Bitcoin at yearly low, but many altcoins hold their ground

The current trading week is not under a good star. The demise of the largest US crypto exchange FTX caused great uncertainty among investors. The in-house FTX token (FTT) crashed 96 percent. There were first indications of a possible sell-off at the beginning of the week, when the important support level at USD 22 was abandoned under high volume. As a result, the key crypto currency Bitcoin (BTC) also slipped to a new low for the year of USD 15,512 in the middle of the week. The BTC price is currently trading around 17 percent lower in a weekly comparison. The rest of the crypto market also corrected sharply, causing the total market capitalization to fall by 26 percent to a new 18-month low at $736 billion. The former top 10 Altcoin Solana (SOL) was hit particularly hard, which lost more than half of its market capitalization in the last seven trading days after the first rumors of a probable FTX insolvency. In the last 24 hours of trading, however, the crypto market is recovering somewhat and is trading above its low from the summer of this year at USD 806 billion.

MATIC, BNB and ETH stronger than BTC

It is therefore all the more remarkable that many other Altcoin projects such as Ethereum (ETH), Binance-Coin (BNB) and, above all, the Layer-2 project Polygon (MATIC) were able to hold their ground relatively well and are still well above their annual lows from the note summer. The crypto market has also benefited from a clear one in the last two trading days slowdown on ascent the inflation rate in the US. After the release of the fresh US inflation data, the US stock market saw one of the strongest bullish price movements in recent years.

The technology index Nasdaq shot north by more than eight percentage points yesterday (November 10). This should have given the crypto sector a hold, at least in the short term. Despite a supportive effect from the classic financial market, a deep red picture emerges when looking at the list of the 100 largest cryptocurrencies. The coming weeks of trading will show whether the worst is over or whether the uncertainty among investors will continue in the coming period or even increase.

Price developments of the top 10 altcoins

A look at the price development of the top 10 altcoins confirms the bloodbath described. With the exception of Polygon, which is currently up a good five percent in a weekly comparison, all other major cryptocurrencies are showing significant price reductions. Surprisingly, the layer 1 projects Polkadot (DOT) with a good 9 percentage points price minus and Cardano (ADA) with a value reduction of almost 10 percentage points came out of the affair relatively well. On the other hand, Dogecoin (DOGE) took a toll on its surge from the previous week, falling more than 36 percent from its yearly high from the previous week. Ripple (XRP) and Ethereum also lost more than 20 percentage points in value. On the other hand, the Binance Coin BNB can pull itself out of the affair better than its competitor Ethereum with a price drop of almost 13 percent. BNB is likely to benefit from the increasing market power of the world’s largest crypto exchange Binance after the exit of competitor FTX.

Winners and losers in the top 100

The performance of the top 100 altcoins impressively underpins the bearish mood on the market. Only OKB (OKB) of the Asian crypto exchange OKCash can increase in value by 18 percent. In addition to the MATIC course, only Loopring (LRC), which gains seven percentage points, and PAX Gold (PAXG), which, as a reflection of the gold price, is benefiting from the rise in the precious metal, have seen a price increase in the last seven days.

All other altcoins among the 100 largest cryptocurrencies show massive price reductions. In addition to the already mentioned price crashes at FTT and Solana, last week’s winner Tokenize Xchange (TKX) also corrected significantly with a 49 percent discount. Aptos (APT) with a price drop of 43 percent and EthereumPoW (ETHW) with a price drop of 35 percent also suffered badly. The fact that a good half of the top 100 altcoins have collapsed by 20 or more percentage points in a weekly comparison underlines the concerns among investors.

Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations. They are merely an assessment by the analyst.

The chart images were created using TradingView created.

USD/EUR exchange rate at the time of going to press: EUR 1.02.