This week’s market watch shows Arbitrum has experienced a 25% decrease while Bitcoin has slipped to a monthly low. The overall cryptocurrency market has seen a downturn, with many altcoins following suit. Despite this, experts believe that the market will recover in due time as new developments and innovations in the industry continue to emerge.
Bitcoin Takes a Break from its Bullish Rally, Altcoins Follow Suit
Bitcoin, the world’s largest cryptocurrency, recently hit a high of $28,000, but was quickly pushed back down to $27,000. This sudden rejection caused Bitcoin to chart its lowest price point in almost a month. Despite a slight recovery, Bitcoin is still down by 8% on a weekly scale, with its market capitalization stalled at $530 billion.
The alternative coins or altcoins are also in a difficult position, with some like ARB and FXS dumping by over 25% on a weekly scale. Ethereum (ETH), for example, has lost roughly $300 since crossing $2,100 after completing the Shapella update. As a result, the second-largest cryptocurrency is struggling to remain above $1,800.
On a daily scale, most larger-cap altcoins including Ripple, Cardano, Dogecoin, Solana, Polkadot, and Shiba Inu are in the red. Polygon, however, has dropped the most at 3% and is now below $1. Meanwhile, Avalanche is among the few alts that are seeing green, gaining 3% on the day and jumping to $17.
On a weekly scale, the situation with Arbitrum and Frax Share is dire, with both assets declining by over 25% to $1.3 and under $8, respectively. The total cryptocurrency market capitalization has remained relatively steady at $1.150 trillion.
The cryptocurrency markets are dynamic, and the prices of cryptocurrencies can change rapidly. Despite the recent dip in prices, the crypto markets remain relatively stable overall. Investors are advised to conduct their research before making investment decisions.