Bitcoin and Ethereum catch their breath amid market mayhem

In a madcap time of immense disruption, the crypto markets took a breather to round the week off, with most major cryptocurrencies showing minimal price action.

Bitcoin managed to stave off any further losses by inching higher to US$16,665, but the bulls face still resistance before reclaiming support above US$17,000.

Week on week, bitcoin is slightly more than 4% down against the US dollar.


Bitcoin (BTC) consolidates lower post FTX collapse – Source: currency.com

Ethereum also managed to fend off the bears by gaining support at US$1,200 and has rounded the week off approximately 5% lower.


Among the large-cap altcoins, Solana (SOL) is easily the worst performer due to the blockchain’s exposure to FTX. With a market capitalisation of US$4.9bn, SOL token is 20% lower week on week, and nearly 5% lower against the day.

Cardano (ADA) and Polygon (MATIC) have also experienced double-digit weekly losses, but Ripple (XRP), Polkadot (DOT) and even the DOGE meme coin have managed to keep losses to a minimum.

Not all altcoins have had a net negative week, especially Trust Wallet Token (TWT), which has essentially doubled in market value in the past seven days.

iFinex’s mid-tier utility token LEO gained 4%, while smaller blockchains Toncoin (TON) and  Chain (XCN) also gained.

Largely unfounded bankruptcy rumours have hit Crypto.com’s CRO token, making it the worst weekly performer, with a quarter of its now US$1.75bn market value removed.

 

Mayhem among the centralised exchanges resulted in gains for a number of decentralised finance (DeFi) projects.

Ethereum-based decentralised exchange Uniswap added 3% in the week, bringing its market cap above US$4.5bn.

Decentralised staking platform Lido (LDO) fared even better with a 6% rally.

But despite strong performance among a number of DeFi tokens, total value locked has actually reduced from US$44bn to US$42.6bn.