If February was bad for the crypto market, March hasn’t fared better. Bitcoin’s (BTC) repeated failure to beat inverse head-and-shoulders neckline resistance saw bears come in full force, pushing prices to a one-month low of $8,371 Friday.
As of writing, the world’s largest cryptocurrency by market capitalization is trading at $8,970, according to CoinDesk’s Bitcoin Price Index. But the 28 percent drop from BTC’s March 5 high of $11,660 had broader implications, pushing the market capitalization below $350 billion for the first time since Feb.
14. The sell-off in BTC seems to have roiled broader markets, a trend evident by the fact the top 25 cryptos by total value are all reporting weekly losses.
As such, while bitcoin has depreciated by 20.98 percent week-on-week, it’s notably not the top loser of the week, with TRON, ICON and IOTA ranking higher on bigger losses. Weekly performance: -42.65 percentAll-time high: $34.40Closing price on March 2: $16.20Current market price: $9.29Rank as per market capitalization: 22 Having topped out at $17.38 on March 1, nano prices fell below $10 today for the first time since Feb.
23 this week. So, despite positive news, such as a thumbs up from influential litecoin founder Charlie Lee, the endorsement failed to keep the nano bid amid a broader market sell-off. Read more from coindesk.com…
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