While cryptocurrency prices have been falling for several weeks, Bitcoin (BTC) and Ethereum (ETH) have not seen such weekly performance since the FTX bankruptcy. Will this drop be confirmed by Sunday evening?
Bitcoin (BTC) and Ethereum (ETH) fall sharply
It has not escaped anyone closely following the ecosystem, cryptocurrencies have been experiencing a downward trend for a few weeks. Although we still have to wait until Sunday evening to validate the current week, the price action is not trivial, because Bitcoin (BTC) and Ethereum (ETH) are experiencing, for the moment, their worst week since FTX went bankrupt.
As of this writing, BTC is currently down 13.3% over 7 days, a downward performance that has not been replicated since the over 22% drop during the week of November 7, 2022. For ETH, the current week is down around 16%, whereas the “FTX week” saw a similar drop to BTC:
ETH price in weekly data
Also for ETH, prices have now returned to their support from last spring, while BTC, which had not yet seen a significant drop this year, is in the process of canceling out the important green candle from the last week of February. The latter had seen the price increase by more than 22%.
Regarding altcoins, price action is much more disparate. Take for example the case of Solana's SOL, the current weekly drop of 13.5% is not even the worst of the current year, where BNB is following a similar trend to BTC and ETH.
The further down the ranking we go, the less relevant it is to transpose these observations. For example, MATIC’s performance is so bad that the price is currently below the level of January 1st, and even lower than after FTX. Cosmos’ ATOM follows a similar logic, with a price of $5.35 per unit, which had not been encountered since December 2020.
👉 On the same subject — Ethereum, change of polarity? Technical analysis of ETH on July 4, 2024
Now the question is whether prices will confirm their action by Sunday evening, and whether these are annual lows or the start of a larger underlying trend.
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Source: TradingView
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Since 2021, I have devoted my free time to seriously training myself on cryptocurrencies in order to acquire as much knowledge and credibility as possible. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyses on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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