Bitcoin Ends Volatile Week on a Quiet Note, Altcoins Mixed
A volatile week in the crypto market ended on a quiet note as Bitcoin’s price remained relatively stable. Despite experiencing significant fluctuations earlier in the week, Bitcoin ended the week where it started. Other cryptocurrencies had mixed performance, with some trading in the green and others in the red.
On Friday, Bitcoin traded in a narrow range between $26,475 and $26,745, and at the time of writing, it was priced at $26,550, representing a 0.52% increase on the weekly chart. September Bitcoin futures prices also traded slightly higher in the early hours of Friday.
Technical analysts have differing views on Bitcoin’s future price action. Some believe that Bitcoin is trying to stabilize at a major support level before its next rally higher. Others warn that Bitcoin may still drop below support at $20,000 before its next leg higher commences.
Altcoins, on the other hand, closed the week mixed. Loom Network surprised to the upside with a surge of 80.1%, while Pepe gained 15.51%, and STP climbed 13.2%. However, Helium was the biggest loser with a decline of 5.1%.
While Bitcoin’s price remained relatively stable, the stock market experienced some fluctuations on Friday. Stocks initially jumped at the open but fell under pressure in the afternoon as traders evaluated the implications of the Federal Reserve’s hawkish stance on interest rates. The major indices, including the S&P, Dow, and Nasdaq, finished down between 0.09% and 0.31%.
Overall, the cryptocurrency market cap now stands at $1.06 trillion, with Bitcoin’s dominance rate at 49.1%.
It is important to note that the views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information, but neither Kitco Metals Inc. nor the author can guarantee it. This article is strictly for informational purposes and should not be considered as investment advice.