Solana and Tron Challenge Weekly Market Sentiment, Bitcoin Shaky at $67,000

The last seven days did not go well for bitcoin, which is on track to end the week with minor losses of almost 2%.

Altcoins were much more volatile, but most are now in the red. Solana and Tron are among the few exceptions to the larger tapas.

Uncertain BTC at $67,000

The trading week started quite well for the major cryptocurrency as it jumped to $69,500 on Monday morning to trade at its highest price since late July. However, the landscape changed at that time as it was mostly downhill.

BTC poured heavily at the end of the day and continued to lose value until Wednesday’s climax, when it dropped to $65,000. It bounced back on Thursday, but some FUD about Tether pushed it south once again, this time to $65,500 (on Bitstamp).

The bulls managed to intervene at this point and fueled a price rally that took the cryptocurrency to around $67,000 yesterday. It has regained a little more traction in the last 24 hours and now sits inches above $67,000.

As a result, bitcoin is down 1.6% in the past week despite massive ETF inflows, which have hurt its market cap. The metric has now dropped to $1.325 trillion. However, its dominance over the highs soared to a new high since 2021 of 55.6% on CoinGecko.

Bitcoin/Price/Chart 27.10.2024. Source: TradingView SOL, TRX Gain Weekly

Since most highs sit quietly on a daily basis, we will focus on their weekly performances. It was another volatile week in the market, but most of the larger-cap alternatives are poised to end it in the red.

Ethereum has lost 6% of its value in that time frame and is now struggling below $2,500. Toncoin (-6%), Avalanche (-8%) and Shiba Inu (-8.5%) are also deep in the red.

The situation with Polkadot, NEAR, SUI, LTC, APT, FET, PEPE, IMX, TAO and STX is even more painful, with losses of up to 15%.

The two largest capitalization alternatives that have clearly defied this trend are Solana and Tron. SOL has gained 8.5% on the week and is above $170, while TRX is north of $0.166 after a 6% increase.

However, the total crypto market cap has lost over $60 billion since last Sunday and is below $2.390 trillion in CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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