Crypto markets remained mostly flat throughout the week, but experienced sharp selling pressure on the last trading day, ending the week on a negative note.
While the previous week’s downward trend in the crypto market slowed down this week, concerns over new liquidity issues arose after the financial problems of the US-based crypto-focused bank, Silvergate, were brought up and crypto companies decided to stop working with the bank. As a result, market investors reacted negatively to this news.
Overall, the crypto market value fell by about 4% yesterday, dropping down to the $1 trillion mark. The market continued its sideways movement during weekend trading with low volume.
Bitcoin found support at $22,000
Bitcoin lost support above $23,000 during the mass sell-off, but found support at $22,300 after a $1,000 drop. The dominant cryptocurrency continued to hover above $22,000 after experiencing rapid price drops in the first few hours of yesterday.
Ethereum lost its position at $1,600 during the mass sell-off and found support at $1,550. In the last 24 hours, Ethereum faced resistance at $1,570 and continued to find support around the $1,560 level, moving in a narrow band.
Top gainers and losers in the top 100 cryptocurrencies this week
After the downward turn in the crypto market, significant losses were also seen in the altcoin market. However, a few altcoins managed to positively differentiate themselves from the general downward trend.
The top gainers and losers in the top 100 cryptocurrencies, ranked by market value, in the last 7 days are listed below.
Top 5 crypto currencies with the biggest gains of the week:
T-Mac DAO (TMG): +46% Maker (MKR): +27.55% Stacks (STX): +17.5% EOS (EOS): +17.15% Synthetix (SNX): +16.39%
Top 5 crypto currencies with the biggest losses of the week:
Conflux (CFX): -20.64% Optimism (OP): -15% IOTA (MIOTA): -14.9% FTX Token (FTX): -14.8% Theta Token (THETA): -14.6%
Top crypto currencies that Turkish users were interested in this week, and their weekly performances:
Bitcoin (BTC): -2.77% Fetch.ai (FET): -2.16% Terra (LUNA): -9.54% Ankr (ANKR): -12.44% Shiba Inu (SHIB): -9.32%
