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Bitcoin (BTC) is still trading in the $19,000-$21,900 range this week. Meanwhile, Bitcoin dominance is still in decline at 43.2 percent. This development is currently having a positive effect on the prices of some altcoins. Bold investors are taking advantage of Bitcoin’s indecisiveness and investing more in the altcoin sector, as they did last week. However, the overall picture of the crypto market in general continues to be battered.
However, on closer inspection, many altcoins only show temporary price jumps, most of which are sold off again. As long as Bitcoin cannot sustainably break out of its sideways phase, sustained rallies are still unlikely. The fact that the top 10 altcoins show negative price development in a weekly comparison supports the uncertain situation in the crypto market. Also this trading week, the price development of Bitcoin and Co. should be significantly influenced by relevant economic data from the US.
Price evolution of the top 10 altcoins
- With the exception of Tron (TRX), all of the top 10 altcoins show a price discount in a weekly comparison. Only the TRX course can get out of the matter with a small advantage of 0.3 percentage points.
- The long list of weekly losers is headed by Polkadot (DOT) and Solana (SOL), each with a price drop of about 11 percent. Ripple (XRP) is also weak with a negative 9 percent price, as well as the two memecoins Shiba Inu (SHIB) and Dogecoin (DOGE) with a value correction of a good seven percent each.
- Only Binance Coin (BNB) falls less than the two largest cryptocurrencies, Bitcoin and Ethereum (ETH). While Bitcoin and Ethereum prices fell five percentage points in a weekly comparison, the price of BNB is only two percent lower.
Top 10 Stability
- Although Bitcoin, with a current price of around $19,400, is still in its trading range between $19,000 and $21,900, like the previous week, the other major cryptocurrencies cannot benefit.
- However, as long as investors manage to keep the prices of the top 10 altcoins above recent year lows, a technical interim recovery is conceivable at any time.
- If the market dominance of key crypto currency Bitcoin continues its current consolidation in the coming weeks, renewed bullish momentum in the altcoin sector is conceivable.
- As has been discussed several times already, the first purchases after 90 percent price corrections have always been good entry points from a perspective perspective.
- The ranking of the top 10 altcoins does not show any change in position this week after a long time.
Winners and losers of the week.
- After a first bullish counter-move in the previous week, the crypto market is currently less enthusiastic.
- Only 15 altcoins in the top 100 show a price increase in a weekly comparison.
- The vast majority of the top 100 cryptocurrencies are experiencing a price discount, which is also reflected in the decline of the total market capitalization. The market capitalization of all cryptocurrencies fell almost eight percentage points week over week and is trading just 11 percentage points above the yearly low of $763 billion to $862 billion.
- The short list of weekly winners is headed by the Celsius Network (CEL) loan project with a 28 percent increase in value. Newcomer in the top 100, Evmos (EVMOS), may also rise in value again with a 17 percent price increase.
- However, with Tenset (10Set), Cosmos Hub (ATOM), and Arweave (AR), only three other crypto projects show a double-digit price increase of around 15 percentage points.
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Most of the top 100 altcoins are weakening again this week
- The list of underperformers in the last seven trading days is headed by the in-house cryptocurrency KuCoin (KCS) from the trading platform of the same name. KCS’s course has gone under the wheels with a 20 percent drop in recent trading days after a potential insolvency was discussed on social media.
- Helium (HNT) and Huobi (HT) are also weak, each 16 percent off. Zilliqa (ZIL), NEO (NEO) and The Graph (GRT) are also trending more than 12 percentage points south on a weekly basis.
- A good 30 percent of the top 100 altcoins are trading more than 10 percent lower compared to the previous week.
- In addition to the dominance of Bitcoin, investors should also keep an eye on the dominance of the largest stablecoin, Tether (USDT). As long as this is forming new all-time highs and investors prefer to stay on the sidelines, a sustainable trend reversal in the crypto market is unlikely for the time being.
Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations, they are merely an analyst’s assessment.
The chart images were created using TradingView created.
USD/EUR exchange rate at the time of publication: 0.97 EUR.
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