Bitcoin, ETH and Dogecoin plunge while MATIC and LTC rise with CoinEdition

• flattens out at a dismal $20,690.28 after hitting a weekly high of over $21,445.
• is facing a similar drop and is currently at $1,568.07.
• Other Altcoins also register falls, while few tokens see modest gains.

The weekly crypto price analysis shows Polygon (MATIC) and (LTC) as the biggest winners, registering a gain of 1.96% and 0.56% respectively. Bitcoin, Ethereum and Dogecoin’s falling prices can potentially be attributed to institutional investors losing interest in the cryptocurrency market.

Crypto prices heat map (source: Coin360)

Bitcoin has held above $20,500 for the past week, but it is struggling to break the $21,000 barrier again. Ethereum’s value has also fallen, currently sitting at $1,568.07, down from its weekly high of $1,633.

Meanwhile, other altcoins have experienced similar declines this week. has plunged to $0.0032 after hitting highs above $0.1571 earlier in the past week following Elon Musk’s Twitter acquisition hype.

The technical indications indicate that Bitcoin is struggling with resistance at the $21,000 level and could potentially see a bearish turn in the near future. However, BTC has remained above its 200-day moving average, indicating that it may still be in a long-term bullish trend.

Ethereum is down 4.13% in the last 24 hours and has also struggled to break past resistance at $1,600. ETH has also been trading above its 200-day moving average for most of this month, indicating a long-term bullish trend.

The technical indicators show a bearish sentiment for ETH as well, which could potentially lead to a decline in the near future.

On the other hand, most altcoins are trading around the support levels, indicating that they could see gains in the near future. The crypto market didn’t see much movement in the last day, with a global market cap of $1.05 trillion, which is just over $1 trillion, according to CoinGecko.

So far this year, the market cap for crypto has declined by more than 50%. The economic stimulus that caused a sudden spike in prices during the pandemic is slowly being withdrawn now that interest rates are rising again. Since prices fell sharply from previous highs, investors have lost interest in investing speculation on tokens.

To summarize, the market sentiment is currently bearish for most of the major coins, with MATIC and LTC being the exceptions. It remains to be seen how the market will react in the coming days.

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