Post by Bianca on Mar 2, 2023 22:43:01 GMT -8
Over the past week the market has tapered off slightly with BTC hovering around the previous range levels identified.
The altcoin market has seen further pullbacks with the majority of coins seeing higher than usual selling volume across our OTC desk.
$SOL is currently down 8.8% over the last 7 days, on Saturday the 25th of February the network experienced an outage which lasted for nearly 20 hours. Developers are still uncertain what caused the outage, price dropped nearly 6% on saturday following the news however quickly recovered on Monday recouping the outage loss.
$ADA has recently announced a series of updates across its network including a major upgrade on the Hydra Protocol. Despite the updates $ADA is currently down 7.8% over the past week.
$STX has taken the market by surprise as it is one of stronger performers over the past week, currently up over 54% in the last 7 days. The NFT hype still prevails as STX looks to be one of the first Blockchains to allow for NFT’s on the BTC network.
Since hitting the August high target we had marked out ($25,266), the overall market has tapered off. As we have seen increased selling pressure across the Convert portal with BTC playing the range levels.
Crypto to Stablecoin transactions topped the list again this week with a value of 28.73%, a slight decrease of 3.57%. As to be expected with the market seeing a local top, selling volume increases as speculators look to secure profits.
Stablecoin to Crypto transactions placed 2nd again this week, increasing 1.31% compared to the previous week. With the market pulling back from local highs, participants will look to capture discounted prices in hopes of trading back towards the highs.
Stablecoin swaps continue to lay low coming in with a value of 17.32%.
Interestingly, over the past weeks we have seen more activity across Crypto to Crypto transactions. With BTC pumping and then pulling back, speculators look to rotate their holdings across altcoins as they expect these to outperform the rest of the market should another rally take place.
Overall market technicals
The altcoin market has seen further pullbacks with the majority of coins seeing higher than usual selling volume across our OTC desk.
$SOL is currently down 8.8% over the last 7 days, on Saturday the 25th of February the network experienced an outage which lasted for nearly 20 hours. Developers are still uncertain what caused the outage, price dropped nearly 6% on saturday following the news however quickly recovered on Monday recouping the outage loss.
$ADA has recently announced a series of updates across its network including a major upgrade on the Hydra Protocol. Despite the updates $ADA is currently down 7.8% over the past week.
$STX has taken the market by surprise as it is one of stronger performers over the past week, currently up over 54% in the last 7 days. The NFT hype still prevails as STX looks to be one of the first Blockchains to allow for NFT’s on the BTC network.
Since hitting the August high target we had marked out ($25,266), the overall market has tapered off. As we have seen increased selling pressure across the Convert portal with BTC playing the range levels.
Crypto to Stablecoin transactions topped the list again this week with a value of 28.73%, a slight decrease of 3.57%. As to be expected with the market seeing a local top, selling volume increases as speculators look to secure profits.
Stablecoin to Crypto transactions placed 2nd again this week, increasing 1.31% compared to the previous week. With the market pulling back from local highs, participants will look to capture discounted prices in hopes of trading back towards the highs.
Stablecoin swaps continue to lay low coming in with a value of 17.32%.
Interestingly, over the past weeks we have seen more activity across Crypto to Crypto transactions. With BTC pumping and then pulling back, speculators look to rotate their holdings across altcoins as they expect these to outperform the rest of the market should another rally take place.
Overall market technicals