Bitcoin’s price weakness is quite telling as the asset is just hours away from closing in the red for the fifth consecutive week.
Looking at the altcoin weekly scale is also a painful view, with HYPE, NEAR, BCH, and XLM leading the pack in terms of double-digit losses. XRP, LINK, and ADA are not far behind.
BTC Weak Below $76K
October ended with the most severe hack against a crypto company in terms of USD losses, with bad actors siphoning $6.3 billion from Binance. Bitcoin’s reaction was immediate as the asset tumbled from roughly $81,000 to $76,000 in an hour or so. The subsequent rebound attempt wasn’t very successful, as BTC was stopped at $79,000.
It entered US mid-term election day on Tuesday from another area of weakness, struggling at $78,000. The Democratic sweep didn’t really help, and the cryptocurrency plunged to a then-seven-week low of $75,800. On Wednesday afternoon, though, the entire landscape changed when BTC, alongside Wall Street, skyrocketed to local peaks, with bitcoin touching $81,000.
This massive leg up was followed by an even more profound leg down. A day later, bitcoin erased all gains and even dipped below $75,000 on Friday for the first time since the August breakout rally. It has since struggled to stage a major recovery, and it currently sits inches below $76,000.
Its market capitalization has remained at $1.520 trillion on CMC, while its dominance over the alts has touched 60% again.
BTCUSD November 8. Source: TradingView
Alts in the Red Weekly
Since the past 24 hours haven’t brought any major price moves within the altcoin space, we will focus on their weekly performance, which was quite painful. While ETH, BNB, and XMR are down by a more modest 1%-3%, others, such as XRP, SOL, DOGE, LINK, and ADA, have plummeted by up to 8.5%.
Even more violent declines are evident from NEAR (-15%), BCH (-13%), HYPE (-12%), and XLM (-11%) from the largest caps. ENA has plummeted by over 18%, ONDO is down by 12%, and PUMP has slumped by more than 14%.
TRX and BTW are among the few exceptions in the green. ZEC is also up by 2% weekly, but it was stopped at $1,330 yesterday.
The total crypto market cap has shed approximately $100 billion in a week, and it’s down to $2.550 trillion on CMC.
Cryptocurrency Market Overview November 8. Source: QuantifyCrypto
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