Dgenz Crypto Weekly 018

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February 26, 2025

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The Weekly Ledger

Weekly Snapshot

Market & Economy Overview

It is never a dull week in crypto and this week has certainly started off no different. Bybit suffered the largest crypto heist in history on February 21, losing nearly $1.5 billion in $ETH. The attack follows tactics commonly linked to North Korea’s Lazarus Group although Bybit CEO, Ben Zhou, assured users that the exchange has fully covered the loss through loans, whale deposits, and $ETH purchases. Meanwhile, market volatility has been extreme, with 391,243 traders liquidated in the past 24 hours, totaling $1.5 billion in losses, including a single $20.8 million liquidation on Bitcoin. In other news, former FTX CEO Sam Bankman-Fried broke his two-year silence on X, briefly sending $FTT, the exchanges native token, soaring 30% to $2.03 before it quickly dropped back to $1.72 in just half an hour. Amid the broader market downturn, Pi Network defied the trend, surging 158% to $1.60 following its mainnet launch. With a self-reported market cap of $10.7 billion, $PI now ranks as the 11th largest cryptocurrency, fueled by speculation of a potential Binance listing, which could bring exposure to over 200 million users worldwide.

Total liquidations across the market in the last 24hrs.

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Crypto Insights: Weekly Charts

Bitcoin Dominance

As we can see on the daily chart, $BTC.D put in a huge deviation move to test that 62% resistance band. This move, accompanied by Bitcoin's price declining, is why we saw the alt market take a beating in the last couple days. Now obviously the major contributing factor was the $1.5 billion hack causing panic, but if you were to monitor this chart then you could have seen this big move coming. However, we can now see that $BTC.D is retesting the 1D 12 EMA line that also lines up with a 4HR level of resistance so we should see a rejection from this level and a move back down giving the alt market a chance to recover.

The BTC.D chart shows Bitcoin’s market dominance, revealing its share of the total crypto market cap and helping investors understand capital flow trends and overall confidence in Bitcoin versus altcoins.

USDT Dominance

$USDT.D broke straight through our previous daily resistance at 4.63% and went on to reject from a light resistance level at 5.12%, though I would have liked to see it push a little further and instead test the daily SR at 5.26% for more confirmation. If you were to look at the 4HR chart you would see we put in a double top right at that 5.12% resistance, followed by a daily close back under the previous month’s high signalling some relief. It is likely we see it continue back down to test the daily SR level at 4.63% as the current rejection at resistance you are seeing is a deviation retest and that is usually a very good trigger to enter in to long positions, although I would still advise caution as we have just broken above this resistance on the 4HR so we could still push higher to the SR at 5.26%.

The USDT.D chart shows the market dominance of Tether (USDT), indicating the proportion of crypto market value held in Tether and reflecting investor sentiment towards risk, as higher dominance often signals a move towards stability.

Others Dominance

In the last 2 days we saw $OTHERS.D deviate below support and go back to touch our weekly trendline that formed back in 2017. A failure to hold this trendline would mean that $OTHERS.D comes crashing down from 8% to 6% and is pretty much game over for altcoins.

The OTHERS.D chart highlights the market share of altcoins outside the top 10 by market cap, giving investors insight into capital flow and interest in the broader crypto market.

TOTAL2

Looking at the daily chart for $TOTAL2 we can see that we broke straight down through the support at 1.17T where it then bounced from a support zone we hadn’t touched since November last year. This huge move down saw the altcoin market cap lose $186.59 billion in value. We are now trading under the 1D 12 EMA which looks to be lining up with our previous support at 1.17T so I would expect this to be a tough level to break through leading to us ranging between there and 1.06T for some time.

The TOTAL2 chart shows the market cap of all cryptocurrencies excluding Bitcoin, offering insight into the altcoin market’s health. A rising TOTAL2 often signals increased interest in altcoins, while a decline may indicate a shift back to Bitcoin or reduced altcoin investment.

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Spotlight: Token of the Week

$HYPE

Hyperliquid has been one of the strongest performing coins in the market lately and after a recent deviation below support to sweep out this years lows it is now back retesting support giving us a great opportunity to enter. From current market price I would expect a 30% run back up to range highs on this one but remember to take profits on the way up, key levels of resistance are marked out in green for you.

This is not financial advice. Please conduct your own research and trade responsibly.

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