During the past week, the cryptocurrency market witnessed a downturn characterized by a bearish trend. The entire week encountered a decline marked by a less favorable performance of Bitcoin and Ethereum. After experiencing significant dips in value, Bitcoin and Ethereum regained some of their value.
In addition to the major cryptocurrencies, Altcoins encountered a notable decrease over the recent week. Nonetheless, as the week drew close, they managed to recuperate some losses. Despite this recovery, a considerable portion of coins displayed unfavorable trends on the weekly and daily charts.
THORChain (RUNE) is at the top of the list of 80 altcoins experiencing a significant decrease in value this week, followed by ApeCoin (APE) and Arbitrum (ARB), second and third place, respectively.
THORChain (RUNE) experienced a notable decrease of 22% over the course of the past seven days; however, it has been struggling to make a slight recovery, according to the daily chart. As of now, RUNE is being traded at $1.70, reflecting a 1.57% decrease within the last 24 hours.
Meanwhile, ApeCoin (APE) is also experiencing a decline. Over the past week, APE has experienced a decrease of approximately 15%. Currently, APE is trading at 1.03. In the last 24 hours, the token has experienced a 2.05% decrease, while its trading volume has increased by 1.90% in the same time period.
Additionally, Arbitrum (ARB) has also shown a notable decrease of about 13%. As of now, ARB is trading at $0.843, with a decline of 2.11% in the last 24 hours.
Moreover, some popular coins are experiencing a decline in weekly charts, including Optimism (OP) at 13.04%, Polkadot (DOT) at 9.05%, and ETC at 8.05%, according to the data from CoinMarketcap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
During the previous week, Bitcoin experienced a significant drop in value as it neared a critical support level of approximately $27,250. The week began with a minor price increase, with Bitcoin reaching $28,390 before returning to the support level. Throughout the week, Bitcoin’s trading activity remained confined to a narrow range, consistently below the $28,000 mark.
Santiment’s recent tweet highlighted a notable trend in Bitcoin, where the largest number of coins (over 10,000 BTC) were withdrawn from exchanges, marking the highest such movement since September 7th. Concurrently, Bitcoin, the leading cryptocurrency by market capitalization, is attempting a second rally to breach the $28,000 market price threshold. This situation underscores the significance of utility in the crypto space, especially considering that the number of unique addresses has reached its lowest point in six weeks.
Meanwhile, Ethereum enjoyed a favorable trading range above the $1,600 mark, indicating relative stability throughout the week. However, as the week concluded, the price dipped to the support level.
Notably, on October 6th, Santiment’s tweet pointed out that Ethereum traders exhibited signs of mild panic, and the network saw some of the highest levels of traders realizing losses as opposed to profits all year. These indicators typically suggest the possibility of a short-term rebound opportunity in the Ethereum market.
According to CoinMarketCap, Bitcoin is trading at $27,791.86, with a 1.82% decrease over the past seven days and a 0.54% decrease in the past 24 hours. On the other hand, ETH is being traded at $1,618.03, experiencing a 0.75% decrease in the past 24 hours and 6.72% over the past seven days.
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