Weekend Roundup: Rows of Red as Bitcoin Taps $43,000

Having suffered a string of successful weekends with pump sessions across the board, it was inevitable that the market would eventually suffer a poor weekend. Bitcoin pushed lower as altcoins suffered the same fate this weekend.

This week's Bitcoin decline boosted crypto traders' optimism that the weekend would bring a recovery and possible altcoin pump. The opposite has occurred, as Bitcoin continues to drop and altcoins continue to fall. 

Bitcoin dived to $43,000 as the week-long selloff that started on Monday slowed after a short reprieve between Thursday and Friday. 

Bitcoin fell for the seventh consecutive day, reaching a three-week low for the digital asset. Now, the company has dropped 25% this week. 

In essentially the same fashion as Bitcoin, Ethereum has been moving in unison, and the chart looks the same. 

A One and-a Two

Ethereum essentially has been moving in unison with Bitcoin and the chart looks identical. Also down for the seventh straight day, the second-ranked coin tapped $1,300 on Sunday following a stellar month that saw it tap a new all-time high of $2,048. 

Altcoins Suffer This Weekend

Altcoins saw even bigger drops than Bitcoin. Since stable coins' price remains constant, the top 100 have been the best performing assets. Only 30% of the top 100 saw a drop of less than 10%. A 24% decline in market capitalization was observed over the weekend. 

Total Market Capitalization Down 24%

The weekend saw everything decline drastically. Market cap overall has moved almost as much this week as bitcoin, seven consecutive days on a downward trend. As long as the sale pressure continues, altcoins suffer the most. 

There were no rock-star performers in the top 100 this week, only losers across the board. 

Pancake Swap saw the largest drop in price compare to recent spike.

HT, also called Huobi Exchange Token (HT), showed drastic drops over the weekend. Throughout most of February, exchange tokens have outperformed the market, with CAKE and HT both setting new all-time highs. Recently, CoinGeckoCAKE saw its price hit $30 after being listed on BINANCE exchange. The price has deteriorated to as low as $8.3 on Sunday over the past week. 

CAKE In one weekend alone, CAKE has dropped 33%. Market capitalization totaled just under $1.3 trillion after the week-long selloff. Crypto Twitter: Users calling for the bottomTwitter users have started asking whether the sales are still on the decline. We were expecting the correction. A bull run, however, can devastate portfolios. 

Crypto Twitter Calling for the Bottom

Twitter users have begun calling for the bottom as the recent sell-off reaches concerning numbers. Twitter's ferocity is reaching its peak. Sign of a bottom nearing. 

A lot likely will be time to hot potato back into the majors by spring of 2021, even though the number of major league players has declined at an alarming rate— pump respecter (@DonnyCrypto) February 28, 2021Are you BTFD? 

Bitcoin pulled back as altcoins suffered the same fate this weekend. During the week Bitcoin's sell-off, crypto traders thought a recovery might be in store for altcoins over the weekend. The exact opposite has occurred, as Bitcoin continues to rise, while other cryptocurrencies are continuing to fall. After a short respite on Thursday and Friday, the weeklong sell-off continued following a weeklong rise which started on Monday.