- BTC maintained a passive gesture in the market, making no aggressive movement.
- Large-cap coins such as XRP, ADA, and SOL suffered double-digit losses this week.
- Toncoin, EGLD, AAVE, and MakerDAO (MKR) gained significant value in the last seven days.
The global cryptocurrency market has dropped by another percentage point, lowering the market worth to $908.53 billion, according to the market tracking website, CoinMarketCap.
Bitcoin (BTC) has slightly broken the $19k price point, presently down by 3.5% in the last seven days. Over the previous weeks, BTC maintained a passive gesture in the market, making no aggressive price movement. However, Ki Young Ju, the CEO of Cryptoquant, said there is a tendency for a Bitcoin bullish outlook as hash rates hit an all-time high alongside institutions accumulating the coin. He believes “it is time to take those facts seriously.”
The second most popular crypto Ethereum (ETH), performed a bit worse than Bitcoin in the last seven days. It currently trades at $1,279.71, with a 3.8% decrease over the previous seven days. According to a crypto analyst, Ethereum may incur further decline before any significant price increase.
While the two most popular cryptocurrencies held tight to their value, other large-cap altcoins like Ripple (XRP), Cardano (ADA), and Solana (SOL) have been in a much worse condition in the last seven days. The trio suffered double-digit losses, shedding over 12% of their market caps.
Other underperforming cryptocurrencies this week include Polygon (MATIC), Polkadot (DOT), and Terra Classic (LUNC). In the GameFi industry, Axie Infinity’s AXS token reached over 20% loss this week, and in the decentralized finance (DeFi) sector, Compound Finance (COMP) suffered a bearish week also.
Of the top 50 cryptos Coin Edition looked at, only Toncoin (TON), Elrond (EGLD), Aave AAVE, and MakerDAO’s (MKR) gained significantly in the last seven days.
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