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In the Wake of Bitcoin’s Slide, These Altcoins Soared and Plunged! The Weekly Winners and Losers Revealed!
This week, Bitcoin and Ethereum faced their most notable reversals, but amidst the turbulence, a select few altcoins made remarkable gains or suffered significant losses. Delve into the top performers and underachievers of the week!
Author:
Elif Azra Güven
07.07.2024 – 12:47
Update:
6 seconds ago
0
The week has proven to be challenging for Bitcoin, as it saw a dramatic dip in value, oscillating between $62,000 and a low of $53,800.
This remarkable downturn in Bitcoin, marking the largest retracement in the ongoing bull run since November 2022, has had a cascading effect, casting a shadow over altcoins, particularly Ethereum, leading to a market-wide turmoil.
Many analysts attribute this correction to the surge in selling pressure, fueled by the initiation of Mt.Gox refunds and the transfer of BTC from the German and US governments.
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The greed index, which surged close to 80% in recent weeks, has taken a nosedive to just 29% following these volatile declines.
Bitcoin’s slide was steep, with losses reaching up to 15% over the week, while Ethereum (ETH) took a hit even harder, with a weekly decline of 18%.
Amidst the losses in Bitcoin and Ethereum, the altcoin landscape saw a mixed bag of crashes and surges.
CoinmarketCap’s latest data highlights the top performers and laggards among the top 100 coins for the week:
And here are the top 100 coins that experienced the greatest losses this week:
*Please note: This is not financial advice.
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