Winner-Turned-Loser ICON Tanks 40 Percent as Crypto Markets Falter
It's been a bad week for the wider cryptocurrency market, and one token alone in the top 25 by market cap has registered moderate gains.

The last week of March has offered no relief to the battered crypto markets.
The total value of all cryptocurrencies fell to $251 billion today – the lowest level since November 23, according to CoinMarketCap. Week-on-week, total market capitalization has declined by 25.6 percent to $263 billion. That's also down 68 percent from the record high of $830 billion seen in early January.
Elsewhere, ether
That said, a look at the top 25 cryptocurrencies by market cap reveals that losses in ICON's ICX token, lisk and nano far overshadow the drops seen with heavyweights like BTC, ETH, XRP – perhaps indicating that Twitter's decision to ban ICO ads has not gone down well with the small-cap tokens.
Meanwhile, there is only one gainer among the 25 cryptocurrencies by market cap this week.
Week's biggest losers
ICON

Weekly performance: -41.13 percent
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. The token had rallied 64 percent last week on the back of new exchange listing.
Although the rally was backed by strong volumes, the cryptocurrency failed to hold onto gains. The bearish 5-day moving average (MA) and 10-day MA cross seen on the daily chart (as per Binance), indicates a short-term bearish outlook.
The relative strength index (RSI) has also rolled over into bearish territory, thus immediate support at $1.87 (March 17 low) could be put to the test.
Lisk

Weekly performance: -35.41 percent
All-time high: $39.31
Closing price on Mar. 23: $12.03
Current market price: $7.77
Rank as per market capitalization: 22
The investor community is associating lisk's poor performance with developers' unrealistic expectations, roadmap difficulties and delays. The broader market sell-off seems to have added fuel to the fire.
It's worth noting that the cryptocurrency dropped 10.9 percent in the previous week, despite the positive tone in the crypto markets. So, it is no surprise that LSK ranks second on the list of the top losers in a bad week for cryptocurrencies.
Nano

Weekly performance: -35.53 percent
All-time high: $34.43
Closing price on Mar. 23: $8.11
Current market price: $5.39
Rank as per market capitalization: 24
The cryptocurrency went live on n.exchange earlier this week, but that has failed to put a floor under prices. Further, investors are saying the developers need to put more effort into the marketing side of the business, or widespread adoption will be a distant dream. The negative sentiment, coupled with the wider market weakness could keep NANO under pressure in the coming weeks.
Week's biggest gainer
Tron

Weekly performance: +6.12 percent
All-time high: $0.30
Closing price on Mar. 23: $0.041137
Current market price: $0.043654
Rank as per market capitalization: 11
Tron blockchain's TRX token is standing tall as the only gainer in the top 25 this week – perhaps buoyed by the launch of its testnet (infrastructure for the Tron ecosystem) that garnered some attention in the investor community.
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 (March 2 high). That said, resistance could be taken out next week if the crypto markets return to the positive. Additionally, the new testnet has reportedly gone live and could boost the appeal of the cryptocurrency.
Parachute image via Shutterstock
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Exchange Review - March 2025

CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
알아야 할 것:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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