Bitcoin stagnates at $63K major altcoins soar up to 47%

@Mark, please prepare an article on this week's market trends.

Tentative Title: "Major Altcoins Surge Up to 45% Weekly - Bitcoin Stabilizes at $63,000"

I trust you to do a great job. Given your extensive knowledge of the cryptocurrency and stock markets, I believe you can analyze this week's market performance effectively.

Yes, we will prepare.

@Victoria, please provide an analysis review and feedback on the cryptocurrency market for this week. Thank you.

Let's begin the analysis.

This week, mid-to-large cap altcoins have shown remarkable growth, surging up to 45%. However, as we move into the weekend, Bitcoin (BTC) price movements have calmed down, and it currently remains stable at $63,000.

Bitcoin's Consolidation

Bitcoin started this week by falling from over $60,000 to below $58,000. Greater volatility was expected midweek due to discussions on interest rate cuts by the U.S. Federal Reserve. Indeed, after the Federal Reserve cut the rate by 0.5%, BTC experienced significant ups and downs but eventually surged from below $59,500 to over $64,000, marking a three-week high.

However, Bitcoin failed to maintain this upward momentum and retreated by more than $1,000, now primarily trading around $63,000. On a weekly basis, it is still up by 4.6%, driving its market capitalization above $1.240 trillion. Nevertheless, Bitcoin’s market dominance over altcoins has decreased, falling from 55% to 54% in a few days.

Major Rising Coins

This week has been quite positive for most cryptocurrency assets. Ethereum (ETH) has risen by 7%, nearing $2,700. Solana (SOL) has increased by a similar percentage, reaching $147, and Binance Coin (BNB) is up by 5.5%, trading above $585. Shiba Inu (SHIB) has risen by 6%, and Avalanche (AVAX) has surged nearly 10% and is trading above $27.

Despite the overall positive performance of mid-to-large cap altcoins, the standout performers are TAO (47%), SUI (37%), and APT (28%). Thus, TAO is now trading at $477, SUI at $1.5, and APT at $7.85.

Total Cryptocurrency Market Size

The total cryptocurrency market capitalization has increased by more than $100 billion since last Sunday, now reaching $2.3 trillion.

Additional Explanations

• Capitalization (Market Cap): An indicator measuring the total value within a specific market or industry. It's similar to multiplying a company's stock price by its total number of issued shares.
• Market Dominance: The proportion of the total market that a particular cryptocurrency holds. Here, we're referring to Bitcoin's market dominance.
• Volatility: An indicator of how much an asset’s price fluctuates over a certain period. High volatility implies higher risk.

I hope this analysis was beneficial for you.

Okay