Weekly Recap: The Crypto Market Rally Slowly Crumbles
In the first week of February, things were looking rosy for crypto, as multiple coins made 20-30% of gains within a week. However, things have slowed down dramatically this week, and coins reverted to their ways in January with a large decline. Bitcoin and Ethereum remained relatively stable, with 2% and 7% decrease in prices, respectively, but many altcoins dropped by anywhere from 5% to 22% last week. Let’s take a look at the biggest winners and losers over this past week.
XRP: $0.7926 (+9.71% over the past 7 days)
XRP was the only major altcoin in this past week to climb in prices, increasing by almost 8% over the past 7 days. Most of this were motivated by the news that XRP and Ripple Labs have received positive news on the court rulings of SEC vs Ripple, with information outlets suggesting that there may have been collusion or malpractice on the SEC front when it came to enforcing actions on regulating the trading of XRP.
SOL: $93.45 (-21.73% over the past 7 days)
It must be disappointing as a bullish investor on SOL to see it appears on this list, as SOL is yet again, after the weekly recap two weeks ago, the biggest loser among all cryptocurrencies trading on BTCC. SOL declined by nearly 22% over the past 7 days, erasing almost all the gains recovered last week, and in the process, dropped its price down to below $100 yet again.
DOT: $18.23 (-17.71% over the past 7 days)
DOT experienced the second largest decline among all cryptocurrencies trading on BTCC over the past 7 days, decreasing by nearly 18% to drop its price below the $20 mark that it was once stabilizing on last week. In a harsh crypto market condition, DOT needed some positive news, like the ones XRP received, to boost up its prices again, but last week was not it for DOT, as it declined harder than its peers.