- 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
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.
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