Bitcoin Dipped to Weekly Lows on Minor Trading Volumes (Weekend Watch)

Although yesterday’s trading volumes were quite low, similar to previous weekends, bitcoin still took a small hit and fell to a weekly low.

Most altcoins are also slightly in the red on a daily basis. QNT is one of the few exceptions, with a double-digit increase.

Bitcoin fell towards $19,000

The major cryptocurrency rallied earlier this week when it hit $20,500, the highest price it had seen in about three weeks. However, US jobs reports turned the tides, though they provided better-than-expected numbers.

BTC reacted with an immediate price drop of about $1,000, from over $20,000 to $19,300. The asset bounced back initially and jumped north of $20,000 once again, but the bears came back into play and drove it south.

As such, bitcoin dropped to $19,500 yesterday and spent most of the day there with low trading volumes. Hours ago, however, it fell below $19,300, which became its lowest price since October 3.

As of now, it’s up a few hundred dollars, but its market cap is still below $375 billion. Its dominance over the highs has calmed down to 39.6%.

BTCUSD.  Source: TradingView
BTCUSD. Source: TradingView

High with slight losses

Larger-cap altcoins haven’t enjoyed the past few days, with the exception of Ripple, which was yesterday’s best performer. Although XRP is slightly in the red now, it has held above $0.5 as it is up 9% weekly.

Ethereum has defended the $1,300 level, despite a minor daily pullback. Binance Coin, Cardano, Solana, Dogecoin, Polkadot, Shiba Inu, Polygon, Tron and Avalanche also have smaller daily losses.

Given the aforementioned low volumes across the crypto market, most of the highs are also sitting quietly. QNT is the only apparent exception, after a 12% rise to over $155.

The cumulative market capitalization of all crypto assets also remains at $940 billion.

Cryptocurrency Market Overview.  Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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