Biggest Gainers and Losers This Week: Analysis of the Crypto Market
- Multi-coin analysis
- Ethereum’s Movement to Coinbase
Early in the day, the price of Litecoin (LTC/USD) fluctuated, dropping to a low of $91.37 and then rising to a high of $94.67. Litecoin has increased. As a result, it is moving away from its prior support level of $91.40 and heading toward a potential resistance level of $95.00.
On Saturday, Litecoin (LTC) maintained its upward trend for the second straight day, pulling further away from previous lows. As a result, market equilibrium is in the price action’s consolidation within this range.
Shiba Inu (SHIB), a cryptocurrency, saw a modest rise in price over the weekend, breaking through a last barrier. SHIB/USD value had a top of $0.00001324 and a low of $0.0000122 in the past 24 hours.
The meme currency was able to move away from its recent low of $0.00001160 above the previous price ceiling of $0.00001290 to its upward momentum. However, the 14-day relative strength index (RSI) has remained at the 55.00 mark, and the recent trend has stalled.
The index is currently hovering just above the 51.00 support level at 52.55. Therefore, there is a reasonable risk that Shiba Inu (SHIB) could fall under $0.00001200 if the price keeps falling.
Bitcoin’s (BTC) downward trend continued on Saturday, with its price hovering around a three-week low. After reaching a high of $21,919.33 the day before, the cost of BTC/USD fell to a low of $21,539.39.
This decrease in value demonstrates that the most popular cryptocurrency in the world is still trading close to its lowest level since January 20th. The market value of bitcoin is $418.72 billion. The trade volume in the past 24 hours has declined by 16.47%.
Monero (XMR) cryptocurrency’s value, which permits private transactions, fell the most this week among the top thirty coins. Monero increased by 4.97% at the time of writing and was trading for $159.97.
Among the leading cryptocurrencies, Solana (SOL) experienced the most value decline and dropped 17% of its market capitalization, trading at $20.39 on Saturday.
Ethereum’s price dropped by 1.46% on Saturday morning, ending the day at $1,529.80. The cost of ETH experienced a dramatic decline on the evening of February 10th, 2023, falling from $1,542 to $1,529 in thirty minutes.
The trading volume of ETH increased significantly, from $10.05 billion to $10.33 billion, despite the price decline. The trading volume decreased by 19.22% to $7.80 billion, while the lowest recorded price for ETH was $1,504.83
Ethereum’s Movement to Coinbase
Approximately $500 million worth of Ethereum transferred to Coinbase, a central cryptocurrency trading platform in the United States, in the previous 24 hours, claims Whale Alert, a cryptocurrency tracking service. The transaction happened while Ethereum’s price continued to fall. As a result, Ethereum, transferred by users, will probably be sold on the platform.