The cryptocurrency market took a hit over the past week, losing well over $100 billion in the process. This comes on the back of significant losses across the board, with the price of BTC still failing to reclaim the $28,000 level.
Bitcoin price below $28,000
Bitcoin has managed to recover slightly by 1% over the past 24 hours but is still down sharply over the week.
Source: TradingView
However, the cryptocurrency is failing to reclaim the $28,000 and it is evident that the bulls are struggling to regain control. It’s lost about 9% over the past week but still managed to significantly outperform the rest of the market.
This is evident in Bitcoin’s dominance – the metric used to gauge its share relative to the rest of the market. At the time of writing, it’s up 44%, up 4% over the past seven days. This suggests that BTC has managed to perform much better than altcoins.
Radix stands out, gains 13%
Radix (XRD) is up 30.9% over the past seven days and is up around 13% over the past day alone. The cryptocurrency has still fallen sharply in value over this period, but remains the absolute best performer over both timeframes.
WOO Network (WOO) is also up around 11.5%, followed by BitTorrent (BTT), which is up 6%. At the other end of the spectrum is Arbitrum’s ARB, which is down about 2.3%. In general, the market has been relatively flat for the past 24 hours.
Source: Quantify Crypto
Ethereum continues to trade below $1,900 while XRP lost the crucial $0.5 level. It will be interesting to see if the mood changes or if more pressure is on the way.
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Cryptocurrency charts from TradingView.
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