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Cryptocurrencies to watch for the week of March 6, 2023

Cryptocurrencies to watch for the week of March 6, 2023
Paul L.

As we enter the week of March 6, the cryptocurrency market has taken a downturn, with many assets experiencing corrections. The drop in momentum has been triggered by macroeconomic factors and liquidity concerns at digital asset-friendly Silvergate bank.

Amid the heightened volatility, it is challenging for investors to determine which cryptocurrencies to focus on. Therefore, Finbold looks at the most promising cryptocurrencies to watch out for as the current market conditions prevail in the coming week.

Synthetix (SNX)

Synthetix Network (SNX), a decentralized finance (DeFi) protocol, is witnessing increased investor interest from ongoing network development activities. Synthetix, which enables the issuance of synthetic assets on the Ethereum (ETH) blockchain, recently deployed version 3 (v3) on the Ethereum mainnet after security audits. According to developers, V3 will feature a more efficient architecture that enables faster and more complex development of decentralized financial applications.

The upgrade will also provide a liquid market for any financial derivative, from traditional to exotic markets like no-loss lotteries. The update will also include simplified staking and differentiated debt pools, allowing network stakers to supply collateral to specific asset pools and receive fees without exposure to all Spartan Council-supported assets.

Therefore, SNX is among the cryptocurrencies to watch, with a special focus on whether it can hold onto the gains after emerging as the highest weekly gainer.

By press time, SNX was trading at $3.15 with daily gains of about 6%. On the weekly chart, the token is up 25%.

SNX seven-day price chart. Source: Finbold

Under technical analysis, the one-day gauges on TradingView are mainly bullish. The summary and moving averages are for a ‘strong buy’ sentiment at 16 and 14, respectively.

SNX technical analysis. Source: TradingView

Optimism (OP)

Optimism (OP) has recorded growth amid sustained adoption. The token has rallied after crypto exchange Coinbase announced the launch of its layer-two network for Ethereum using Optimism-based technology. The news has resulted in Optimism recording multiple periods of gains for the OP token.

Under the partnership, Coinbase will join Optimism as a core developer, a factor that is boosting investor confidence in the layer two blockchain. Based on the recent upward momentum, OP made it to Finbold’s list of cryptocurrencies to watch for the month of March.

Besides partnerships, on-chain data indicates that Optimism is beating its closest competitors on key metrics. Notably, data published by crypto analysis platform Massari suggests that Arbitrum and Optimism retained 35% to 45% of new users in the short term, but Optimism had a higher retention rate for its long-term user base.

With the crypto market uncertainty lingering on, it is vital to monitor OP’s performance, especially if investors will take out profits from the token. OP has registered daily gains of over 1% to trade at $2.46.

OP seven-day price chart. Source: Finbold

Elsewhere, OP technical analysis offers mixed signals, with both summary and oscillators recommending neutrality at 2 and 10, respectively. Moving averages are for selling at 8.

OP technical analysis. Source: Finbold

GateToken (GT)

GateToken (GT) is the native token of crypto exchange and has recently witnessed a price pump due to the platform’s possible expansion into new jurisdictions. Gate Group’s recent application for a Hong Kong Trust or Company Service Provider (TCSP) license may be the reason behind the recent price increase, as it would enable the exchange to broaden its presence and services in the region. 

This move aligns with the growing trend of crypto exchanges prioritizing compliance as regulators continue to tighten their global supervision of the crypto market. In this case, the outcome of the regulatory outcome from Hong Kong authorities is likely to influence the value of GT in the coming days.

Despite experiencing a price rally recently, GT has recorded sustained corrections on the daily chart and is currently trading at $4.97.  

GT seven-day price chart. Source: Finbold

Meanwhile, GT’s technical analysis is mainly bullish. A summary of the one-day gauges on TradingView shows ‘buy’ at 12, while ‘moving averages’ recommend ‘strong buy’ at 11.

GT technical analysis. Source: TradingView

Maker (MKR)

Maker (MKR) has generally ignored the overall market downturn to rank among the highest-gaining assets on the weekly chart. MKR, the Maker Foundation’s governance token, gains can partly be attributed to Maker DAO’s recent deployment of lower borrowing fees on March 1.

The MKR trading volume surged by at least 200% following the development. These changes have increased interest in Maker’s borrowing offerings, positively impacting MKR.

Currently, Maker is trading at $970 with daily gains of almost 10%.

MKR seven-day price chart. Source: Finbold

The token’s technical analysis also replicates the positive sentiment around MKR. A summary of the one-day gauges indicates a ‘strong buy’ at 16. Moving averages are also for ‘strong buy’ at 14.

MKR technical analysis. Source: TradingView

Bitcoin (BTC)

The maiden cryptocurrency suffered a sharp correction in reaction to the news that digital asset-friendly lender Silvergate Bank might go out of business, citing liquidity issues. The situation sent panic into the crypto market, with Bitcoin (BTC) shedding about $1,200 in an hour. The move invalidated the digital asset’s momentum for 2023.

The fallout saw analysts term the Silvergate situation as Bitcoin’s short-term sentiment killer. As uncertainty prevailed, the correction also resulted in Bitcoin dropping through the $23,000 demand zone.

Despite the bearish sentiment, Bitcoin is showing early indicators of its ability to solve traditional finance sector shortcomings such as inflation. As per a Finbold report, Bitcoin’s inflation rate of 1.7% is now three times less than the United States dollar’s.

Bitcoin remains an asset to watch because BTC’s price movement has always influenced the general market sentiment. As the new week begins, investors will be watching how the Silvergate situation unfolds and its implications on Bitcoin.

Furthermore, the price of Bitcoin remains subject to the tussle between the bulls and bears. The crypto is currently changing hands at $22,443. On the weekly chart, BTC is down almost 4%.

BTC seven-day price chart. Source: Finbold

On the other hand, Bitcoin technical analysis still has traces of bullish sentiments. A summary of the one-day technicals on TradingView is for ‘buy’ at 11, the same as oscillators at 5. Moving averages are recommending ‘sell’ at 8.

All in all, the success of the cryptocurrencies depends on their teams’ efforts and developments, as well as external factors like the crypto market and macroeconomics.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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