Crypto Last Week: 7th-13th March

The following article is written for education purposes only. It should not be taken as trading advice.

The hangover from February’s market has continued into March, although signs of a small uplift have been seen across certain crypto markets. Overall, while there have been small value increases observed, the market is well behind the pre-February 23rd positions it was previously in.

It was a Jekyll and Hyde week for Bitcoin. Had you briefly tackled the market between March 8th and mid-March 9th, when the crypto shot up $4,000 in a short time frame — up to $42k — there would have been an opportunity to reap some kind of investment benefit. However, this proved to be only a fleeting moment of positivity, as the market fell back down to $39k the day after, since leveling out at $38k and not too far above where it started the week. While a small positive in net value, traders who joined during the middle of the week would have felt a pinch rather than any benefit. How the Bitcoin market served traders was entirely dependent on their approach, with volatility a key feature to the market.

Ethereum started the week floating just underneath the $2,500, and finished at around $2,550 — a small, yet incremental gain throughout the week. Traders would have been wise to sell short come March 9th (in retrospect of course), with its price peaking at $2,759 later into the afternoon. Again, while on the whole Ethereum is up across the week, this isn’t necessarily reflective of its full trading story. Traders joining later on the 9th would have felt a similar pinch to Bitcoin traders, whilst those who cashed in on the price hike of the 9th would have benefited, and those who held would still be up to a small degree. Ethereum remains well below its $3,159 peak of the previous month.

Terra continues to make gains in the market, and has shown no signs of letting up while other cryptos have fallen in value. Starting the week at $77, Terra closed at $89, peaking at $103 at certain stages of the week. Investors who were seeking a coin to weather the market storm post-Feb 23rd would have found a safe haven in Terra, with its value up from $55 before the geopolitical crisis. Over the last 30 days, Terra is up 76%, and is a shining light within a market that has generally suffered over the previous 4 weeks.

Doge enjoyed a relatively stable start to the week, peaking at $0.1236 on the 10th, its price has fallen towards $0.1142 at the opening of the week. Its dog-themed counterpart Shiba is down 6% over the last 7 days too, with the value of both coins falling between 20–25% over the last 30 days. Both markets remain volatile, however sentiment amongst its traders remains the same — hold. Doge is, after all, one Elon Musk tweet away from bumping up in value again.

Crypto markets overall aren’t yet near the levels that we saw prior to the geopolitical situation in Eastern Europe. While there have been signs of recovery with some coins in the short term, almost all markets remain down over the previous 30 days. There may have been some positive gains for day traders and short sellers, and those who have held certain coins over the past week will be in a better position than the previous week, but the bigger picture remains the same — crypto is still in recovery, and there is still value to be regained.



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