During the previous week, most cryptocurrencies had one of the biggest losses. In what many refer to as a “bloodbath” these assets revisited levels they haven’t a while. They crushed several critical supports and are currently struggling to reclaim them.
These events also impacted the global cryptocurrency market cap. For example, the industry was valued at $1.17 trillion at the start of the previous week. However, a downtrend started in the late hours of Wednesday, which progressed to Thursday. At the peak of the bearish moment, the sector under consideration threatened to go below $1 trillion as it dropped to a low of $1.05 trillion.
At the end of the intraweek session, the sector closed with losses of more than 5% as it failed to recover. Nonetheless, many rejoice at the return of volatility to the market.
On the other hand, some assets closed the previous week with significant gains. One such is a fairly new coin named Akash Network. Over the last seven days, it climbed up the top 100s and is currently at 94. Additionally, it is up by more than 28%.
During the last two days of the previous intraweek session, the crypto market was mostly stagnant. However, the situation is gradually changing. Let’s see how some assets will perform
Top Three Cryptocurrencies to Watch
1. Bitcoin (BTC)
Over the last 7 days, bitcoin’s price performance has been so bearish. A closer look at the chart suggests that it registered significant decreases in the end. However, it is worth noting that there were a few bullish moments during this period.
It had a positive start to the session under consideration. Evidence of this happened on Monday when it started trading at 29280 but saw notable increases in selling volume that saw prices retest the $29k support. However, it held out against the attack and prices went as high as 29,400. Unfortunately, the asset closed with no significant increase in value.
On Wednesday, BTC retested the highlighted mark again. This time, it broke. As a result, it dropped to a low of 28693 and did not recover until the end of the session. It is also worth noting that the downtrend continued into the next 24-hour period.
Bitcoin had its biggest downtrend on Thursday. Immediately after it opened trading it experienced a sharp incline in selling pressure. As a result, it broke several barriers. One such 28k support. After flipping this level, it made an attempt at a 26k barrier but failed as it found support at 26226. Although it enjoyed a small recovery, it closed at 26642 with losses of more than 7%.
After this major highlight, the asset returned to its low-volatility status. This is also the situation at the time of writing. BTC is showing no yield signs of recovery. Nonetheless, one of the major levels to watch is the 25k support. This comes after it dipped to a low $25350 which may indicate a retest of this highlighted mark.
2. Ethereum (ETH)
Ethereum was not shielded from the bloodbath that raised the crypto market last week. It struggled to hold onto several supports. Nonetheless, on the weekly scale, it lost 8%. Let’s see what transpired on the daily scale.
Like most cryptocurrencies, the coin was fairly bullish on Monday. It opened trading at $1,839 but succumbed to bearish pressure and dropped to a low of $1,833. However, it rebounded and went as high as $1,854 but closed with no notable change in value.
The major highlight of the week happened on the fourth day. As with BTC, ETH started the day at $1,805 and experienced a significant increase in selling pressure. Due to this, it started a huge downtrend that saw it flip several supports. The first on the list is the $1,720 barrier. As a result of the intense pressure, prices went below it with relative ease.
The next major level it broke was the $1,600 support. Like the previous, the apex coin slid through it like a knife on butter. Afterward, it hit a low of $1,542 but rebounded and ended the day at $1,683. The close indicates that the asset lost almost 7% of its value at the time. Nonetheless, the last three days of the week were filled with very little volatility.
With a focus on the current week, Ether is showing no significant signs of recovery. Over the last 40 hours, it lost more than 3%. A few hours to the time of writing, it dropped to a low of $1,581 before recovering. This is an indication that ETH may flip the $1,600 barrier this week.
