by Scott Emick
3/2/25
The huge correction we saw during the week has partly reversed now, but only time will tell if this was end of the bear market.
Here’s a comprehensive update on the weekly price movements of Bitcoin (BTC), Monero (XMR), Solana (SOL), and Ripple (XRP), along with the key factors influencing their recent performance:
Bitcoin (BTC):
• Price Movement: Over the past week, Bitcoin has experienced a significant decline, dropping from approximately $92,000 to around $84,252, marking a decrease of about 8.4%.
• Contributing Factors:
• Economic Uncertainty: Fears of a global trade war, spurred by President Donald Trump’s recent tariff policies targeting imports from Canada, Mexico, and China, have led investors to retreat from riskier assets, including cryptocurrencies.
• Security Concerns: A significant cyber-attack on the Bybit exchange resulted in the theft of $1.5 billion in digital assets, further dampening market sentiment and contributing to Bitcoin’s decline.
Monero (XMR):Monero (XMR):
• Price Movement: Monero has remained relatively stable over the past week, with its price hovering around the $220 to $230 range.
• Contributing Factors:
• Market Stability: Monero’s stability can be attributed to its strong community support and its unique position as a leading privacy-focused cryptocurrency, which continues to attract users seeking anonymity.
Solana (SOL):Solana (SOL):
• Price Movement: Solana’s price has seen a slight uptick over the past week, rising from approximately $140 to around $155, indicating a gain of about 10.7%.
• Contributing Factors:
• Technical Indicators: Solana holds key support at $140, with resistance at $150 and potential targets at $155-$160. The Relative Strength Index (RSI) nearing the oversold zone suggests a possible bullish reversal.
• Contributing Factors:
• Market Correction: The recent sell-off in the cryptocurrency market has impacted XRP, leading to its current trading range near short-term support at $2.2.
• Regulatory Developments: While the SEC’s lawsuit against Ripple has been a longstanding issue, recent developments suggest a potential easing of regulatory pressures, which could positively influence XRP’s price in the future.
In summary, the past week has been marked by significant volatility in the cryptocurrency market, influenced by geopolitical tensions, security breaches, and technical market factors. Investors are advised to exercise caution and stay informed about ongoing developments that could impact these digital assets.
