Crypto Retraces This Week’s Gains as Traders Take Profits

Bitcoin trades below $70,000 as the entire crypto market contracts 4%.

By: Pedro Solimano Loading...

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Crypto traders are taking profit after Bitcoin marked a new record high and crossed $72,000 earlier this week.

Bitcoin is trading for $67,704, a 4.7% drop on the day, retracing its entire gains for the week.

Bitcoin Price - Coingecko

Meanwhile, Ethereum dropped below $4,000, and changes hands for $3,667 with a 5.4% drop over the past 24 hours.

Still, it's been a breathtaking rally, with Bitcoin up more than 30% in the past month, while ETH has climbed 34 % in that time. With crypto market capitalization near an all-time high, some investors are looking to lock in their gains.

Ether has yet to reach its record high of $4,828, which some traders will take as the start of a full-blown “altseason,” where tokens of smaller market caps rally more than larger cryptocurrencies.

Notable outliers among today’s price action is Solana, a steamroller in the past year. It has pumped 800% in the past year, and today continued its upward trajectory with a 7.9% spike, reaching $180 per token. The network reached an all-time high in market cap when it topped the $80 billion mark on March 14.

Top gainers include Jupiter’s JUP token, which trades for $1.07, with a 16% spike on the day, and Pyth Network, which saw a 7.2% gain today, changing hands for $0.9.

Select memecoins are among the biggest losers, the spotlight landing on memecoin Dogwifhat’s WIF. After the community topped its $650,000 mark to put the image on the Las Vegas Sphere, the token has since dropped double digits, trading for $2.85.

The biggest losers also include Injective, which launched an inEVM compatible with Solana and Ethereum on March 8, shedding 11% of its token value, trading for $43.11.