The cryptocurrency market capped last week on a sour note after Bitcoin BTC/USD crashed to $80,000 on Sunday evening. While the broader market crashed, investors sought refuge in gold-backed coins.
What happened: Bitcoin Cash topped the gainers’ list, returning nearly 11% to its holders in a week where blue-chip coins like Bitcoin and Ethereum ETH/USD fell 10% and 15%, respectively.
Bitcoin Cash is a result of a hard fork of the original Bitcoin blockchain in 2017 and is considered an affordable alternative to the apex cryptocurrency.
Physical gold-backed cryptocurrencies such as Tether Gold and PAX Gold were among the safe bets amid the downturn, yielding 2% and 1.70%, respectively.
| Cryptocurrency | Gains +/- | Price |
| Bitcoin Cash BCH/USD | +10.90% | $362.52 |
| Pax Gold PAXG/USD | +2.01% | $2,922.46 |
| Tether Gold XAUT/USD | +1.70% | $2,907.62 |
See Also: Microsoft May Have Given Bitcoin Investments A Miss But A Large MSFT Stock Holder Is A Strong Crypto, Blockchain Advocate
Elsewhere, the sentiment was grim. The altcoins set to be part of a U.S. cryptocurrency reserve, namely XRP XRP/USD, Cardano ADA/USD, and Solana SOL/USD, tumbled 5.76%, 7.45%, and 7.79%, respectively.
Meme heavyweights Dogecoin DOGE/USD and Shiba Inu SHIB/USD plunged 9% and 2.94%, respectively, while frog-themed Pepe PEPE/USD tanked 8%.
Overall, the total cryptocurrency market capitalization contracted 12% over the week to $2.70 trillion.
Interestingly, all of this occurred in the week that President Donald Trump signed an executive order to establish a Bitcoin Strategic Reserve and hosted the first-ever Crypto Summit at the White House.
Image via Shutterstock
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