WEEKLY ANALYSIS - Bitcoin, Ethereum and Other Tokens Experienced First Week of Losses This Year

The cryptocurrency market experienced weakness for the first time in 2023, with the price of Bitcoin falling below the key resistance level.

Crypto market traded slightly weaker in the last 7 days as Bitcoin price returns to three-week lows after US Securities and Exchange Commission (SEC) crackdown on crypto staking. Nevertheless, market experts are claiming that the current market dip is temporary and is only a result of the market experiencing an excessive increase in value during the month of January.

The largest crypto token fell 5.56% in the last 7 days reporting a sudden decline from Thursday that pushed the coin to barely hold above $21,500-level. As of today, Bitcoin is traded at $21,667, down 1.21% in the last 24 hours with a trading volume of $20,359,005,491, a market cap of $417,945,893,403 and a circulating supply of 19,289,450 BTC coins.

Ethereum, the second largest cryptocurrency, dropped 9.1% in the last 7 days to reach a price of $1,489.50 today and has now a market value of $184,068,373,957. In the past 24 hours, Ethereum's trade volume was $6,784,491,185, with a circulating supply of 122,373,866 ETH coins.

 Many other alternative cryptocurrencies are currently undergoing intense selling pressure, which might be affected by the upcoming Consumer Price Index (CPI) rates. While Oasis Network (ROSE) was the best performer in the last 7 days with a 33.36% gain, others like Avalanche (-14.01%), Shiba Inu (-13.54%), Dogecoin (-12.28%) and Solana (-12.33%) have been experiencing downswing.

The global cryptocurrency market was trading lower at $1.00 trillion, with a 1.76% decrease in the past 24 hours. Despite this, the total trading volume saw a significant increase of 44.15% and reached $46.82 billion.