Bitcoin increases slightly by 1% this week to reach 106,380 USD, while Ravencoin surges 47.4% and many other tokens plummet by double digits.
The cryptocurrency market recorded a week of contrasting transactions as Bitcoin maintained a steady upward trend above the psychological threshold of 106,000 USD, while many altcoins experienced strong fluctuations in both directions.
As of 2:30 PM Eastern Time on 8/6, the total crypto market capital increased by 0.84% to 3.32 trillion USD. Bitcoin is currently trading around 106,380 USD after crossing the 106,000 USD threshold earlier that afternoon. Although only increasing slightly by 1% this week, Bitcoin maintains a positive trend with a 3.7% increase over the past 30 days.
The relative stability of Bitcoin creates a stark contrast with the altcoin market, where strong divergences emerged. Ravencoin (RVN) led the growth group with a breakthrough of 47.4% in just one week. The meme token spx6900 (SPX) followed with a 27.23% increase, while Compound (COMP) and Internet Computer (ICP) also recorded impressive gains of 13.47% and 13.22% respectively.
Other tokens benefiting from the upward trend include Injective (INJ) with 12.17%, Sky (SKY) increasing 11.87%, and the Maker-linked token (MKR) recording an 11.71% increase against USD during the same period.
Strong Divergence in the Altcoin Market
However, not all benefited from the market's upward trend. Many tokens experienced significant sell-offs with considerable double-digit declines. Kaito (KAITO) led the deep decline group with 18.35% in a week. The FTX-related token FTT also lost 16.53%, while MATIC dropped 12.59%.
Stacks (STX) evaporated 11.6% of its value since the previous Sunday, and Jupiter (JUP) decreased 11.1%. The Virtuals protocol (VIRTUAL) lost 10.2% over the past seven days. Bittensor (TAO) declined 9.2%, while the Official Trump token (TRUMP) decreased 7.9% against the USD.
Recent fluctuations reflect the increasingly clear divergence in the digital asset market. While Bitcoin continues to consolidate its position as a safe-haven asset with stable increases, the altcoin market demonstrates its inherent volatility with sudden breakouts and sharp declines.
Despite the optimistic sentiment surrounding Bitcoin crossing the 106,000 USD mark, the deep declines in many alternative tokens suggest that investors still need to be cautious about the uncertainty and unpredictability of the crypto market, which is in the process of reshaping itself.
