high of over $70,500. However, as hope began to emerge about a potential challenge to the all-time high of $73,800, the landscape changed and BTC plummeted by over three thousand dollars on Tuesday.
More volatility occurred in the following days, but ultimately bitcoin remained between $67,000 and $69,000 with a short-lived attempt to overcome this last Thursday. The subsequent rejection pushed the asset sharply south, and yesterday it fell $3,000 to $66,600, which became its lowest price in about a week.
At this point the bulls finally re-emerged and did not allow further declines. In contrast, BTC has risen by around $1,000 and now sits between $67,500 and $68,000.
Its market cap has fallen to $1.33 trillion, and its alt dominance stands at 50% on CG.
Bitcoin/Price/Chart 01.06.2024. Source: TradingView
ETH aims for $3.8 thousand
As expected for the weekend, the price action fell. Ethereum is up about 1% on a daily scale and now sits near $3,800, but this move is far from the volatile run the asset went through last week amid ETF news.
BNB, SOL,
In contrast, SHIB fell nearly 3%, while UNI fell 6% and is close to falling below $10.
The total capitalization of the cryptocurrency market saw around $20 billion disappear in one day and dropped to $2.660 trillion.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency charts from TradingView.