Bitcoin and Ethereum Face Bearish Trends, Low Cap Coins Rise
The past week brought a somewhat negative outlook for the cryptocurrency markets, with Bitcoin and Ethereum experiencing a drop to support levels due to bearish trends. Meanwhile, some altcoins with smaller market caps are experiencing noticeable increases in value with double-digit gains on the weekly chart.
Some low-cap coins on the weekly winners list have shown significant growth, with Maker (MKR) leading the pack, followed by Synthetix (SNX) and SingularityNET AGIX in third place.
Maker (MKR), an ERC-20 token native to the Maker protocol, has emerged as a weekly winner, experiencing a remarkable 26% growth in the weekly chart.
MKR experienced an increase in value due to MakerDAO’s announcement of reduced fees for the RETH-A vault via their latest Executive Vote. This was accompanied by a reduction in the stability fee from 1.5% to 0.5%, an increase in the debt ceiling from 5 million DAI to 10 million DAI, and an ongoing liquidation rate of 170%.
MKR is currently trading at $962.84, showing a 12.89% increase in the last 24 hours and a significant increase of 71.26% in its 24-hour trading volume. The token peaked at $949.50 and ended the week at $858.01 after starting the week at $706.32, showing a strong and remarkable performance.
Meanwhile, Synthetix (SNX) is also gaining attention from the community as another top weekly performer. Over the past week, SNX has experienced an impressive increase of approximately 20.91%.
The price increase was triggered by a recent milestone achieved by Synthetix, which may improve its liquidity business. The network has recently launched Synthetix V3 on the main network marks a significant development.
As of now, SNX is trading at $3.14, having hit a high of $3.05 and ended the week at $2.87 after starting the week at $2.47. These figures indicate a remarkable performance. In the last 24 hours, the token has experienced an increase of 7.98%, while the trading volume has increased by 63% in the same time period.
In addition, SingularityNET (AGIX) has also recently received significant attention due to its weekly performance and remarkable gain of around 15%. According to Coingecko’s data, the token has experienced a significant price increase since January and has recently entered the top 100 coin rankings, currently trading at $0.4647. In the last 30 days, the token has seen an impressive increase of 143.0%.
Also, some popular coins are experiencing weekly chart gains, including ImmutableX (IMX) up 7%, EOS up 10% and XDC up 11%, according to data from CoinMarketcap.
Bitcoin (BTC) and Ethereum (ETH) Weekly Review.
Bitcoin has failed to capitalize on its recent bullish momentum, instead succumbing to a bearish trend that has left investors reeling. Despite strong results in recent weeks, the world’s most popular cryptocurrency has failed to break its losing streak.
On Friday, Bitcoin suffered a massive decline of over 5%, falling to $22,261.22. This sudden drop has caught many investors off guard, as just a few days prior Bitcoin had been trading at a much higher price point.
Also, cryptocurrency analytics firm Santiment’s latest chirping stated that the significant drop in Bitcoin’s value occurred at 1 UTC. However, traders did not show major concerns until 12 hours later.
As of now, Bitcoin’s social dominance has reached a two-week high after traders began voicing their concerns. Experts suggest that an increase in the discussion surrounding the best cryptocurrency is necessary for a turnaround in the crypto market.
Like Bitcoin, Ethereum also experienced a significant increase in value last week, with a 4% decrease in value on Friday, falling to $1,552.45. In addition, a recent tweet from Santiment revealed the startling fact that Ethereum’s exchange supply had reached its lowest point in nearly half a decade.
This news comes in the wake of the recent FTX collapse, where ETH has emerged as one of the most popular assets that investors have shifted to self-custody.
The trend towards self-sharing appears to be gaining traction as more and more investors seek to take control of their assets and secure them against potential security breaches.
The reduced supply of Ethereum on exchanges suggests that investors are becoming increasingly hesitant to part with their holdings, potentially reducing the likelihood of a significant selloff in the future.
According to CoinMarketCap, Bitcoin is currently trading at $22,488.40, down 4.90% in the last seven days, but up 1.09% in the last 24 hours. On the other hand, ETH is trading at $1,573.15, and has experienced a 1.10% increase in the last 24 hours and a 4.37% decrease in the last seven days.
