It was another eventful and highly volatile week in the cryptocurrency industry that began on the wrong foot, yet again. Let’s dive in.
After a relatively sluggish weekend, which BTC spent at around $86,000 without any major moves in either direction, Monday began with some volatility that pushed the asset south to $80,000 before it bounced off to $84,000.
However, that was a short-lived relief rally as bitcoin nosedived once again on Tuesday. This time, though, the plunge was even more painful as BTC slumped below $77,000 for the first time since early November 2024.
The bulls finally managed to intercept the move and didn’t allow a further breakdown. Just the opposite, bitcoin shot up to $84,000 a day later after the better-than-expected CPI numbers for February. Nevertheless, the cryptocurrency failed to maintain its run and slipped back to $81,000 and even $80,000 on Thursday and early Friday.
Its consolidation continued in the past 12 hours or so, but this time to the upper boundary of that channel. As of now, BTC is close to $84,000, but the overall landscape remains grim. In fact, the weekly scale is quite painful as most crypto assets are deep in the red. Bitcoin leads the pack with a 6% decline since this time last Friday.
Many altcoins have underperformed, which led to a surge of BTC’s dominance to a four-year high. Some of the most affected alts are ETH (-13%), DOGE (-16%), ADA (-17%), LINK (-16%), LTC (-13%), and SUI (-18%).
Market Data
Weekly Market Overview: Source: QuantifyCryptoMarket Cap: $2.811T | 24H Vol: $94B | BTC Dominance: 58.9%
BTC: $83,092 (-6.4%) | ETH: $1,895 (-8.3%) | XRP: $2.3 (-8.3%)
This Week’s Crypto Headlines You Can’t Miss
SEC Reportedly Considering Classifying XRP as a Commodity. Although the legal tussle between the SEC and Ripple continues in regards to XRP’s status in the country, recent reports claimed that the regulator might change its tune completely and classify the cross-border token as a commodity, similar to its view of Ethereum (ETH).
Will Trump’s ‘Short-Term Pain’ Plan Result in Long-Term Gains for Crypto? According to market experts, Trump’s current policy has focused on ‘short-term pain’ to lower inflation as well as the interest rates for the long haul. While that has had a catastrophic effect on the crypto market in recent weeks, analysts suggest that it could benefit the industry on a broader scale.
MGX Invests $2B in Binance in Historic Crypto Funding Deal. Binance announced earlier this week that it had received a record-setting investment from one of the largest UAE-based investment firms, MGX. The funding, worth $2 billion, marks MGX’s first foray into the cryptocurrency industry.
Ethereum Nears Key Historical Levels That Preceded Major Rallies. Ethereum’s consistent price declines since mid-January this year resulted in the asset slashing 50% of its value within weeks. This led to a drop to bear-market levels of well below $2,000. However, history suggests that this could be a blessing in disguise and a good accumulation point, and many whales tend to agree by acquiring massive portions of ETH .
Almost $400 Million in BTC: Big Whales And Sharks Rebuilding Positions, Time to Buy Bitcoin? It’s not just ETH, though. Large Bitcoin entities, also known as whales and sharks, have accumulated roughly $400 million worth of BTC within a small time window as the cryptocurrency’s price tumbled at the start of the week.
Bitcoin’s MVRV Ratio Falls to Yearly Lows – Is This the Ultimate Buy Signal? BTC’s declining price pushed south many key metrics, including the Market Value to Realized Value (MVRV) indicator. With it now sitting at 1.8 (the lowest since the 2024 correction), the question arises whether this is a proper entry point.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Hyperliquid, and Solana – click here for the complete price analysis.
