Crypto Market Weekly Losses Bites Accumulated Gains: Here’s Why

23 Mar, 2024 Updated 27 Aug, 2024

By David Pokima

Crypto Journalist

Expertise : Finance/Crypto Journalist

David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

The crypto market has faced a turbulent week across various sectors marked by declining prices and reduced decentralized finance (DeFi) activities. The cryptocurrency market capitalization has declined 6.67% in the last seven days with bigger coins taking some large hits biting into gains recorded in previous months.

This week opened quite balanced for digital assets with cryptocurrencies posting highs. Assets also showed multiple signs of break out as the inflows into spot Bitcoin (BTC) ETF continued. Mid-week losses were felt following a drop in investor sentiment to some assets due to macroeconomic factors.

Bitcoin And Altcoins Count Weekly Losses

Market leader Bitcoin is down 5.95% this week and 0.52% in the last 24 hours. The present outlook can be seen in the trading volume plunge to $36.1 billion, a 12% reduction from highs this week. Trading at $64,779, BTC is 12.3% shy of its $73,750 all-time high tapped nine days ago.

The approval of spot ETFs in the United States was a game changer for crypto assets opening up a new window for traditional investors in the market. Some experts point to miners and traders positioning for the halving event as factors spurring a slight decline in the market.

Although the halving is perceived as bullish, miners looked to make gains before the slash in rewards sparked fresh sales. Furthermore, crypto miners needed to improve their hashrate to compete with the new reward system.

Ethereum (ETH) recorded larger losses totaling 9,5% this week and 2.57% in the last 24 hours. Due to delays in its spot ETF approval, institutional investors saw slight outflows from the assets product. BNB, Solana (SOL), and Ripple all plummeted 9.33%, 10.7%, and 2.4% this past week.

Losses Take Momentum From Crypto Steam

For months the crypto market has soared above expectations following inflow and key developments in the sector. Bitcoin hit an all-time high with ETH bursting through $4,000. Both assets have also shown monthly gains of 25.8% and 14% respectively.

Memecoins also saw remarkable gains last month but faced slight correction as crypto prices continued to plunge.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.