In July 20, 2021, the crypto market was worth $1.2 trillion and since then, the sector has peaked at $3T. Nine months and 23 days later, the industry is worth the same due to the constant selloff that has permeated the sector.
For the first time in such a long while, the global cryptocurrency market cap is down by 20% in less than six days. Affirming this, the market opened the week at $1.57 trillion and is worth $1.2T as of the time of writing.
Aside from the current state of the industry, the sector under consideration was dealt a bigger blow as the value of a renowned cryptocurrency dropped from $100 to a very few cents. In a bid to halt the correction, several other mistakes were made that affected the market.
No Market Defining Stories
On the part of fundamentals, there has been no positive story that could affect the current downtrend. As a result the Fear and Greed Index has continually decreased. Remaining in extreme fear over the last six days may be a stark reminder that the market may take longer to recover. The metric dipped to its lowest since the year’s beginning – It is currently at 9.
The image below further expresses the most recent state of the industry. From the depiction, we observed that Bitcoin is regaining its market dominance as it increased from 40% to 43% in less than six days.
Source: Coin360
However, it is almost impossible to ignore the losses across the top 100s. The top loser is an unlikely candidate, a stablecoin. UST is down by more than 80% over the last seven days. The runner up is Fantom as it loses 54%. The top gainer is MKR as it has gained 12% during this period.
On a general scale, we may conclude that it was a bloody week for the entire market. Here is the performance of some coins in the top 10.
BTC/USD
For the first time in a while, the apex coin lost more than 10% in a day. Starting Monday at $34,000, a short-lived uptrend that saw the asset hit a high of $200 higher than its opening price. Afterwards, it was hit by severe sellers’ congestion.
The congestion is one that has not been seen in the market over the last 30 days. The top cryptocurrency dipped as low as $30,000 and closed a little higher. Losing the $34k support is no surprise, as a previous analysis hinted at the drop. BTC lost 11.59% during that period.
Tuesday brought relief as the digital asset saw a lot of upward trajectory. It hit a high of $32,650 but faced rejection at the mark and was sent as low as $31,000. The second session of the week saw the biggest upward push as it closed with a more than 3% increase.
The bears took control of the market the next day, halting a push above $32,100. Bitcoin hit a low of $27,757 but closed at $29,000. The closing price suggests that the coin lost more than 6% during that intraday session.
Another massive trading volume was seen during the fourth intraday activity. The top coin dipped to a low of $25,401 – the lowest in more than 15 months. A Short squeeze to $30k was met by retracements has the day ended almost the same way it started, represented by a doji.
Friday saw a more bullish push as BTC peaked at $30,974. However, bitcoin faced rejection and closed at $29,200. A more pronounced green candle was seen during the next session and an almost 3% increase was recorded.
The largest cryptocurrency by market cap is also showing more potential as at the time of writing and is up by more than 3%. For the first time in a while, indicators are looking more positive.
For example, the Relative Strength Index (RSI) has improved significantly as the once oversold asset is seeing moderate buying pressure. This is shown as the said metric is at 35. The Moving Average Convergence Divergence (MACD) is also experiencing a bullish convergence.
ETH/USD
This is one of the worst weeks many HODLers would love to forget. Like BTC, the largest altcoin by market cap dipped to levels unseen in more than a year. Ether opened the week at $2,518 and is currently exchanging at $2,124 which indicates a more than 15% decrease.
The worst day of the week was on Monday when the second largest coin retraced from its opening price to $2,222. Having very little to talk about on bullish aspect, we may conclude there was barely any uptrend during that session.
Hope returned to the market the next day as ETH soared as high as $2,458, sparking expectations of further uptrend. However, the scene of the cryptocurrency changed on Wednesday as it lost more than 11% and dipped to a low of $2,000.
The final blow to the bullish ambitions was dealt on the fourth day of the week as Ethereum dipped to a level not seen in more than 10 months. As at the time of writing, the low for 2022 is $1,700.
The next two intraday sessions saw ether pick momentum and gained almost 5%. Currently up by more than 3%, ETH is set for a bullish end to the week. Indicators are also looking positive at this time.
The Relative Strength Index (RSI) has improved significantly as the once oversold asset is seeing moderate buying pressure. This is shown as the said metric is at 33. The Moving Average Convergence Divergence (MACD) is also printing good signals as it downtrends has come to a halt.
BNB/USD
Seeing the same sentiment as previous cryptocurrencies, Binance coin saw its biggest dip on Monday as it lost more than 16%. It retraced from $355 to as low as $295, losing the $300 support for the first since August 2021.
Like BTC, Tuesday brought relief as almost half the accumulated loss was reversed. However, a similar correction to the previous was seen the next day and BNB dipped to a low of $259.
A more severe retracement took place on Thursday that saw the asset under consideration dip as low as $207 – the lowest in more than nine months. The exchange coin picked up momentum the next day and gained 8.28%. It’s been seeing increases and is currently up by 4.42%.
Like the preceding projects, Binance Coin is seeing more improvement with regard to indicators. For example, the Relative Strength Index (RSI) has improved significantly as the once oversold asset is seeing moderate buying pressure. This is shown as the said metric is at 39.
The Moving Average Convergence Divergence (MACD) is also experiencing a bullish convergence. The histogram associated with MACD depicts a gradually reducing selling pressure. Unfortunately, BNB dropped one spot on the market cap ranking.
XRP/USD
The current seven-day period marks the seventh consecutive week of losses. Unfortunately, this is the worst as Ripple is down by more than 21%. The intraweek session started at $0.56 and is currently at $0.44.
Seeing the same sentiment as BTC, the sixth coin by market cap saw its biggest dip on Monday, as it lost almost 14%. It retraced from its opening price to as low as $$0.46, losing the $0.5 support for the first time in almost one year.
Tuesday brought relief as almost half the accumulated loss was reversed. However, a more severe dip was seen the next day as the altcoin dipped as low as $0.36 after starting the intraday session at $0.51. Seeing a little recovery, it closed at $0.41, losing 19%.
The downtrend continued on Thursday and the asset under consideration dipped as low as $0.33 – the lowest in more than twelve months. The coin picked up momentum the next day and gained more than 9%. It’s been seeing increases and is currently up by 4.42%.
Like the preceding projects, XRP is seeing more improvement with regard to indicators. For example, the Relative Strength Index (RSI) has improved significantly as the once oversold asset is seeing moderate buying pressure. This is shown as the said metric is at 32.
ADA/USD
The current seven-day period marks the sixth consecutive week of losses. Unfortunately, this is the worst, as Cardano is down by almost 20%. The intraweek session started at $o.74 and is currently at $0.59.
Like BTC, the seventh coin by market cap saw its biggest dip on Monday, as it lost more than 18%. It retraced from its opening price and tested the $0.60 support, and almost lost the level for the first time since its introduction to the market.
Tuesday brought relief as the digital asset saw much upward trajectory. It hit a high of $0.72 but faced rejection at the mark and was sent as low as $0.62. The second session of the week saw the biggest upward push as it closed with a more than 4% increase..
However, a more severe dip was seen the next day as the altcoin dipped as low as $0.46 after starting the intraday session at $0.51. Seeing a little recovery, it closed at $0.51, losing almost 18%.
The downtrend continued on Thursday and the asset under consideration dipped as low as $0.39 – the lowest since its introduction to the market. The coin picked up momentum the next day and gained more than 11%. It’s been seeing increases and is currently up by 11.47%.
Like the preceding projects, ADA is seeing more improvement with regard to indicators. For example, the Relative Strength Index (RSI) has improved significantly as the once oversold asset is seeing moderate buying pressure. This is shown as the said metric is at 38.
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