- The crypto market has been plunging into a prolonged bear market.
- Most assets are trading 60-80% down from their all-time highs.
- Amid this, here are 5 cryptos to watch this week – BNB, BTC, ETH, HT, and MKR
The crypto market has been in a prolonged bear market throughout the year. The market cap that regained the $1 trillion benchmark plunged back below. The market sentiment that slowly turned bullish has now turned bearish. Let us look at the top 5 cryptocurrencies you should be watching this week.
Bitcoin (BTC)
At the time of writing, BTC is currently trading at $19,114.37. The coin lost 1.29% in the last 24 hours. BTC also lost 4.72% in the last 7 days.
BTC plunged below after hitting the $20,000 resistance. It is currently hovering around the $19,000 level. It is currently trading at 72.2% down from its all-time high of $68,789.63.
Ethereum (ETH)
The Merge didn’t push the price of ETH as expected. In fact, it was more of a “sell the news” event. ETH outperformed BTC when it hit $1,700 resistance last month.
At the time of writing, ETH decreased by 3.3% in the last 7 days and 2.7% over the previous 24 hours. It is currently trading at $1,280.13. It is hovering around $1,300 resistance and $1,200 support.
BNB got rejected at its $290 resistance level and is currently trading at $270.84, at press time. It lost 2.3% in the last 24 hours. BNB has fallen 60% from its all-time high of $690.93.
Huobi Token (HT)
The Huobi Token has been performing exceptionally well at the time of writing. It is up by 21% in the last 24 hours and is currently trading at $5.37. The rally follows the investment announcement by the Seychelles-based crypto exchange.
Maker DAO (MKR)
MKR has been trading comparatively better than the rest of the crypto assets. MKR has risen 15.5% in the last seven days and 2.5% in the last 24 hours, during the time of reporting. It is currently trading at $938.95.
The crypto market witnessed a troubled market condition throughout the year. It was further triggered by the collapse of the Terra ecosystem. It had a rippling effect on several crypto firms that either closed down or went bankrupt. However, the bear market is a part of a healthy market cycle.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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