After weeks of gains, the crypto market finally succumbed to the bears. According to CoinMarketCap, the total market cap of cryptos is at $1.12 trillion, a measly 0.22% increase from yesterday. Since the start of the week, the metric has gone down by 9%.
This was largely caused by economic woes that plagued US equity markets. With stocks also experiencing meager gains, these cryptocurrencies are to be avoided, if you are an investor, as they bled the hardest as major cryptos dropped in value.
As the markets continue to bleed, will these cryptos drop even lower?
Top 5 Cryptos Usher In The Week With Losses
As Ethereum experiences the biggest drop compared to its Bitcoin peer, Conflux followed the top altcoin in the market closely. According to CoinGecko, the token is down 23% since the past week, signaling to investors CFX’s losing week.
Investors should be cautious of a bearish breakthrough on $0.2847 as it could bring the token back $0.1471. However, the bearish scenario might turn into a reality as CoinGlass data points to a robust bearish presence in the market.
As of writing, ARB is down nearly 21% in the same timeframe. Investors on the token are closely following the sentiment around Bitcoin and Ethereum, and with the two biggest cryptos experiencing pain, ARB is experiencing a magnified bearish sentiment.
Investors and traders on ARB should be cautious about putting more money on the token. At press time, ARB’s current trajectory puts it on the path back toward $1.1930. If this comes to fruition, ARB bulls are left to defend this crucial support.
Even with development strongly favoring Aptos continues, the token is not fairing well amid a bearish takeover. According to CoinGecko, APT itself is down nearly 20% in the weekly timeframe.
ICYMI: @BwareLabs will be on the next #AptosMoveMonday to celebrate and share their insights on what it was like leading development on Aptos Delegated Staking.
Chat with Bware and the rest of the Aptos community on Monday, April 24 at 10am PT 👇https://t.co/L9FWTdsSZM https://t.co/1k3x5cMxFe
— Aptos (@Aptos_Network) April 22, 2023
Currently, the bears have $7.5088 support on their crosshairs. If APT continues its bearish price movement, a breakthrough on this support level might see the token drive even lower. CoinGlass data reveals, however, that this may be a reality for APT investors as short sellers outnumber long buyers significantly.
Welcome, @helium 🎈
The Helium Network has completed its upgrade and has finished migrating to Solana. https://t.co/nTICE0Y6aa pic.twitter.com/CjiHjsANob
— Solana (@solana) April 19, 2023
With Helium’s migration being completed in the background, SOL is following the general market freefall. Recent market data shows that the token has been down nearly 16% since last week. The token is currently correlated with ETH, which means the two cryptos follow each other very closely.
At the moment, the token has stabilized below $21.60. If the bulls keep this strong defense up, we may see a rebound back to $23.29 in the coming days. If ETH doesn’t recover by then, we may see the token back at $20.20.
Crypto currently has a total market cap of $1.12 trillion as of Monday, April 24th. Chart: TradingView.com
Despite Fantoon making the leap for Fantom on AI, FTM still faced significant market headwinds. According to CoinGecko, the token is down nearly 21% since last week. It followed the general market freefall that pulled the entire crypto market downward.
Let’s get to know Fantoon Ai! 🧵https://t.co/zC9F6KPgbB
What is it? Fantoon Ai is a super-advanced txt to image generating Ai built on a custom SD with hundreds of models (with over 2TB data). It’s fast, works without any highend HW and creates brilliant visuals in any niche 1/4 pic.twitter.com/J8ToonBCiF
— Fantoon Ai: 1st Ai Project of Fantom is now LIVE! (@Pumpkittens) April 21, 2023
FTM might oscillate up and below the $0.4260 support in the short to medium term depending on the general market sentiment. Thus, this dependency on the general outlook of the crypto market could bring further pain. If the token’s price doesn’t stabilize on this support level, we might see a return to $0.3717.
(This article is for educational and informational purposes only and should not be taken as financial or investment advice. Cryptocurrencies are highly volatile and speculative assets, and their values can fluctuate widely and rapidly)
Featured image from PublicDomainPictures/Pixabay