⬇️Weekly Recap: Markets Pull Back From Giddy Highs

The markets suffered a heavy sell-off this past week, with Bitcoin tagging a low of $60,950, marking a 17% retracement from its all-time high posted during the previous week. Ethereum also slumped from its year-to-date high above $4,070 to test $3,070.

Despite a short-lived bounce from the low, the markets have since resumed their downward momentum, with BTC last changing hands for $64,300 and ETH trading at $3,340. According to CoinGecko, just 11 top 100 cryptocurrencies are closing the week with gains of more than 1%.

Toncoin (TON) was the week’s strongest-performing asset with a seven-day gain of 33%. TON’s bullish momentum was propelled by The Open Network announcing it will launch a more than $120 million incentives campaign rewarding developers and users interacting with the network from April 1.

The Open Network was among a handful of Layer 1 networks bucking the crypto meta-trend, with Fantom, Aptos, Sui, Internet Computer, and Sui also closing the week at a gain.