BTC, ALGO, XMR, XTZ, THETA

BTC, ALGO, XMR, XTZ, THETA

The S&P 500 and Nasdaq have fallen for five consecutive weeks, indicating that traders continue to reduce their exposure to risky assets. Bitcoin (BTC)’s close correlation with US stock markets has kept its price under pressure.

Bitcoin extended its decline over the weekend and is now on course for its sixth straight weekly loss, the first such loss since 2014. Bitcoin’s weakness sent all of the crypto markets down, including the market cap fell below $1.6 trillion.

Daily view of crypto market data. Source: Coin360

When sentiment is bearish, traders sell on every negative news. The detachment of Terra’s US dollar stablecoin, TerraUSD (UST), also appears to be increasing selling pressure in the crypto market.

After Bitcoin’s six consecutive weekly closes in the red, is it time to pick up again? Let’s study the charts of the top 5 cryptocurrencies that show signs of stabilization in the short term.