The crypto economy closed the week on a downturn, with the total market capitalization plunging nearly 7% from $4.124 trillion to $3.842 trillion by Aug. 30. This volatility was a key theme, as some prominent digital assets notched significant gains only to see them evaporate in a matter of hours.

Headlining the market’s turbulence was ethereum (ETH). It not only breached the $4,900 mark but went on to set a new all-time high of $4,955 on Aug. 24. However, just 24 hours later, ETH was trading below $4,370, representing a drop of nearly 12%. Although it rebounded to peak over $4,650 on Aug. 27, the rally ultimately faded, resulting in a decline of 8.1% for the week.

The week was also a turbulent one for bitcoin (BTC), which ended 5.4% lower after dropping from just over $115,000 to around $107,700. According to Bitstamp data, BTC briefly fell to $107,389 on Aug. 30, its lowest point since July 8. The story was the same for XRP, which began the week trading above $3 only to end it at $2.81. XRP’s 7% decline in the seven-day period resulted in its market capitalization briefly dropping below $167 billion, causing it to lose its position as the number three digital asset to USDT.

Many high-cap altcoins saw steep declines over the seven-day period, including DOGE, which fell 8.8% and ADA, which plunged 10.1%. SUI and XLM recorded double-digit losses of 11% and 13.4%, respectively.

Despite the market-wide downturn, a few altcoins defied the bearish trend and posted significant gains. CRO closed the week 106% higher, while UCN was by far the week’s biggest gainer, soaring by 4,900%. However, these explosive rallies were not enough to offset the broader market’s steep losses, resulting in the crypto economy closing the week in the red.

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