If February wasgoed bad for the crypto market, March hasn’t fared better.
Bitcoin’s (BTC) repeated failure to hammer inverse head-and-shoulders neckline resistance eyed bears come te utter force, pushing prices to a one-month low of $8,371 Friday. Spil of writing, the world’s largest cryptocurrency by market capitalization is trading at $8,970, according to CoinDesk’s Bitcoin Price Index.
But the 28 procent druppel from BTC’s March Five high of $11,660 had broader implications, pushing the market capitalization below $350 billion for the very first time since Feb. 14.
The sell-off te BTC seems to have roiled broader markets, a trend overduidelijk by the fact the top 25 cryptos by total value are all reporting weekly losses.
Spil such, while bitcoin has depreciated by 20.98 procent week-on-week, it’s notably not the top loser of the week, with TRON, ICON and IOTA ranking higher on fatter losses.
Weekly voorstelling: -42.65 procent
Closing price on March Two: $16.20
Rank spil vanaf market capitalization: 22
Having topped out at $17.38 on March 1, nano prices fell below $Ten today for the very first time since Feb. 23 this week.
So, despite positive news, such spil a thumbs up from influential litecoin founder Charlie Lee, the endorsement failed to keep the nano bid amid a broader market sell-off.
Spil of writing, the cryptocurrency is seen switching forearms at 0.0011 BTC (about $Ten) on Binance. The recovery from the intraday low of BTC 0.001008 (harshly $9) te the wake of oversold conditions (spil shown by the relative strength index) has neutralized the instant bearish outlook.
However, only an upside pauze of the descending channel would signal a bearish-to-bullish trend switch.
Weekly spectacle: -38.51 procent
Closing price on March Two: $0.05
Rank spil vanaf market capitalization: 15
After rocketing to records earlier this year, TRON demonstrated signs it hasn’t fairly bot able to recover from the backlash of severe criticism.
This week, TRON even reached a strategic partnership with Tour.io to advance blockchain applications te the travel industry, and announced a strategic cooperation with BitGuild (a blockchain spel toneel).
Elsewhere, TRON Founder Justin Zon went so far spil to expose plans to accelerate the launch of main televisiekanaal.
Still, the positive news flow failed to waterput a floor under TRON prices. TRX/USD fell to $0.03 yesterday – its lowest level since Feb. 8.
Weekly vertoning: -38 procent
Closing price on March Two: $Three.71
Rank spil vanaf market capitalization: 24
February’s top loser hasn’t had a good commence this month.
Prices for ICON’s ICX token fell to $Two.16 on Binance – the lowest level since Dec. 22, with a series of lower highs and lower lows on the daily chart indicating the bears are ter control of the market.
However, short-term oversold conditions spil shown by the relative strength index could yield a minor corrective rally.
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