Bitcoin’s decline continued as it dropped to a seven-month low of below $81,000 before making a slight recovery to about $84,000.

Notable price movements were seen in other major altcoins. Both WLFI and BCH saw significant price rises, increasing by double digits. In contrast, ZEC suffered a notable decline.

BTC Begins to Recover?

This week has been tumultuous for Bitcoin. After plummeting from a high of $107,000 to roughly $94,000, the cryptocurrency started the week around $95,000 but quickly faced downward pressure.

The major decline culminated on Friday, resulting in Bitcoin falling below $81,000 for the first time since April, influenced by large-scale sell-offs from some investors, referred to as OG whales, and the increased outflows from spot Bitcoin ETFs. This selling spree led to liquidations exceeding 400,000 positions in a single instance, affecting several well-known figures, including Andrew Tate.

After this steep correction, a momentary recovery brought Bitcoin back to $85,000 when comments from the president of the New York Fed hinted at potential interest rate cuts in the near future.

However, this brief rally was short-lived as Bitcoin price settled back down to under $84,000. Its market capitalization currently lies below $1.7 trillion, with a market dominance figure of approximately 57% against other altcoins.

ZEC Declines, While WLFI and BCH Rally

Many larger-cap altcoins followed Bitcoin’s downturn, hitting multi-month lows, though some displayed marginal daily gains. Specifically, ETH, XRP, BNB, and SOL saw slight increases, while TRX, DOGE, HYPE, and ADA experienced negligible losses.

BCH and WLFI, however, have notably surged, reaching prices of $545 and $0.14. In stark contrast, the previously high-performing ZEC has fallen sharply by 18% to $522.

The total market cap of cryptocurrencies has declined by over $300 billion since Thursday, now standing at around $2.950 trillion.