Over the weekend, Bitcoin (BTC) failed to recover significant losses from the end of the week and instead traded within a range in the mid-US$22,000s.
On Friday, the BTC/USDT pair fell below US$22,000, but buyers took advantage of the dip and provided support to keep the pair above that level. However, there is currently a little indication of an imminent price breakout, unlike what was seen in January.
The cryptocurrency market is still grappling with the potential collapse of Silvergate, a high-profile cryptocurrency bank, which has left investors worried about another bout of market contagion, reminiscent of the recent FTX incident.
Despite tapering off in the past week, the US dollar has had a surprisingly strong year and could remain elevated if there is continued hawkish rhetoric. Currently, BTC/USDT is holding steady at around US$22,400 with minimal intraday volatility.
Over the weekend, Ethereum (ETH) also traded in a sideways pattern and was unable to surpass the US$1,600 mark. Currently, the ETH/USDT pair is being traded at US$1,560. The current low volumes for ETH suggest that a sudden price surge is unlikely in the near future.
The top-20 altcoin set has seen few surprises recently. Polygon (MATIC), Polkadot (DOT), Shiba Inu (SHIB), and Avalanche (AVAX) remain among the lowest performers, with their market capitalizations remaining in the low double digits week on week.
Ripple (XRP) and Tron (TRX) have slightly outperformed the BTC and ETH benchmarks, with week-on-week losses in the low single digits.
Decentralized finance (DeFi) tokens had a positive showing overnight. Synthetix (SNX), a decentralized derivatives exchange, rose by 5%, bringing its market cap to US$795 million. Curve (CRV), a decentralized stablecoin exchange, added 4% to reach US$694 million.
Trust Wallet Token (TWT), Dash (DASH), and SingularityNET (AGIX) were among the poorest performers overnight.
The global cryptocurrency market cap dipped by 0.2% to US$1.02 trillion, while the total value locked across all DeFi protocols remained relatively flat at US$48.2 billion.
