Bitcoin stabilizes at $62,000! Altcoins are being sold off, with XRP and DOGE being the most hurt!
The price of Bitcoin has stabilized recently, stabilizing at around $62,000, but the altcoin market this week seems to be shaky. Especially XRP and DOGE, these two altcoin stars have become the market's leaders and suffered heavy losses.
Since Bitcoin broke through $66,000 last Sunday, the market has taken a sharp turn for the worse, falling to $63,000 on Monday, and the situation in the Middle East in the middle of the week has further exacerbated market tensions, with prices approaching $60,000. Although the bulls fought hard to push Bitcoin back to $62,000, the performance in the past week was still poor, falling by more than 5%. The market dominance also fell, from $1.3 trillion to $1.225 trillion, but the dominance of altcoins rose to 54.3%.
In this storm of altcoins, XRP and DOGE are particularly vulnerable. After the SEC's legal challenge to its secondary sales, XRP's price instantly fell from $0.6 to $0.51, a drop of 15%. Despite a slight recovery, the weekly line is still a double-digit decline, which is worrying. Other altcoins such as DOGE, ADA, and SHIB have also been hit hard, with weekly declines close to or exceeding double digits.
The overall crypto market shrank by more than $150 billion this week, but it has now recovered slightly, and the total market value has now rebounded to $2.250 trillion. Despite this, investors need to remain vigilant, manage risks well, and seize opportunities.
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