Most of the leading cryptocurrencies, led by Bitcoin, are ending the first week of April in the red. BTC has been trading near its previous peak price ($69,034) for the better part of the week. The bulls have failed to push the largest coin towards its current all-time high ($73,722), attained in March 2024. Data from CoinGecko shows Bitcoin trading at $69,102 following a 7-day loss of 1.9%.
This week’s downtrend is attributed to Grayscale’s move to dispose of more BTC. The cryptocurrency fund manager is reported to have cashed out Bitcoin worth $300 million on Monday. However, the outflows from Grayscale Bitcoin Trust ETF have reduced significantly since Thursday. That said, experts now believe that the bleeding is over, and we may see BTC trending upward from April 8th.
Solana Drops 8.6%
Bitcoin isn’t the only digital currency that has struggled this week. Another top token by market cap, SOL, has dropped by 8.6% to trade at $181.06 as of this writing. Congestion issues on the Solana network are the main driver of the drop. Several users have reported failed transactions over the past seven days.
It is worth mentioning that the biggest meme coin on Solana, Dogwifhat, has seen a double-digit loss (23%) this week. The token, which recently hit a market cap of $4 billion to become the third-largest meme coin, is currently valued at $3.37. Another Solana-based meme coin, BONK, has lost almost all the gains it posted last week after declining by 14.5% to trade at $0.0000237.
Bitcoin Cash Defies Market Trend to Rally
Meanwhile, Bitcoin Cash has gone against the wider market trend to rally 16% over the past seven days. The coin briefly traded above $700 on Sunday morning before it retraced to $686. Bitcoin Cash’s latest rally follows the token’s halving event, which happened early this week. Many anticipate that Bitcoin will also rally after its halving event on April 20th.
In other news, Ethereum has dropped 5.9% to trade at $3,404. BNB is down 3.4% to $587.89, while XRP and Dogecoin have declined by 4.8% and 4.6% to change hands for $0.596 and $0.197, respectively.
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