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Weekly Market Watch: Bitcoin & Ethereum’s Bulls Gain Momentum, Low Cap Tokens Experience Growth

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The previous week showed a more positive outlook for the crypto markets, with both Bitcoin and Ethereum seeing upward momentum. Although smaller market-cap coins initially saw notable growth at the beginning of the week, any progress made was ultimately wiped out by the week’s end.

During the previous week, the cryptocurrency community was abuzz with talk about two low cap coins, BLUR and FLOKI, which had garnered significant attention. However, as the week drew to a close, both coins experienced substantial losses, reversing their double-digit gains and ending up in the red on the daily chart.

FLOKI, a token themed around dogs, saw a surge in price on February 16th, reaching its highest levels since January 2022. On that day, the price of FLOKI rose by 65.43% in the last 24 hours and 75% in the previous seven days, with a 176% increase in trading volume over the past 24 hours. 

FLOKI 7D graph coinmarketcap
Source: CoinMarketcap

Additionally, the market cap grew by 65%. Currently, the coin has experienced a downturn, with about a 6% decrease in the last 24 hours, but it’s still up by 108.9% on the weekly chart.

The BLUR non-fungible token (NFT) marketplace launched its native token last week, and users who were awarded token allotments received “care packages.” Blur tokens began trading on February 14th, reaching a high of $5.02 per token. However, the coin has since dropped more than 97.16% from its all-time high and 5% on the daily chart.

BLUR 7D graph coinmarketcap
Source: CoinMarketcap

However, several altcoins with also low-cap coins on the list of weekly gainers have shown substantial growth, with Conflux (CFX) leading the pack, followed by Filecoin (FIL) and The Klaytn (KLAY) in third place. Other tokens have also experienced significant gains.

The native cryptocurrency of the Conflux network, CFX, has been making waves in the crypto market, experiencing a surge of 294.54% over the past week and showing unique bullish signs. 

The rise in price was sparked by Conflux’s announcement on February 15th that it plans to build blockchain-based SIM cards (BSIM cards) in partnership with China’s Telecom, the second-largest wireless carrier in China.

As of Monday, CFX was trading at $0.2132, experiencing a 25% increase in the past 24 hours and a remarkable 114.67% surge in the 24-hour trading volume. The token reached its peak of $0.2378 and ended the week at $0.2263 after starting at $0.05184, displaying a robust and impressive performance. 

CFX 7D graph coinmarketcap
Source: CoinMarketcap

However, some market analysts caution that the token’s current rally may not be sustainable, with the support level at $0.090 considered unstable. A potential break below this mark could lead to a drop to $0.050 in the coming days.

Meanwhile, as the Filecoin network continues to progress in the crypto market, it has garnered the community’s attention as a weekly gainer. Filecoin’s native cryptocurrency, FIL, has seen a significant surge of about 70% in the past week as it rallies ahead of the launch of the Filecoin Virtual Machine (FEVM) on the Filecoin mainnet. 

Currently trading at $8.49, FIL reached its peak of $9.40 and ended the week at $8.44 after starting at $4.92, showing a strong and impressive performance. Despite experiencing a 3% decrease in the last 24 hours, the token’s trading volume has gone up by 50%. 

FIL 7D graph coinmarketcap
Source: CoinMarketcap

Moreover, some popular coins are experiencing gains in weekly charts, including Klaytn (KLAY) at 35%, Solana SOL at 25%, and Polkadot DOT, with an increase of 20%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

After experiencing three consecutive weeks of consolidation without any significant gains, Bitcoin has made a strong comeback this week by surpassing the key resistance level of $25,000, marking a robust performance.

BTC 1D graph coinmarketcap 6
Source: CoinMarketcap

Bitcoin recently reached an 8-month high on February 16th, but according to data analyst Santiment’s tweet, this bullish trend was accompanied by a significant amount of euphoria that may have caused a temporary peak in value.

image 76

The tweet suggests that the positive sentiment on social media platforms may have been overdone, leading to a local top. Additionally, negative commentary earlier in the month caused a temporary dip in Bitcoin’s value, with many investors losing faith in its long-term prospects.

Similar to Bitcoin, Ethereum has experienced a significant surge in value in the past week, reaching an impressive 5-month high on February 16th, according to another tweet by data analyst Santiment.

image 77

The rise in Ethereum’s value is notable as it follows the significant #merge event that merged Ethereum’s mainnet with the Ethereum 2.0 beacon chain. Additionally, the data indicates that a high concentration of ownership remains in the market, with shark and whale addresses holding nearly 47% of the supply.

CoinMarketCap data shows that Bitcoin is currently trading at $24,473.30, with a slight decrease of 0.50% over the past 24 hours but a 12.49% increase over the past seven days. While ETH is being traded at $1,692.55, experiencing a 0.07% decrease in the past 24 hours and a 12.14% increase in seven days. Additionally, both leading coins are experiencing a 50% growth in the 24-hour trading volume.

ETH 1D graph coinmarketcap 1
Source: CoinMarketcap

Bitcoin Jumps 15% Amidst 6-Month High Price Breakout

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For the second time in a row, the world’s largest crypto Bitcoin exceeded the $24k mark. BTC surged to a 6-month high defying the traders’ gloomy outlook.

With the price surge, a leading on-chain data platform also observed a mild increase in whale addresses indicating a rise in stakeholder trust.

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Bitcoin Jumps 15% Amidst 6-Month High Price Breakout 10

The increase is the biggest one-day gain in about a month. Other leading altcoins such as Ether, Cardano, and Polkadot also rallied. 

Bitcoin has come a long way from the prolonged bear market of 2022 to its rally throughout January 2023. But owing to negative regulatory developments, the dominant coin has retraced back to its late 2020 levels.

Crypto prices have been buffeted in recent weeks by a combination of US Securities and Exchange Commission enforcement actions, warnings, and speculation of additional regulatory measures.

Kraken reached a settlement last week to end its staking product, while Paxos halted the issuance of its Binance-branded BUSD token, raising concern that other stablecoins such as Circle’s USDC token were facing regulatory action. 

But the recent resurgence has surprised the bearish investor mood. Let’s explore why.

As reported by TronWeekly, for the first time in Bitcoin’s 14 years of existence, the emergence of a new class of assets has boosted Bitcoin’s network activity and increased fee pressure.

The primary source of this uptick is none other than Ordinals, which carry a larger payload of data and new active users.

Ordinals Drove Bitcoin’s Network Usage

The introduction of Ordinals—Bitcoin nonfungible tokens [NFTs]—has even propelled the total number of addresses with non-zero balances to a new record high of 44.06 million addresses.

Furthermore, the upper range of the mean block size increased from a consistent 1.5 to 2.0MB to between 3.0 and 3.5MB during the past week, demonstrating the tremendous influence that ordinals have had on the mean block size.

Terming it a “new and unique moment in Bitcoin history”, Glassnode observed that this is the first time where an “innovation is generating network activity without a classical transfer of coin volume for monetary purposes”.

In the latest update, Bitcoin wallet Xverse has too jumped on the bandwagon and launched support for Ordinals.

According to the tweet, this can be purchased through the app with just some Bitcoins to cover transaction fees. The number of Inscriptions [similar to NFTs] minted using Ordinals has surpassed 110k.

FTM Rose 13% While Fantom’s Big Fish Dump & Micro Addresses Scoop Up

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Santiment, the leading cryptocurrency data analytics platform, has reported a major shift in the ownership of Fantom (FTM) coins during the recent 2023 crypto surge. The analysis shows that large addresses, referred to as “sharks” and “whales,” have heavily dumped their FTM holdings, while micro addresses have been quick to scoop them up.

According to Santiment’s data, addresses holding between 10,000 and 100,000,000 FTM, the sharks and whales of the FTM market, have sold off a staggering $259.7 million worth of coins over the past four weeks. This dumping activity has resulted in a sharp decline in the overall FTM price.

image 50
Source: Santiment

However, the good news is that smaller addresses, holding only between 0.01 and 1 FTM, have seized this opportunity to buy up the coins at discounted prices. These micro addresses have acquired a total of 304.2 million FTM coins in the past four weeks, indicating that they are optimistic about the long-term growth potential of this crypto.

The FTM community has responded positively to this development, as it indicates a healthy market and growing interest in the coin. The FTM project has been gaining popularity as a fast and scalable blockchain platform that supports smart contracts and decentralized applications.

Santiment’s data provides valuable insights, but it is not a guarantee of future performance. Nonetheless, it is an interesting time for the FTM market, and many eyes will be watching to see how this shift in ownership plays out.

Fantom (FTM) price surges 13% 

Fantom (FTM) price has surged by 13% in the last 24 hours, following news of a significant supply wall being overcome by the cryptocurrency. The surge in price comes in response to recent reports of a whale dumping a large number of FTM tokens, causing concern among investors.

According to on-chain analyst Ali Martinez, over 246 million FTM tokens, worth $113.2 million, were sold or redistributed over the past week. This news initially caused panic among investors, as they feared a drop in price due to the sudden increase in supply.

However, Martinez has since reported that the Fantom (FTM) price has responded positively to the news, as the cryptocurrency managed to overcome the supply wall and turn it into support. It has led to renewed confidence among investors, with many predicting an important upswing in the coming days.

CoinMarketcap’s data shows that Fantom (FTM) is currently trading at $0.5262, with a significant 60% growth in 24-hour trading volume. Additionally, on-chain data from @santimentfeed shows that the FTM price has no other important resistance barriers ahead, indicating that the cryptocurrency is preparing for a significant upswing.

Nevertheless, despite the initial concerns raised by the whale dumping news, the FTM price has responded positively and is now on the path to a potential upswing in the coming days. 

Related Reading | Ethereum Staking Platform Faces Dilemma Over Its $30M Treasury

Polygon Rises By 7% Ahead Of zkEVM Beta Mainnet Launch

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Polygon Labs has revealed the launch date for its much-awaited zkEVM Ethereum scaling solution. The mainnet beta version is set to be released on March 27 after undergoing six months of battle testing on open testnets.

Along the way to Mainnet Beta, the network has also reached other milestones including the creation of over 84k wallets, 300k blocks, and 5k smart contracts being deployed.

Developers can utilize code that is compatible with Ethereum and build on Polygon zkEVM without changing a thing, which is referred to as “frictionless scaling,” as all Ethereum tooling is compatible with Polygon zkEVM.

Further, the blog stated that producing proof for a sizable batch of transactions only costs around $0.06.

Its native token MATIC soared 7% overnight to $1.24, as per coinmarketcap data, while the broader crypto market cap held steady above the key $1 trillion mark. 

With the launch of the zkEVM Beta in mainnet, the Layer-2 protocol on Ethereum aims to unlock mass adoption and the full potential of Web3.

Tom Dunleavy, an analyst at Messari, has outlined a number of characteristics that place Polygon (MATIC) as the preferred Layer-2 protocol for mid-to long-term success.

Dunleavy cited active addresses count which was up by roughly 90% year-on-year [YoY], as proof of its positive and robust fundamentals.

The expert then emphasized the even distribution of the MATIC token, with 90% or more of the virtual currency having been unlocked or distributed.

Another crucial feature highlighted by Dunleavy was the site’s substantial and expanding developer base. With 150 full-time developers, there are currently over 500 active monthly developers, he said.

That said, Polygon has been one of the crypto assets that big investors have accumulated the most, according to last week’s WhaleStats report.

Polygon Remains Whales’ Favourite

MATIC has not only undergone enormous accumulation but also a period of big whale transactions, and it has developed into one of the top assets held by the top 500 Ethereum investors.

Per the Whale Alert Twitter account, one anonymous whale moved around $50 million in MATIC.

With recent collaborations with Doritos to develop non-fungible tokens [NFTs] for Doritos Triangle Studios, a virtual performance venue, Polygon has managed to stand out among its peers.

The Layer-2 platform also underwent a hard fork in January that improved the performance of its network, making the gas fee system more refined.

Cardano’s “Brutal 2022” Is Far From Over, But There’s Hope?

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Cardano had a debilitating performance after losing over 80% in the brutal bear market of 2022. But the 8th largest token has bounced back by more than 45% in 2023, reigniting hope for one of the most “polarized” crypto.

In fact, the resurgence in January might have played a role in large-scale investors going on an accumulation spree of ADA instead of dumping the asset.

Blockchain data tracker Santiment has noted an uptick in ADA’s network activity including a major rise in whale activity.

As February dawned, ADA’s whale transactions saw massive upswings. There have been an average of 1,700 transactions per day of $100k or more in such a short period of time.

The numbers represent a huge jump from the roughly $100k+ transactions per day that were occurring throughout January.

image 48
Cardano's "Brutal 2022" Is Far From Over, But There's Hope? 13

In terms of Whale & Shark accumulation, these cohorts of addresses owning 10k to 10 million ADA have accumulated 660 million ADA, which is equal to $235 million. This shift among Cardano’s major stakeholders is encouraging, per the report.

Another thing Santiment observed is that based on the price movements in 2022 and the recent two-week correction, “there is a lower risk in buying in now vs. an average time in Cardano’s history.”

ADA has registered a notable spike in whale activity in 2023 as large-scale transactions to the tune of $100k have reached last year’s May levels.

Cardano’s Whale Activity Has Skyrocketed In 2023

Not only that, but since the beginning of 2023, 36 new whale addresses ranging between 1 million- 100 million worth of ADA have flocked into the Cardano ecosystem.

As noted by blockchain analytical platform Santiment in an earlier report, historical trends revealed that the last time there were this many $100k+ ADA transactions was in May, & its price jumped over 36% from the beginning of that week until its local top in early June.

An increase in whale numbers and large transactions is certainly a positive sign for the price of ADA. This is because demand for the coin rises as more whales enter the market, thus driving up its value.

Additionally, the large transactions indicate that whales are confident in the future of the coin and are willing to make big investments in it.

7-Year Dormant Ethereum Address Awakens with Nearly $150K Worth Of ETH

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A tweet from Whale Alert on February 13th reported a surprising development in the world of cryptocurrency: an Ethereum (ETH) address that had been inactive for over seven years suddenly showed signs of life. The previously dormant address contained 100 ETH, which is now worth almost $150,000.

In 2015, when the address was last used, the 100 ETH would have been worth just $67. However, the recent surge in the value of cryptocurrencies has turned this previously insignificant amount into a substantial sum.

It is unclear why the address lay dormant for so long or why its owner decided to reactivate it now. Some have speculated that the owner may have lost access to the address and only recently regained control. 

Others suggest that the owner may have been waiting for the value of ETH to rise before cashing out. Whatever the reason, this sudden influx of 100 ETH into the market is sure to attract attention from investors and traders alike. 

Ethereum Whales Blamed for Recent Price Correction 

The crypto market has been experiencing a significant price correction in recent days, with Ethereum being the worst affected. Ethereum’s value has dropped from a high of $1,710 to a low of $1,460 in just 11 days, leaving many crypto investors and traders in a state of panic.

Market conditions can play a significant role in price corrections, but the behavior of Ethereum whales seems to be the primary reason for this sudden and steep decline.

On-chain data reveals that during this 11-day period, whales holding between 100,000 to 1,000,000 ETH sold or redistributed approximately 350,000 ETH, worth $560 million. This massive outflow of Ethereum could have significantly impacted the price correction that the asset has experienced. 

image 49
Source: Santiment

Whales are known for their ability to influence the crypto market, as their buying or selling activities can trigger market movements. This is why many traders and investors are keeping a close eye on whale activities in the crypto market.

The recent price correction has prompted many to question the behavior of Ethereum whales, with some accusing them of intentionally manipulating the market for their own gain. However, it is also possible that the whales sold their holdings for other reasons, such as diversifying their portfolios or taking profits.

Despite the recent price correction, Ethereum remains one of the most popular and valuable cryptocurrencies in the market. It has a strong developer community and a wide range of use cases, including smart contracts and decentralized finance. 

This is why many investors and traders are still bullish on Ethereum and believe that it has the potential to grow in the long term. Overall, the recent price correction in the crypto market has highlighted the importance of monitoring whale activities and their potential impact on market movements. 

Related Reading | Ethereum Blocks Complying with OFAC Orders Drop to Lowest Level since October: Report

AI’s Valentine Visions: Bitcoin’s Price Predicted for February 14th

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As the calendar ticks closer to February 14th, many crypto enthusiasts are curious about what’s in store for Bitcoin’s price. Will the leading cryptocurrency continue its downward slide, or will it make a comeback? To answer these questions, the team at PricePredictions turned to the power of artificial intelligence.

The AI aggregated technical analysis indicators, such as moving averages, the MACD, RSI, Bollinger Bands, and more, to arrive at a price estimate for Bitcoin. After sifting through the data, the machine learning algorithms at PricePredictions projected that the price of Bitcoin would trade at $21,632 on Valentine’s Day.

BTC 1D graph coinmarketcap 5
Source: CoinMarketcap

This latest prediction comes after Bitcoin recently dropped to a four-week low below $22,000, following the U.S. SEC’s announcement of a settlement with cryptocurrency exchange Kraken for alleged securities law violations.

Despite this setback, some are still optimistic about the future of Bitcoin, citing its impressive 40% rise since the beginning of the year as a sign of a potential bull run. It remains to be seen if AI’s prediction will hold true, but one thing is for sure – the crypto community will be closely watching Bitcoin’s performance on Valentine’s Day and beyond.

Whales Take the Dive: Bitcoin’s Latest Price Drop Examined

Sunday was a rough day for Bitcoin, as the cryptocurrency dipped down to $21.6k, according to a tweet from analysis firm Santiment. However, despite this drop, it seems that some of the largest players in the crypto market – commonly referred to as “whales” – saw an opportunity in this dip.

According to Santiment’s latest community insight, whale addresses responded to the dip by transacting at their highest rate in three months. This sudden surge in activity from the whales has raised questions about what they see in the current state of the market and why they believe that now is a good time to invest.

While the short-term outlook for Bitcoin remains uncertain, many in the crypto community see this as a potential “buy the dip” opportunity. The fact that even the biggest players in the market are responding to this dip with increased activity is seen as a bullish sign by some.

However, when it comes to BTC’s current price action, CoinMarketcap’s data shows that it is currently trading at $21,531.35, with notable dips in both daily and weekly charts of about 2.29%and 6.43%, respectively.

Related Reading | Crypto Mining In Crosshairs: Sen. Warren Demands Mining Transparency From EPA & DOE

XRP Transactions On Bitrue To Be Temporarily Halted

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XRP deposits and withdrawals would be put on hold by Singapore-based crypto exchange Bitrue on 9th Feb. at 06:00 [UTC] due to routine maintenance on the token’s wallet.

“Bitrue will be performing some maintenance which will take about 1 hour,” the official blog post added.

During the wallet maintenance, the trading of XRP pairs will not be affected and will reopen deposits and withdrawals once the maintenance is complete without further notice.

At the time of writing, the 6th ranked token fell by 1.8% to $0.39 over the daily index.

On the other hand, the asset was shuffled by large-scale investors, as revealed by the on-chain whale transaction analytics platform Whale Alerts.

In a span of just 24 hours, three major movements of the token were recorded, with the first being 35,000,000 units of the digital asset sent from an unknown wallet to Bitstamp exchange.

Additionally, 248 million XRP worth roughly $99 million in total was transferred from one wallet to an unknown wallet. Another transfer out of the Bitso exchange involved 32.2 million XRP units with a specified value of over $13.13 million.

As the ruling in the Ripple v. SEC case, is heading towards its final leg, the movement of the asset on and off exchanges is nothing out of the ordinary.

XRP/Ripple Fight Against The SEC Got More Intense

Given the fierce defense put up by the blockchain company, Ripple is expected to see a renewed listing, which will spark further aggressive buy-ups as many are anticipating its victory over the SEC.

In the latest turn of events, XRP representative and attorney John E Deaton filed an amicus brief to support Blockchain firm Ripple in a different lawsuit, TronWeekly reported.

John Deaton’s entry in Ripple’s California case is slated to keep the limelight on the blockchain firm even more.

For context, a section of XRP investors filed a class action suit against Ripple and its CEO, Brad Garlinghouse. in 2018 who demanded compensation for the losses they sustained. They are also asking the court to declare the token as a security.

According to Filan, Deaton filed on behalf of all 75,890 XRP holders will argue that the majority of investors believe that the token should be regulated rather than classified as a security, contrary to the move of the small number of XRP holders.

Cardano DeFi TVL Shoot Up By 100% YTD, Data Shows

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Cardano’s decentralized Finance [DeFi] activities have recorded the biggest upsurge from Jan. 31. Data from DeFiLlama showed the asset’s Total Value Locked [TVL] has doubled in the year-to-date period amid the market downturn.

As seen in the chart below, the TVL of all smart contracts on Cardano rose from $48.95 million on Jan. 1 to $108.63 million at the time of writing.

Screenshot 2023 02 08 185849
Cardano DeFi TVL Shoot Up By 100% YTD, Data Shows 17

In terms of popularity, the multi-pool decentralized exchange Minswap stands out as Cardano’s most popular decentralized application (DApp) with its TVL accounting for nearly $36 million.

Ranked second is WingRiders, an AMM DEX with $16.71 million in total trading volume.

Indigo, a decentralized synthetics trading platform, has $16.54 million in TVL, making it the third most popular DApp on Cardano.

In the past few months, Indigo and WingRiders have witnessed around a 25% boost in TVL.

The accelerated growth in TVL is attributed to the hype generated by the recent launch of the DJED stablecoin which too made it in the TVL charts, occupying the fourth position.

As reported earlier by TronWeekly Djed stablecoin was launched on the mainnet after over a year of preparation and development, following a successful security audit.

Although it is impossible to draw a clear link between the overcollateralized stablecoin and the TVL growth, a new milestone could contradict this.

Cardano’s DJED Steller Growth Might Have Acted As A Catalyst

The new COTI-backed token recorded 14,500% growth in its unique addresses just about a week after its launch.

In further positive news for the Cardano ecosystem, ADA has registered a notable spike in whale activity in 2023 as large-scale transactions to the tune of $100k have reached last year’s May levels.

Not only that, but since the beginning of 2023, 36 new whale addresses ranging between 1 million- 100 million worth of ADA have flocked into the Cardano ecosystem.

As noted by blockchain analytical platform Santiment, historical trends revealed that the last time there were this many $100k+ ADA transactions was in May, & its price jumped over 36% from the beginning of that week until its local top in early June.

An increase in whale numbers and large transactions is certainly a positive sign for the price of ADA. This is because demand for the coin rises as more whales enter the market, thus driving up its value.

Additionally, the large transactions indicate that whales are confident in the future of the coin and are willing to make big investments in it.

Weekly Market Watch: Bitcoin & Ethereum’s Battle Of Bulls And Bears, Low Cap Tokens Experience Growth

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Crypto markets saw a mixed performance last week as bulls and bears engaged in a tug-of-war. Bears attempted to bring down both Bitcoin and Ethereum. Additionally, despite some alternative coins showing substantial growth at the beginning of the week, the upward trend was eventually overturned by the close of the week.

Several tokens on the list of weekly gainers have shown substantial growth, with SingularityNET (AGIX) leading the pack, followed by Render Token (RNDR) and dYdX (DYDX) in third place. Other tokens have also experienced significant gains.

SingularityNET (AGIX), a decentralized AI platform utilizing both Ethereum (ETH) and Cardano (ADA) smart contract blockchains, has recently garnered attention in the crypto sphere. Its native token, AGIX, is currently experiencing a bull run and has been named one of the most bullish tokens in the market. 

AGIX 7D graph coinmarketcap
Source: CoinMarketcap

As of Monday, AGIX is trading at $0.4211, experiencing a 27% increase in the past 24 hours and a whopping 131.15% surge in the last week. The token hit its peak at $0.4579 this week and closed the week at $0.447 after starting at $0.1697, making for a strong and impressive performance.

While AGIX’s recent surge may be exciting for investors and traders, some market analysts warn that the token’s current rally is not sustainable. The support level at $0.40 is considered shaky, and a potential break below this mark could result in a dip to $0.35 in the coming months. 

Despite these concerns, AGIX’s impressive performance has drawn the attention of the investment community, who are keeping a close watch on the young network as it continues to gain traction in the crypto market.

Another low market cap token also emerged as a weekly gainer; Render Token (RNDR) saw a significant price increase, with a weekly gain of 46.73% and a current trading price of $1.82. 

RNDR 7D graph coinmarketcap
Source: CoinMarketcap

The surge in price is attributed to the launch of the Render Network Foundation, a non-profit dedicated to maintaining the Render Network protocol, and the adoption of a new tokenomics model called burn-and-mint equilibrium. The new tokenomics model received 100% support from the project’s DAO, which appears to have encouraged market participants to accumulate RNDR.

The DYDX token, an Ethereum-based token, has experienced a recent surge in value, with a 3.06% rise in the last 24 hours and a 31% increase in the past week. The rise is due to the actions of a mysterious whale who has accumulated a large amount of DYDX tokens worth $21.4 million. The whale, who has not been identified, received 9.5 million DYDX from Binance since October 18th, 2022, as reported by TronWeekly, 

DYDX 7D graph coinmarketcap
Source: CoinMarketcap

Moreover, some popular coins are experiencing gains in weekly charts, including Shiba Inu (SHIB) with 22%, The Graph (GRT) with 37%, and ImmutableX, with an increase of 28%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

January brought a stunning rally for both Bitcoin (BTC) and Ethereum, but now it seems the two are taking a break in February, which is a positive sign as vertical rallies are not often sustainable. A slight decrease could eliminate uncertainty among long-term holders, offering an opportunity for them to expand their portfolios.

Bitcoin saw a brief period of glory when it reached a record high of $24,255 on February 2nd, but a drop followed as short-term traders took profits. However, Bitcoin is near a solid support range of $22,800 to $22,300.

BTCUSDT 2023 02 05 23 56 45
Source: Tradingview

Ethereum also saw a significant surge in value over the week, beginning at $1,567.42 and reaching a peak of $1,704.46. ETH has been trading close to the $1,680 resistance level for the past few days, and a tight consolidation near an overhead resistance typically leads to an upward trend.

ETHUSDT 2023 02 05 23 57 57
Source: Tradingview

However, CoinMarketCap data shows that the current trading price for Bitcoin is $22,839.27, with a 2.37% decrease in the past 24 hours and a 3.37% drop over the past seven days. Meanwhile, Ethereum is being traded at $1,630.20, experiencing a 2.23% drop in the past 24 hours and a slight 0.25% increase over the past seven days.