Crypto Market Weekly Losses Bites Accumulated Gains: Here’s Why | CoinGape

Crypto Market Weekly Losses Bites Accumulated Gains: Here’s Why | CoinGape

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The cryptocurrency market has faced a turbulent week in several sectors marked by falling prices and reduced decentralized finance (DeFi) activities. He cryptocurrency market The capitalization has decreased by 6.67% in the last seven days and the largest coins have taken big hits, affecting the gains recorded in previous months.

This week opened fairly balanced for digital assets with cryptocurrencies posting highs. The assets also showed multiple signs of a breakout as inflows into the Bitcoin (BTC) spot ETF continued. The mid-week losses were felt following a drop in investor sentiment towards some assets due to macroeconomic factors.

Bitcoin and Altcoins count weekly losses

Market leader bitcoin It is down 5.95% this week and 0.52% in the last 24 hours. The current outlook can be seen in the trading volume falling to $36.1 billion, a 12% reduction from this week's highs. Priced at $64,779, BTC is 12.3% below its all-time high of $73,750 reached nine days ago.

The approval of spot ETFs in the United States marked a turning point for crypto assets and opened a new window for traditional investors in the market. Some experts point to miners and traders positioning themselves for the halving event as factors spurring a slight decline in the market.

Although the halving is perceived as bullish, miners were looking to make profits before the reduction in rewards sparked new selling. Additionally, crypto miners needed to improve their hash rate to compete with the new reward system.

Ethereum (ETH) posted further losses, totaling 9.5% this week and 2.57% in the last 24 hours. Due to delays in the approval of its spot ETF, institutional investors experienced slight capital outflows from the asset product. BNB, solarium (SOL) and Ripple plummeted 9.33%, 10.7% and 2.4% last week.

Crypto Steam Losses Gain Momentum

For months, the cryptocurrency market has soared above expectations following key inflows and developments in the sector. Bitcoin hit an all-time high with ETH surpassing $4,000. Both assets have also shown monthly gains of 25.8% and 14% respectively.

Memecoins also posted notable gains last month, but faced a slight correction as cryptocurrency prices continued to fall.

Also read: Worldcoin Price: What is happening with Worldcoin today?

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The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.


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