Following a succession of green weekends with pumps across the board, it was inevitable that the market would eventually have a bloody weekend. Bitcoin pushed lower as altcoins suffered the same fate this weekend.
The Bitcoin sell-off during the week offered crypto traders the possibility that the weekend would bring a recovery and possible pumps for altcoins. However the opposite has occurred, as Bitcoin continues to slide and altcoins continue to fall.
Bitcoin tapped $43,000 as the week-long sell-off, which started on Monday, continued after a short respite on Thursday and Friday.
Bitcoin’s red week saw it fall for the seventh straight day, tapping a three week low for the digital asset. The total drop this week now sees it down 25% for the week.
The overall drop on BTC negatively affected the entire market as the sell-off on altcoins continued.
A One and-a Two
Ethereum essentially has been moving in unison with Bitcoin and the chart looks identical. Also down for the seventh straight day, the second-ranked coin tapped $1,300 on Sunday following a stellar month that saw it tap a new all-time high of $2,048.
Altcoins Suffer This Weekend
Altcoins saw even bigger drops than Bitcoin. While Bitcoin dragged the entire market down, not a single coin in the top 100 saw green. Stable coins were the best performing assets in the top 100, thanks to their stable price. Only 30% of the top 100 saw a drop less than 10% on Sunday.
Total Market Capitalization Down 24%
The weekend saw everything decline drastically. The week-long sell-off saw the total market capitalization tap just under $1.3 trillion. Essentially, total market cap moved exactly as Bitcoin has this week, with seven successive days on the downtrend.
The continued sell pressure has not been favorable to altcoins, and they have suffered the most.
CAKE and HT Tumble as Worst Performers
There were absolutely no top performers in the top 100 this weekend, only losers across the board. Pancake Swap (CAKE) saw the biggest price drop relative to its recent price surge. Huobi Exchange Token (HT) also saw dramatic losses over the weekend. Exchange tokens have been outperforming the market for most of February with CAKE and HT both making new all-time highs.
CAKE saw its price rise to $30 recently after being listed on Binance exchange. However the past week has seen the price deteriorate to as low as $8.3 on Sunday. This is a 72% decline in the space of ten days. CAKE dropped 33% on the weekend alone.
Crypto Twitter Calling for the Bottom
Twitter users have begun calling for the bottom as the recent sell-off reaches concerning numbers. The correction was expected. However, during a bull run it can hurt portfolios dramatically.
Crypto twitter had a lot to say on Sunday evening about the state of the market with a variety of commentary.
The following week will have crypto traders glued to their seats to see if Bitcoin can hold above important resistance levels around the lower $40,000 mark. It is clear that the market expects Bitcoin to hold that level and possibly gain some ground heading back towards the all-time high. However, we know how the market likes to do whatever you don’t expect it to do. Therefore, it should be an interesting week regarding price action across the board.