Bitcoin and Ethereum fall, low number of coins rise
Last week, cryptocurrency markets were marred by a pessimistic outlook as Bitcoin and Ethereum plunged to their lowest levels in two months, influenced by bearish trends.
However, several altcoins with lower market caps saw significant gains on the weekly chart. These coins stood out from the negative market sentiment affecting Bitcoin and Ethereum.
Some low-cap coins on the weekly gainers list have shown significant growth, with KAVA leading the pack, followed by UNUS SED LEO (LEO).
KAVA, the original token of the Kava lending platform, has emerged as a weekly gainer, experiencing a significant growth of 25% in the weekly chart.
KAVA’s value increased as a result of the network development, which was highlighted in its 10th week earnings report. The ecosystem has seen explosive growth, with KavaRise protocols emerging as clear winners and Kava overturning Solana in terms of total value locked (TVL).
In addition, the upcoming release of Kava 13 is expected to improve protocol onboarding and Kava EVM scalability, further promoting ecosystem growth.
Currently, KAVA is trading at $0.9714, showing an increase of 11.46% in the last 24 hours and a significant increase of 12.63% in its market capitalization. The token peaked at $0.9858 and ended the week at $0.8866 after starting the week at $0.7898, showing a strong and remarkable performance.
Meanwhile, UNUS SED LEO (LEO) is also gaining attention from the community as another top weekly performer. Over the past week, LEO has experienced an impressive increase of approximately 12%.
The price increase was triggered by a recent announcement that Hive_creators are using LEO to create genuinely decentralized (CUSTOM JSON) polls on the Hive blockchain, which is greatly appreciated.
As of now, LEO is trading at $3.72; in the last 24 hours, the token has experienced an increase of 5.79%, while its market value has increased by 5.80% in the same time period.
Also, some popular coins are experiencing weekly chart gains, including Aptos (APT) up 5%, PAX Gold (PAXG) up 10% and GUSD up 1.40%, according to data from CoinMarketcap.
Bitcoin (BTC) and Ethereum (ETH) Weekly Review.
Bitcoin’s recent run of bullish momentum appears to have come to an abrupt end. Despite impressing with its strong performance towards the end of last year, the world’s largest cryptocurrency has struggled to break its winning streak, falling back to January lows.
The value of Bitcoin has dropped below $19.7000 for the first time in eight weeks, leaving many surprised by the sudden decline. Ethereum, the second most valuable cryptocurrency, has also suffered a similar fate, experiencing a sharp 10% drop in value on the same day.
Just a few days before, both Bitcoin and Ethereum had traded at a much higher price point of $25,126.85 and $1,718.95 respectively. The sudden downturn has taken many by surprise.
Despite the setback, Bitcoin and Ethereum have shown signs of recovery. After hitting a two-month low, both tokens have bounced back, signaling a potential bullish run again in the daily charts.
According to the data from CoinMarketCap, Bitcoin is currently trading at $21,864.71, down 2.58% in the last seven days, but up 6.58% in the last 24 hours. On the other hand, ETH is trading at $1,576.79, having experienced a 7.21% increase in the last 24 hours and 0.86% in the last seven days.
