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Weekly Watch: Bitcoin’s Retreat, Ethereum’s Resilience, and ENS’s 98% Surge

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In a week marked by notable fluctuations in the cryptocurrency market, Bitcoin faced a retracement to $41.9K, triggering varied performances across the altcoin landscape. While Bitcoin experienced a modest decline, Ethereum showcased resilience, and certain lower-cap altcoins emerged as stars with remarkable gains.

Topping the list of standout performers among lower-cap altcoins was the Ethereum Name Service (ENS), which experienced an extraordinary 98% surge over the past week. ENS reached a peak of $27.42 and, as of the latest data, is trading at $24.04, demonstrating sustained strength with a 3.80% increase in the last 24 hours.

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Ethereum Name Service (ENS) 7-Day Chart | Source: CoinMarketcap

Following closely, Sui (SUI) made waves with a 50% gain during the same period. However, despite its robust weekly performance, SUI is currently trading at $1.27, reflecting a 5.46% decrease in price and a notable 47.40% drop in trading volume over the last 24 hours.

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Sui (SUI) 7-Day Chart | Source: CoinMarketcap

Ethereum Classic (ETC) also attracted significant attention, recording a weekly increase of over 36%. Presently, ETC is trading at $27.05, accompanied by a 5.81% price decrease and a 45.56% decrease in trading volume within the last 24 hours.

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Ethereum Classic (ETC) 7-Day Chart | Source: CoinMarketcap

Other lower-cap altcoins, including Helium (HNT), Celistia (TIA), and Tezos (XTZ), reported positive performances in their weekly charts. HNT boasts gains with 31%, TIA 26%, and XTZ 25%, respectively, according to data from CoinMarketCap.

Bitcoin & Ethereum Weekly Review

Bitcoin underwent a downturn this week, retracing to $41.9K. On January 11th, Santiment noted that the recent approval of Bitcoin ETFs might lead to a modest decrease in active wallets on Bitcoin’s blockchain. While this is not expected to impact the price significantly, some traders might shift from their existing $BTC wallets to embrace ETF exposure.

Crypto analyst Ali observed that over the past two weeks, every buy or sell signal on the Bitcoin 4-hour chart from TD Sequential has proven accurate. Notably, after the recent decline, this indicator generated a buy signal. If $BTC can maintain a position above $42,200, a potential rebound to $44,300 or $45,500 could be in store.

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As of today, Bitcoin is priced at $42,574, boasting a 24-hour trading volume of $25.74B and a market cap of $ 827.39 B. Over the last 24 hours, the BTC price has dipped by 1.67%, contributing to a 4% decrease over the past week.

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Bitcoin (BTC) 7-Day Chart | Source: CoinMarketcap

Additionally, Santiment shared via X post that sentiment toward top-cap assets remains notably optimistic during the weekend, especially following the ETF approvals. Traders exhibit a particularly bullish stance towards Ethereum, especially after its market value surpassed $2,700 for the first time.

Moreover, Ali emphasized that despite the recent market shakeout, Ethereum broke out from an ascending triangle on the weekly chart. Amidst short-term volatility, $ETH maintains its target of reaching $3,400.

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Currently, the Ethereum price is $2,530.60, accompanied by a 24-hour trading volume of $13.21B and a market cap of $ 301.85 B. Despite a 2.20% dip in the last 24 hours, Ethereum remains resilient in the weekly chart, showcasing an almost 12% gain.

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Ethereum (ETH) 7-Day Chart | Source: CoinMarketcap

Related Reading | China’s Crypto Crackdown: No Sign Of Easing In 2024 

Crypto Market Recap: Bitcoin & ETH Face Decline as Altcoins Shine Bright

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Bitcoin (BTC) and Ethereum (ETH) faced a significant decline, wiping out their gains from the past week. Despite this downturn, several lower-cap altcoins and meme-coins managed to shine, making notable gains and holding onto their weekly profits.

Last week, the crypto market witnessed its fastest drop in four months, causing mild concerns among traders. Calls to “buy the dip” were prevalent, suggesting a level of overeagerness and fear of missing out (FOMO) at these reduced prices.

Amidst the market correction, some altcoins and meme-coins within the top 60 cryptocurrencies list stood out, with Bonk (BONK) leading the pack. Internet Computer (ICP) and Helium (HNT) followed closely, securing second and third positions with impressive growth.

Bonk (BONK) marked a substantial achievement, surging by an impressive 90% over the past week, reaching a peak of $0.00003450. As of the latest data, Bonk is trading at $0.00002118, demonstrating resilience with a 1.80% increase in the last 24 hours.

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Bonk (BONK) 7-day chart | Source: CoinMarketcap

Internet Computer (ICP) also made waves, boasting an 84% gain during the past week. However, ICP is currently trading at $9.87, showing a 3.46% decrease in price and a 29.40% decrease in trading volume in the last 24 hours.

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Internet Computer (ICP) 7-day chart | Source: CoinMarketcap

Helium (HNT) gained significant attention, with a weekly increase of over 70%. HNT is currently trading at $8.16, experiencing a 17.81% price increase and a 44.56% surge in trading volume within the last 24 hours.

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Helium (HNT) 7-day chart | Source: CoinMarketcap

Other popular altcoins such as Injective (INJ), Avalanche (AVAX), and Cosmos (ATOM) also reported gains in their weekly charts, with INJ up by 41%, AVAX by 15%, and ATOM showing a 10% increase, according to CoinMarketCap data.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Bitcoin and Ethereum, the leading cryptocurrencies, faced a modest decline during the last weekend of 2023. Bitcoin retraced to $40.8K, while Ethereum maintained a position slightly above $21,700. Crypto analyst Ali Matinez pointed out a noticeable dip in Bitcoin network growth, raising doubts about the sustainability of its recent move to $44,000.

For a robust continuation of the bull rally, Matinez emphasized the importance of an uptick in the number of new Bitcoin addresses to provide the necessary support for sustained bullish momentum.

Moreover, on December 14th, Matinez noted a capital inflow of over $19.7 billion into Bitcoin and Ethereum, reminiscent of the surge observed in December 2020 before BTC soared from $18,000 to $65,000.

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Bitcoin’s current value stands at $41,279, with a 24-hour trading volume of $23.89 billion, a market capitalization of $807.96 billion, and a market dominance of 51.33%. Over the past 24 hours, BTC has experienced a decrease of -1.53%.

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Bitcoin (BTC) 7-day chart | Source: CoinMarketcap

According to Coincodex’s Bitcoin price prediction, a 4.10% rise is anticipated, reaching $43,421 by December 21, 2023. The Fear & Greed Index shows 73, indicating a neutral sentiment.

Ali Matinez highlighted Ethereum whales on a buying spree, acquiring over 100,000 ETH in the past week, an impressive $230 million investment.

The current price of Ethereum is $2,191.73, with a 24-hour trading volume of $7.74 billion, a market capitalization of $263.44 billion, and a market dominance of 16.72%. Over the past 24 hours, ETH has experienced a decrease of -1.51%.

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Ethereum (ETH) 7-day chart | Source: CoinMarketcap

According to Coincodex’s current Ethereum price prediction, a 4.96% rise is expected, reaching $2,295.94 by December 22, 2023. The Fear & Greed Index shows 65, indicating a neutral sentiment in the market.

Bitcoin and Ethereum face a temporary setback, but the cryptocurrency market remains dynamic, with various altcoins presenting substantial gains and providing investors with diverse opportunities in this ever-evolving landscape.

Related Reading |  FTX Debtors Settle Crypto Claims At Bankruptcy Date 

Helium Network Moves To Solana Ecosystem Will The Migration Have An Impact On The SOL Price?

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The move of the Helium network to Solana’s ecosystem is a widely anticipated event in the blockchain world. While this move has raised many doubts among crypto fans about why and how it is going to happen, it arrives at an ideal time as markets begin to rebound.

After months of planning, development, and cooperation, the HNT Network will begin its migration to the Solana Mainnet on April 19, 2023. When the transfer is complete, the HHNT Network will enter a new era of substantially improved scalability, reliability, and utility.

What is the purpose of this migration? Why is it so important? What effect will it have on HNT and SOL pricing in perceived bull markets? We find answers to these and other questions.

Helium Has Entered A New Era On Solana

According to a recent announcement made by Helium’s official Twitter handle, all roads lead to April 19th, when the network is set to complete its shift to Solana. The migration, which began on April 18th at 9 a.m. PT/4 p.m. UTC, will be completed today. HNT is entering a new phase as its network becomes more scalable, stable, and functional.

Due to the SOL network’s more scalable platform and wider audience, HNT, a company well-known for its decentralized wireless network infrastructure, has made a daring choice to migrate there.

Additionally, the huge community of Solana and the expanding blockchain ecosystem will support the HNT network.

The Helium Foundation’s blog on the highly anticipated migration highlighted critical information on what HNT customers should expect during and after the conversion.

The Helium Foundation announced that during the network transfer and upgrade, the Helium blockchain would be suspended, existing mobile and HNT would be mapped to Solana, native hotspots would be minted as NFTs, and a snapshot of its chain would be taken.

While all of these migration processes take place, Helium Foundation has promised its platform’s customers that personal Hotspot and LoRaWAN devices will remain fully functional during the brief period of the migration window.

Regarding Helium native tokens, HNT, the foundation claimed that “LoRaWAN hotspots will no longer mine HNT tokens.”

Instead, LoRaWAN will mine IoT tokens, which will serve as both an incentive token for users and the governance token for Helium’s IoT network.

The SOL price increased over the past week as a result of Bitcoin’s upsurge, reaching a high of $26 after rising from its most recent weekly low of around $20.

While ecosystem migrations and innovative partnerships can improve blockchain communities and native token prices, HNT is the spotlight token and may be under more scrutiny than Solana when it completes its migration.

However, other market factors, such as Bitcoin gaining more ground in its uptrend, may also have an impact on SOL’s price.

Related Reading: Solana (SOL) Takes A Dip By 9%: Analyzing Potential For Recovery |

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Source: Chart from Coinmarketcap.com

Solana (SOL) Gains Double-Digit Surge On News Of Helium Network’s Migration

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Helium Network, a blockchain-based decentralized wireless network, has announced that it will migrate to the Solana blockchain on March 27th. The move is aimed at increasing scalability and reliability for the Helium Network. 

According to CoinMarketCap, the announcement has caused SOL value to soar by 10%, with an impressive 347.99% rise in trading volume in the last 24 hours, currently trading at $26.31.

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Source: CoinMarketcap

In a blog post, Helium Foundation stated that the migration date was finalized after months of meticulous planning and technical development. According to the blog post:

An Upgrade Readiness Working Group is being formed with volunteers in the community to oversee the migration process and will have the final say in the migration date.

Solana & Helium Network: Benefits Of The Migration

The Helium Network is about to enter a new era with its migration to the Solana blockchain, enabling greater scalability and transforming it into a network of networks. 

With nearly one million hotspots and growing commercial demand, the Helium community can now focus on building wireless protocols and facilitating utility across networks. Solana’s speed and scalability are well-suited for this transition.

Upon completion, HNT will natively integrate with other platforms in Solana’s ecosystem, providing added utility for HNT, MOBILE, and IOT token holders. The Helium Foundation has established an ad-hoc Upgrade Readiness Working Group comprising technical experts and stakeholders from the community to ensure a successful migration.

The Helium core developers have been working diligently on several initiatives since the Helium community approved HIP 70. These initiatives include creating Solana blockchain programs, developing new Governance tools on Realms, implementing PoC Oracles, establishing Open LNS and Data Transfer Accounting Oracles, and loading Helium account state data to the Solana Devnet.

On March 27th, 2023, the final phase of the upgrade will commence around 1500 UTC / 10:00 AM ET, with a 24-hour transition period. All users will be transferred to the Solana blockchain, and while the current Helium blockchain will be temporarily halted, Data Transfer and Proof-of-Coverage activities will remain unaffected, as per the blog post.

Related Reading | Hedera (HBAR) vs. TMS Network (TMSN) vs. The Graph (GRT): Who Will Rule the Metaverse?

Binance’s Accounting Error In Helium Tokens Results In A $20M Loss

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An accounting error at Binance resulted in a jackpot for some users in Helium Network’s native HNT coin and left the largest cryptocurrency exchange in the world with a multimillion-dollar deficit.

According to the report, the top exchange has lost close to 5 million HNT tokens that were mistakenly distributed to users, many of whom sold the tokens for a profit right away. These assets had a value of nearly $19 million on 16th Sept.

The main culprit behind the incorrect payout has been Binance’s tracking of token deposits from the well-known decentralized internet connectivity project Helium network, sources close to the matter said.

For those new, Helium is a decentralized wireless network for “internet of things” devices, powered by cryptocurrency.

The network utilized two types of tokens: the native HNT token, which Helium pays to hotspot hosts, and the MOBILE token, used as a payment to operators of its 5G infrastructure, launched last month and doesn’t have a liquid market or quotable price.

Binance Miscounted The Tokens

The two tokens, like the ERC-20 and ether [ETH] tokens on Ethereum, are independent assets even though they are closely related. They were wrongly counted as one by Binance: HNT. Depositors received an equivalent amount of the more valuable HNT when they sent MOBILE to Binance addresses.

However, not until 4.8 million HNT tokens were sent in place of MOBILE before the error was fixed. The timing of the unexpected windfall matches a big sell-off of HNT tokens, which sent the price of the asset down from around $7 to where it is now, around $4.

“The Helium Foundation was informed by Binance late in the evening [ET] on Sept. 15 that an accounting error involving HNT had occurred,” a spokesman of the project said.

“We can confirm that this is not a chain issue and that this issue is isolated to Binance. To our knowledge, no other exchanges or third parties have been affected. We advise token holders to suspend HNT and MOBILE deposits on the exchange until a comprehensive situation update is provided.”

As previously reported by TronWeekly, Helium developers proposed migrating to the Solana blockchain to fix the scaling woes.