Cryptocurrency Market Continues Retreat as Bitcoin Hovers Near $116K
Cryptocurrency coins are going through a retreat right now, with serious declines across the market after the early-week surge.
Quick overview
- Cryptocurrency values surged too quickly this week, leading to a significant market retreat with XRP down 11.25%.
- Bitcoin has shown relative stability, holding around $116K while experiencing less loss compared to other coins.
- Ethereum managed a slight gain of 1.45%, proving its resilience amidst the market fluctuations.
- Many coins, including Dogecoin and Stellar, faced serious losses, with Dogecoin down over 7% and Stellar down 12.64% this week.
Live BTC/USD Chart
It appears that cryptocurrency values rose too quickly and too high this week as many coins are falling back in a massive market retreat that has XRP (XRP) down 11.25% for the week.
In a retreating crypto market, Bitcoin (BTC) has managed to hold on around $116K. It has lost less than many of its competitors simply because it is stabler and did not climb as high as the other coins did in the last few days. Now, as the market draws back and investors cash out, Bitcoin is one of the few crypto tokens showing signs of stability.
BTC/USDEthereum (ETH) has fared reasonably well too, coming out of a seven-day stretch with an increase of 1.45%. ETH was one of the few top crypto coins to have any gains left from the recent surge. Ethereum and Bitcoin have both proven their stability in a market that is fluctuating wildly this week between highs and lows.
Serious Losses for Many Cryptocurrency Tokens
Which coins were hit the hardest as the market’s selling pressure drastically increased? One of the biggest losers this week was Dogecoin( DOGE) the memecoin is down more than 7% over the last week despite posting incredible gains early on. The investors who expected to ride the bullish trend much longer are surely disappointed, but Dogecoin is no stranger to sudden reversals of direction as it is founded on far less stable ground than ETH or BTC.
Stellar (XLN) lost even more. Now priced at $0.4169 (XLM/USD), the coin passed the significant $0.50 mark twice in July. Now down 12.64% over the last week, Stellar is not looking good. However, the 1-month view looks a lot better for this coin, with gains of 71% in that period.
Another coin that has lost significant value in the last week is Hedera (HBAR). This crypto coin is down 9.14% over the last seven days but is starting to recover with a gain of 1.18% in the last 24 hours.
These coins and many others went bullish after the GENIUS Act was made law last week. That Act helps bring stablecoins to the wider public, creating greater accessibility around them. The knockdown effect on the rest of the crypto market is that now the other coins would be more widely used and would be easier to access as well. As helpful as that Act will likely be in the coming months and years, its approval spurred remarkable short-term growth in the crypto market. That growth happened too quickly, though, and many investors sold their coins to make a profit. With widespread selling across the market, the majority of crypto coins are falling in the last half of this week.
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