Crypto markets have had quite a terrible week as many crypto assets recorded massive losses ahead of the recent SEC’s actions on Coinbase and Binance that saw investor panic creep into the market. Bitcoin (BTC), has had quite a volatile week as the asset currently sits at a weekly loss of 5.5% ahead of the tough week, as the asset now trades below the $26K level.
Despite the selling pressure, BTC’s volatility levels are however stable as the Bollinger bands now move closer to each other. The Relative Strength Indicator is moving below the average line as per weekly charts, demonstrating the bearish note on Bitcoin’s market this week.
The MACD indicator has also shifted to the negative side, again demonstrating the effort by bears to control the market.
Altcoin analysis
Ethereum (ETH) has also had a quite volatile week as the asset sits on an 8% weekly drop as the asset now trades at $1,747. Ethereum also has a market cap of $210,050,907,181. BNB has however been the most affected coin as it stands as Binance’s native coin. BNB has recorded a weekly drop of 23% ahead of the lawsuit as the asset now trades at $235.
Ripple (XRP) has also had a volatile week but showed some dominance as the asset lost a mild 3% in valuation over the regulatory-themed week. Ripple has a current market price of $0.5054. Cardano (ADA) has however had a tough week as the asset lost 30% in price valuation ahead of the market drama.
Other top losers for the week are Solana (SOL) which has lost 28% and Polygon (MATIC), which lost 32% ahead of the market volatility. Litecoin (LTC) has also recorded a weekly loss of 18% as Filecoin (FIL) also sits on a 30% loss.
Despite the volatile week, Bitget Token (BGB) has shown great dominance as the asset sits on a 3.4% weekly gain. BGB is now trading at $0.4848 as the asset now ranks at position 210 on CoinMarketCap. The token’s resilience can be attributed to the number of innovations being put into place by the native firm of the token, Bitget, causing some bull activity on the token.
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