- Market appears to be stabilizing after earlier drops
- Bitcoin might be testing $7,850
- Monero only altcoin among top 20 that is doing well
Cryptocurrencies appear to have settled for now after suffering significant losses earlier this week, but the trend remains bearish.
Bitcoin has improved slightly and was standing at $7,650, with technical indicators showing it might soon be testing the $7,850 resistance level. Ethereum dropped by 1.4% to $420.
According to the latest statistics, most altcoins are still dropping. Among the top 10, Cardano and EOS are dropping the fastest, losing more than 4% yesterday. XRP lost 2.5% to reach $0.44.
Among the top 20, VeChain has fared the worst, losing 10% to end up at $1.94. This means a weekly drop of 27% and a similar drop over the past month.
Ethereum Classic has lost 4.5%. Dash, Tron and Tezos all dropped by more than 3.5%, while XMR has lost 11% of its value this week. The only altcoin in the top 20 that is currently gaining strength is Monero, which has strengthened by 37% to $127.
Moving down the list, Decred and Bitcoin Gold both showed small gains of between 4% and 6%.
The best performer among the top 100 altcoins right now is KickCoin, which is trading 28% higher. That might have something to do with it being hacked recently and the team promising a full refund, which strengthened investor confidence.
A couple of other lesser-known altcoins, such as ChainLink, Bitcoin Private, Metaverse ETP and Emercoin, are also trading about 9% higher. Of all the altcoins found on CMC, the top one right now is Civic, which surged by 144% in 24 hours. Apart from VeChain, Pundi X, WaltonChain and Nano all recorded drops of between 7% and 8%.
Trading volumes are lower than usual right now, and over the last week, crypto markets have lost about 10% of their value.