• Bitcoin (BTC) was unable to reclaim the $28K level in the past week, losing 9% of its value.
• Ethereum (ETH) also took a beating, dropping significantly below $2K.
• Radix (XRD) was the best performer during that period, gaining around 13% in a single day.
Crypto Market Struggles
The cryptocurrency market has taken a hit over the past week, with BTC failing to reclaim the $28K level and ETH dropping significantly below $2K. This has caused a decline of over $100 billion in overall crypto market capitalization.
Bitcoin Price Below 28k
Despite a slight 1% recovery in 24 hours, Bitcoin’s price is still unable to reach back up to the $28K mark. It appears that bulls are struggling to take control as BTC lost approximately 9% over the past week. However, its dominance rate – measuring BTC’s share relative to other cryptocurrencies – rose by 4%, suggesting it performed better than altcoins during this period.
Radix Pumps 13% Daily
Radix (XRD) was the star performer throughout this time frame, increasing 30.9% and gaining 13% daily while all other cryptos declined in value. Despite taking losses itself, XRD proved to be resilient against heavy market drops and managed to outperform most of its peers.
Conclusion
Overall, it looks like the cryptocurrency market is struggling at present as Bitcoin fails to reclaim $28K and Ethereum dips under $2K. While some altcoins have been able to remain stable amidst heavy losses across the board, most digital assets have taken significant hits on their respective prices in recent times due mainly to Bitcoin’s struggle for directionality