CoinDesk: Bitcoin drops 20% but wasn't week's big crypto price loser
Bitcoin's (BTC) repeated failure to beat inverse head-and-shoulders neckline resistance saw bears come in full force, pushing prices to a one-month low of $8,371 Friday.
As of writing, the world's largest cryptocurrency by market capitalization is trading at $8,970, according to CoinDesk's Bitcoin Price Index (BPI).
But the 28 percent drop from BTC's March 5 high of $11,660 had broader implications, pushing the market capitalization below $350 billion for the first time since Feb. 14.
The sell-off in BTC seems to have roiled broader markets, a trend evident by the fact the top 25 cryptos by total value are all reporting weekly losses.
As such, while bitcoin has depreciated by 20.98 percent week-on-week, it's notably not the top loser of the week, with TRON, ICON and IOTA ranking higher on bigger losses.