•Cryptocurrency prices dropped in the final week of the year, with Bitcoin reaching a low of $16,485.
•Mirror Protocol (MIR) spiked to a high of $0.24, which was 173% above the lowest level this year.
•Serum (SRM) dropped to a low of $0.018, which was the lowest in the past 30 days.
The final week of the year was a tumultuous one for the crypto markets. Investor sentiment was hit hard by fears of a global recession, combined with rising interest rates. As a result, many of the top cryptocurrencies suffered significant losses. Bitcoin, the largest cryptocurrency by market cap, dropped to a low of $16,485 before recovering slightly. Ethereum, XRP, and Cardano also experienced declines, with the latter dropping to its lowest level since September.
Mirror Protocol (MIR) was one of the few coins to buck the trend in the past week. The dead cryptocurrency spiked to a high of $0.24, which was 173% above its lowest level this year. This was likely due to its connection to the Terra Protocol and the Terra USD stablecoin. Its price has since fallen back to $0.14, but is still above the 25-day and 50-day moving averages.
Serum (SRM), another dead cryptocurrency, was one of the worst-performing coins in the past week. It dropped to a low of $0.018, which was the lowest in the past 30 days. This is likely due to the coin’s lack of utility, as it was designed for use in a decentralized derivatives exchange that has since been abandoned. The coin has now pulled back to $0.022, but its RSI is still below the neutral point of 50.
Overall, the crypto markets experienced a difficult week as investor sentiment was hit hard by fears of a global recession and rising interest rates. While some coins, such as Mirror Protocol, managed to buck the trend, most suffered significant losses. It remains to be seen if the markets will recover in the coming weeks.