Continued BTC weakness sends altcoins into correction

Bitcoin (BTC) loses a good seven percentage points in a weekly comparison. The key currency of the crypto space thus bows to an expansion of the correction in the classic financial market. This is due to more restrictive monetary policy signals sent by the US Federal Reserve and the European central bank, the ECB. Bitcoin’s correlation with the Nasdaq technology index remains high. A bottom in the crypto market is out of sight. The vast majority of the top 100 altcoins follow the slide and even lose double digit value.

Only gold, a precious metal, stood out positively during the last trading days. It started the week at $1,996, around 3 percentage points below its all-time high. Investors do not currently seem to equate Bitcoin with “digital gold” along with the precious metal. Consistently bullish ratings from institutional investors and historically low bitcoin stocks on central crypto exchanges are not bringing the price boost that many investors are hoping for. As long as Bitcoin can maintain the important support at $39,300, risk-aware investors may consider temporary price dips for additional buying.

Top 10 stability

  • The price of Bitcoin lost seven percentage points and thus drove down the prices of the top 10 altcoins in the last trading week.
  • Apart from Ripple with a 2% price drop and Binance Coin (BNB) with a price drop of only 4%, all other major cryptocurrencies are losing double-digit values.
  • The list of weekly losers is led by Solana (SOL) and Cardano (ADA), each with a price of 14% less. Terra (LUNA) is bearish again with a 13% correction in value.
  • The bearish tenor of the previous week has thus widened over the past seven trading days.
  • Looking at the ranking of the top 10 altcoins, there has been a change of place. Cardano (ADA) slips back to seventh place after reclaiming sixth place last week. Terra swaps places with Cardano again and climbs one more place to sixth place.

Winners and losers of the week

  • The entire crypto market has trended south again over the past seven trading days.
  • In a weekly comparison, all of the top 100 altcoins show a price drop with two exceptions.
  • Like the previous week, only Chain (XCN) and Stepn (GMT) show a price increase of around seven percentage points each.
  • The long list of underperformers is led by the Mina Protocol (MINA) with a price drop of 26%. Convex Finance (CVX) is also losing a lot of value with a 25% price discount.
  • After the last price drop of 53%, Waves (WAVES) continues to show its bearish side with a price drop of 17%. You can find out why here.
  • About half of the top 100 altcoins lose double-digit value in a weekly comparison.
  • When and if the overall market bottomed out in a timely manner largely depends on how bitcoins perform.

Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations, but merely an analyst’s assessment.

The images in the chart were created using TradingView created.

USD/EUR exchange rate at time of writing: 0.93 EUR.

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