The week ended on a mixed note for the crypto market as the top 20 cryptocurrencies saw slight overall changes in their price over the past week with Bitcoin at the center of attention.
Starting off with the biggest crypto, Bitcoin (BTC) showed signs of promise, by coming within touching distance of the $3,500 mark, in nearly a week, earlier today when it touched $3,479.76 before falling back to $3,427.47 at the time of writing.
One of the two top altcoins beside Ethereum, Ripple (XRP) was down by 0.43% over the 24h period, trading at $0.306. This is a far cry from the mid-week high of $0.329 it touched and slightly off the $0.312 value at the start of the week.
Ethereum (ETH) saw its start of the week value of $115 fall by nearly 6.5% to $108.20 at the time of writing. Still, the second largest altcoin on the market registered a change of 0.10% in the past 24h period.
The list in terms of gains and losses registered in the 24h period is headed by EOS – up 2.66% from $2.34 to $2.39 and Binance Coin (BNB) – down 2.09% from $6.77 to $6.63, respectively.
One publication was quick to note the fall of Bitcoin could be due to the Chinese New Year festivities as China, despite banning crypto trading, is still a significant contributor to the daily BTC trading volumes.
This theory would at least somewhat explain the fall of Bitcoin – which was trading above $3,500 on the January 27, the day before New Year festivities in China were to begun to the sudden dip which took its value to $3,350 on Jan.29.
The combined market cap was down nearly 5% from last week, starting off at $120 million and stabilizing around $114 billion at the time of writing.