Crypto Markets Shed $250B Weekly as Bitcoin, Altcoins Bleed Out Heavily (Market Watch)

Bitcoin’s price continues its downturn that started on Friday, and the asset slumped to a two-week low of just over $81,000 earlier today.

The altcoins have taken this beating even worse, with many posting double-digit price declines on a weekly scale, pushing the total market cap south to $2.750 billion.

BTC Keeps Plunging

A lot can change in the cryptocurrency markets within the span of a week, and this narrative proved right once again in the past seven days. Recall that bitcoin shot up to $88,800 last Monday, which became its highest price tag in over two weeks.

Although it faced rejection there, it remained above $86,000 for the next several days. Tha was until Friday when the $86,000 support gave in and BTC started losing value gradually. The weekly culmination came during the weekend when bitcoin slipped to $81,600.

Although it bounced off initially and went above $83,000 on Sunday, the bears regained control on Monday morning with another leg down. This time, BTC went even further south to $81,300 (on Bitstamp), which became a new two-week low.

As of now, BTC struggles to remain above $82,000, trading seven grand lower than this time last week. Its market capitalization has plunged to $1.630 trillion on CG, but its dominance over the altcoins is up to 59.2%.

Altcoins on a Downfall

The growing BTC dominance in times of market retracement means only one thing – alts have it worse. The biggest losers from the larger caps are SUI, HBAR, LEO, and XRP, with price declines of up to 8%.

DOGE, ADA, BNB, LINK, and XLM are also in the red on a daily scale, but in a less painful manner. However, the weekly chart is a lot more violent. ETH, XRP, ADA, LINK, AVAX, HBAR, and LTC have all plunged by double-digits.

In contrast, CRO has gained 20% while TON is up by 6%. Nevertheless, the total crypto market cap has wiped out $250 billion since last Monday’s peak and is down to $2.750 trillion on CG.