Last week was significantly more eventful within and outside the cryptocurrency industry, with the CPI numbers showing declining inflation rates in the States, while Ethereum underwent its most notable upgrade since the Merge.
Consequently, the entire market reacted positively, with BTC spiking to $31,000 to chart a 10-month peak, while ETH skyrocketed to above $2,100 and painted its highest price point in 11 months. This week began with less volatility, but the landscape changed for the worse a few days ago.
Bitcoin’s peak came exactly a week ago. The following few days were silent before the cryptocurrency headed south on Monday morning. Despite recovering the losses almost immediately, the asset began dropping hard once again mid-week. This time, the bears took it from over $30,000 to under $29,000. The past 24 hours were not kind either, and BTC slumped to under $28,000 for the first time in 12 days.
ETH was among the top performers after the Shapella upgrade, but it quickly lost momentum amid large-scale withdrawals and deposits. The asset lost over $200 in the past several days, dropping to and below $1,900.
Most of the alternative coins are in similar, if not worse, shape on a weekly scale. The most substantial losses from the top 100 alts come from Stacks (-20%), Immutable (-17.5%), Lido DAO (-17%), Algorand (-16%), Conflux (-15%), Kava (-15%), and many others.
OKB is among the few altcoins that have managed to defy the overall market sentiment by gaining over 13% in the same timeframe. As a result, the asset trades well above $50. Overall, though, the total crypto market cap has declined by roughly $100 billion on CoinGecko.
Market Cap: $1,238B | 24H Vol: $59B | BTC Dominance: 44.1%
BTC: $28,215 (-7.2%) | ETH: $1,916 (-5%) | BNB: $327 (+0.9%)
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