The crypto market took a hit this week, with the total market cap falling 4.6%. The decline was led by Ethereum and altcoins, while stablecoins remained flat. Bitcoin dominance held steady at 55.9%, indicating a relative outperformance compared to the broader market.
Crypto downturn. Ethereum saw a significant drop of 9.2%, with its price falling to 1618.36 USD. Other major altcoins also experienced declines, with BNB down 3.47%, XRP down 5.88%, and Solana down 7.69%. The only positive performer among the top altcoins was FIGR_HELOC, which rose 1.8%. Stablecoins USDT and USDC remained flat, reflecting their role as safe havens in volatile markets.
FX stability. In the traditional markets, the USD/EUR exchange rate remained unchanged at 0.85911. The USD/GBP rate saw a slight decline of 0.066%, while the USD/JPY rate increased marginally by 0.038%. The stability in the FX markets contrasted with the volatility seen in the crypto space.
Next week, investors will be watching for any signs of recovery in the crypto market, particularly in Ethereum and other major altcoins. The stability of Bitcoin dominance will also be a key indicator to monitor.
This content is informational and does not constitute financial advice.
