The cryptocurrency markets regained some poise in the week ending March 23, with several individual tokens making more notable gains.
Overall, the total market capitalization of all cryptocurrencies clocked a weekly high of $356 billion on March 21, and was last seen at $345 billion – up 29 percent from the low of $275 billion see on March 18.
The recovery could be attributed to bitcoin’s (BTC) 24 percent rise to $9,160 from the weekly low of $7,335, as well as more positive general news flow. As of writing, BTC is trading at $8,547, meaning the cryptocurrency has appreciated by a meager 2.5 percent on a weekly basis.
Once again, small-cap names like ICON’s ICX token, EOS, and Qtum were the strongest gainers in the top 25 cryptocurrencies by market capitalization.
Monthly performance: 64.44 percent
All-time high: $12.04
Closing price on Mar. 16: $2.25
Current market price: $3.7
Rank as per market capitalization: 19
ICON’s ICX token, February’s best-performing cryptocurrency, rose to $4.02 on Binance on Thursday – its highest level since Feb. 26. ICX ran into bids after Bithumb, one of the largest cryptocurrency exchanges in South Korea, announced it would list ICX on March 21. Upbit, Korea’s largest exchange, also listed the token on March 22.
Trading volume rose above $0.2 billion on March 21 for the first time since Jan. 30. That day was also the highest single-day trading volume since Jan. 9, according to CoinMarketCap. The high volume rally indicates the ICX token will likely extend gains in coming weeks.
Monthly performance: 34.38 percent
All-time high: $18.71
Closing price on Mar. 16: $5.09
Current market price: $6.84
Rank as per market capitalization: 6
EOS witnessed a bullish doji reversal this week and clocked a weekly high of $7.28, as per Bitfinex data. Apart from the broad-based crypto market recovery, the rumors of exchange listings and joint venture news seem to have helped the cryptocurrency post good gains week-on-week.
That said, EOS is still struggling to beat the falling channel resistance, having created a doji candle yesterday that indicates indecision in the marketplace. So, EOS might be in for a pullback before the falling channel resistance is breached in a convincing manner.
Monthly performance: 22.83 percent
All-time high: $106.88
Closing price on Mar. 16: $14.98
Current market price: $18.4
Rank as per market capitalization: 18
Qtum (QTM) jumped to a one-week high of $21.84 on March 21, according to Bitfinex data. The cryptocurrency notably spiked 60 percent on March 19 after Binance added the Qtum-Binance Coin (QTUM/BNB) and Qtum-Tether (QTUM/USDT) trading pairs.
However, the initial buzz created by the new pairs seems to have faded, as QTM has traded in a sideways manner for the last 36 hours. Further, the 14-day relative strength index (RSI) remains below 50.00 (bearish territory) despite the sharp week-on-week gains. The outlook would turn bearish if prices drop below $16.23 (Feb. low, as per Bitfinex).