The total cryptocurrency market cap is back above $3.7 trillion, but has fallen by about $500 billion in just over a week.
It was another bloody Friday in the cryptocurrency markets, as Bitcoin fell to a multi-month low (on most exchanges) of less than $104,000.
The altcoins were destroyed even more, with huge price drops of ETH, BNB, XRP, SOL, DOGE and many others.
BTC calms down at $107K
The general market-wide disaster started last Friday when BTC fell from $122,000 to $110,000 or to $101,000 on exchanges like Binance. It recovered last weekend and remained above $110,000. The price continued to rise at the start of the business week, peaking at $116,000 on Monday and Tuesday.
It faced an immediate and painful rejection at that point, driving it south to $110,000. While that support line initially held, the bears kept the pedal to the metal, and it gave way Thursday evening. The landscape only worsened on Friday as bitcoin fell first to $108,000 and then below $104,000, hitting a three-month low (again, on most exchanges).
After such a substantial collapse, positive macro news emerged as US President Trump said the tariffs he announced on China last week will not remain in place. BTC responded with an immediate jump to over $106,000 and has since added another thousand dollars.
Nevertheless, the market capitalization has fallen to $2.130 trillion, while the altcoin dominance stands at 57.3%.
Alts is still struggling
While most altcoins have recovered some ground from yesterday’s lows, the overall picture is still bleak. ETH is below $3,900, after a small decline on the 24-hour scale. BNB has lost the $1,100 support after falling 3%. TRX, DOGE, ADA, LINK, HYPE, BCH, SUI, AVAX and HBAR are also in the red, while XRP, SOL and XLM post small gains.
COAI has dumped another 17% in the past 24 hours, followed by AAVE (-5.3%) and ASTER (-5%). ENA, on the other hand, is up 12.5%, followed by TAO (8%).
The total crypto market cap has recovered to just over $3.7 trillion on CG, but is still down about $500 billion since last Friday.
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