Weekly Trading Overview (10-17 August) from Cryptovest

Bitcoin (BTC) emerged as the leading asset in the past week, while altcoins experienced significant sell-offs and deeper losses. At one point, Bitcoin’s market capitalization dominance soared above 55%, although it later dropped to 52.3%.

The cryptocurrency briefly dipped below $6,000 but managed to recover, thanks in part to interventions by the Tether treasury. Currently, Bitcoin is priced at $6,492.82, reflecting a slight increase of just over half a percent for the week, with the primary focus being to maintain the crucial $6,000 support level.

As of now, Bitcoin is down 68% from its all-time high and relies heavily on USDT trading for support. Data indicates that USDT pairs account for over 52% of all Bitcoin transactions. Trading volumes for Bitcoin have stabilized around $4.7 billion, as the leading cryptocurrency now appears to be moving sideways.

In contrast, Ethereum (ETH) experienced a more significant decline, plummeting to near $260, reaching levels not seen since August 2017. It continues to exhibit persistent weakness in the market.