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Bitcoin Faces Market Correction and Volatility in the last week

WEEKLY ANALYSIS – Bitcoin's 1.4% Decline in 24 Hours and the Weekend War Outbreak

Oct 09, 2023
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Bitcoin struggles to maintain momentum amidst market volatility and geopolitical tensions.

Bitcoin (BTC) began the month and quarter with a robust bullish surge above $28,000. Nevertheless, it swiftly encountered considerable volatility during the week, dropping beneath the $27,700 threshold. This mirrors a broader downward trend in the alternative coin market, indicating a prominent correction phase, while some tokens exhibit impressive rallies.

At the beginning of October, Bitcoin enjoyed its best weekly conclusion since mid-August. Meanwhile, worldwide market players were focused on the sudden war outbreak in Israel over the weekend. With the markets now reopened, noticeable changes are occurring as the leading cryptocurrency is now struggling against the market bears, trading at $27,488 after declining 1.4% in the past 24 hours and 2.7% over the past week, reducing its market capitalization to $536 billion.

Ether, the native currency of Ethereum, demonstrated an impressive performance in early October, reaching a peak of $1,755 following a 4.7% increase. However, the momentum couldn't be sustained, leading to a dip below $1,650 over the weekend. In the past 7 days, Ether has seen an 8.0% decrease and has slipped an additional 1.5% in recent hours, trading at $1,593.66. These changes coincide with the Ethereum Foundation trading $2.7 million worth of ETH on Uniswap.

The market correction is also affecting altcoins with significant activity, as ADA, DOGE, and SOL garnered attention in the crypto world. ADA rallied above $0.2500, experiencing significant losses and recoveries. Meanwhile, DOGE traded within a narrow range of $0.063 and $0.0600, with minor fluctuations. SOL exhibited remarkable gains, exceeding 1% over the past seven days.

As of today, the total market capitalization of global cryptocurrencies is $1.11 trillion, marking a -1.6% shift in the past 24 hours. The cryptocurrency trading volume reached $34.3 billion within the last 24 hours. Bitcoin dominates 48.3%, while Ethereum dominates 17.2%. CoinGecko is currently tracking 10,368 different cryptocurrencies.

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