Weekly Recap: Another Losing Week Despite a Strong Start

Last edited: Dec 20, 2021

In this week’s recap, we take a look at the major cryptocurrencies trading across our BTCC platform and review their performances over the past 7 days. Overall, despite a relatively strong start compared to the previous weeks, most coins still ended down more than 5% over the past week.

BTC: $45,960.25 (-5.8% over the last 7 days)

BTC looked like it was going to climb back to its $50,000 mark on Wednesday and stabilize around that point, with the buying support it was getting on the trading floors. Instead, it came crashing down on Thursday, and never quite recovered for the rest of the week. BTC will seek not to replicate last week’s relatively disappointing price performance, and will need to rely on investors to buy in on its once lofty valuation of $68,000 per coin.

BTC price chart over the past week (1 hour intervals)

ETH: $3,812.07 (-4.76% over the last 7 days)

Similar to BTC, ETH managed to climb back to above $4,000, and it almost seemed like it would easily hold its ground at $4,000. Instead, it plummeted on Thursday, dropping to $3,700. It briefly came back to just above $4,000 on the 19th of December, but that recovery was quickly erased on Sunday as it once again dropped to around $3,800. Ethereum has now been on a continuous downswing for 4 straight weeks, giving bullish investors plenty of reasons for concern over its recent performance.

ETH price chart over the past week (1 hour intervals)

DOT: $23.82 (-14.89% over the last 7 days)

By far the biggest loser this week is DOT, which declined by almost 15% in prices over the past week. DOT has been in a massive slump since the high point reached in November 4th, where it recorded a price of $55 per coin. Since then, the coin has dropped more than $30 per coin, erasing around 60% of the coin’s entire market capitalization. This has put DOT outside of the top 10 cryptocurrencies in terms of market cap, and it now sits at No. 11, right below the surging Avalanche, who in contrast is up near 23% over the previous week.

DOT price chart over the past week (1 hour intervals)

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