Winner-Turned-Loser ICON Tanks 40 Percent as Crypto Markets Falter

The last week of March has offered no relief to the battered crypto markets.

Week-on-week, total market capitalization has declined by 25.6 percent to $263 billion.

All-time high: $12.04.Closing price on Mar. 23: $4.03.Current market price: $2.39.Rank as per market capitalization: 20.

ICON's ICX token, last week's top gainer, took a beating in the week ended March 30, as the pain of profit taking was possibly accentuated by the broader market sell-off.

All-time high: $39.31.Closing price on Mar. 23: $12.03.Current market price: $7.77.Rank as per market capitalization: 22.

It's worth noting that the cryptocurrency dropped 10.9 percent in the previous week, despite the positive tone in the crypto markets.

All-time high: $34.43.Closing price on Mar. 23: $8.11.Current market price: $5.39.Rank as per market capitalization: 24.

The negative sentiment, coupled with the wider market weakness could keep NANO under pressure in the coming weeks.

The TRX/USD pair listed on Binance remained bid above the 50-day moving average, but the weakness in the crypto markets ensured the cryptocurrency did not rise above $0.0576.

That said, resistance could be taken out next week if the crypto markets return to the positive.