Bitcoin Drops to Weekly Low with Lighter Trading Volumes (Weekend Watch)

Although yesterday’s trading volumes were very light, similar to previous weekends, bitcoin still took a slight hit and fell to a weekly low.

Most altcoins are also slightly red on a daily scale. QNT is one of the few exceptions, with two numbers.

Bitcoin drops towards $19,000

The primary cryptocurrency surged earlier this week when it pumped to $20,500 – the highest price it has seen in nearly three weeks. However, US jobs reports turned the tide, even though they did provide better-than-expected numbers.

BTC responded with an immediate price drop of around $1,000 – from over $20,000 to $19,300. The asset initially bounced back and jumped north by $20,000 again, but the bears came back into play and pushed it south.

As such, Bitcoin dropped to $19,500 yesterday and spent most of the day there with low trading volumes. Hours ago, it fell below $19,300, which became the lowest price since October 3.

So far, the amount has increased by a few hundred dollars, but the market value is still less than $375 billion. Its dominance over the alternatives eased to 39.6%.

BTCUSD. Source: TradingView

Alts with small losses

The major currencies have not enjoyed the past few days, except for Ripple, which was the best performer yesterday. Although XRP is easing a bit now, it remains above $0.5 and is up 9% on a weekly basis.

Ethereum defended the $1,300 level, despite a slight daily correction. Binance Coin, Cardano, Solana, Dogecoin, Polkadot, Shiba Inu, Polygon, Tron, and Avalanche also reported lower daily losses.

Due to the aforementioned low volumes in the entire crypto market, most variants also remain muted. QNT is the only obvious exception, after rising 12% to over $155.

The cumulative market capitalization of all crypto assets remains at $940 billion.

An overview of the cryptocurrency market.  Source: Quantify Crypto
An overview of the cryptocurrency market. Source: Quantify Crypto

The post appeared after Bitcoin dropped to a weekly low on low trading volume (weekend hour) for the first time on CryptoPotato.

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