Bitcoin Battles $80K as Altcoins Post Double-Digit Losses
Bitcoin struggles near $80,000 as Bitway, Hedera, and Aave lead weekly altcoin losses while Pepe and MemeCore record gains.
Bitcoin recovered above $80,000 after falling to a five-week low near $79,100 on Saturday, according to CryptoNews market data. Several major altcoins suffered double-digit weekly losses during the period as the broader cryptocurrency market struggled to regain momentum.
Weekly Market Performance
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Bitcoin traded near $80,312 on Sunday, down 1.95% over seven days. Ethereum changed hands at $2,332, marking a 3.41% decline for the week, while Solana hovered around $101. Selling pressure intensified on October 24, when Bitcoin slipped below $80,000 and triggered liquidations across leveraged cryptocurrency positions. CoinGlass data showed approximately $546.88 million in liquidations over a 24-hour period, affecting more than 116,000 traders.
Institutional fund activity reflected mixed trading conditions. U.S. spot Bitcoin ETFs recorded combined net outflows of approximately $773.5 million on October 22 and 23, following three consecutive inflow sessions totaling $1.07 billion. Despite the late-week reversal, the funds retained approximately $301.2 million in net inflows across the five trading days.
Altcoin Gainers and Losers
Losses were pronounced among mid-cap tokens. Bitway led weekly altcoin declines with a 29.31% drop to approximately $1.72. Rain lost 13.89%, Hedera dropped 13.47% to $0.0767, Morpho declined 13.06%, and Aave fell 11.65% to approximately $136.
Conversely, Pepe and MemeCore defied the downturn, gaining 14.15% and 19.4% over the week, respectively. Zcash recorded a 7.51% weekly increase to reach approximately $1,209, coinciding with preparations for the Zcash NU7 network upgrade expected around November 5.
Key facts
- Bitcoin recovered above $80,000 after touching a five-week low near $79,100 on Saturday.
- CoinGlass data recorded approximately $546.88 million in liquidations over a 24-hour period.
- U.S. spot Bitcoin ETFs registered combined outflows of $773.5 million on October 22 and 23.
- Bitway led weekly altcoin losses with a 29.31% decline to approximately $1.72.
Source: crypto.news
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