During the past week, the cryptocurrency market witnessed a downturn characterized by a bearish trend. However, as the week drew to a close, the bullish momentum began to overpower the bears, resulting in a positive turn to conclude the week. Both Bitcoin and Ethereum managed to regain some of their value.
Last week, there was a notable market crash caused by a slight deviation of Tether’s USDT from its pegged value to the United States dollar. Interestingly, this event occurred simultaneously with the New York Attorney General’s Office releasing substantial information to CoinDesk.
In the midst of these developments, Bakkt, a company listed on the New York Stock Exchange, decided to delist prominent altcoins Solana, Polygon, and Cardano due to regulatory uncertainties.
Altcoins, the alternative cryptocurrencies, experienced a significant decline on the weekly chart, but only for a short duration. However, towards the end of the week, they were able to recover some of the losses, although a few still showed negative trends on both the weekly and daily charts.
KuCoin Token (KCS) is at the top of the list of 60 altcoins experiencing significant gains this week, followed by Uniswap (UNI) and Maker (MKR), second and third place, respectively.
KuCoin Token (KCS) experienced a notable increase of 22% over the course of the past seven days; however, it has managed to make a slight recovery, according to the daily chart. As of now, KCS is being traded at $7.23, reflecting a 0.15% rise within the last 24 hours.
The rise can be attributed to the announcement that IMVU, a digital veteran, launched a new metaverse product on KuCoin Spotlight. KuCoin users can get VCORE allocations by holding KCS.
KuCoin Spotlight is a platform to support promising crypto projects through early token purchases. Previous participants include Lukso (LYXe), Chromia (CHR), and Sui Network (SUI).
Meanwhile, Uniswap (UNI) is also gaining attention as a second weekly gainer. Over the past week, UNI has experienced a significant gain of approximately 11%.
Currently, UNI is trading at $4.48, reaching a high of $4.6599 and closing the week at $4.4780 after starting the week at $4.0565. These figures indicate a notable downturn in performance.
In the last 24 hours, the token has experienced a 0.87% decrease, while its trading volume has also decreased by 16.99% in the same time period.
The price surge can be attributed to the news that Uniswap Labs has unveiled the code draft for Uniswap v4, introducing custom liquidity pools through “hooks.” This decentralized crypto exchange is the biggest in terms of volume and recently launched v3 on May 4, 2021.
The upcoming v4 will enable developers to implement on-chain limit orders, automatic deposits to lending protocols, auto-compounded LP fees, and other innovations.
Additionally, Maker (MKR) has also gained significant attention due to its weekly performance and notable increase of about 10%.
Moreover, some popular coins are experiencing gains in weekly charts, including SHIB at 9%, ICP at 9%, and FIL, with an increase of 7.96%, according to the data from CoinMarketcap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
During the preceding week, Bitcoin, the well-known digital currency, experienced a significant drop as it reached a critical support level of approximately $24,700. This occurrence sparked worries among investors and market watchers. Nevertheless, Bitcoin remained confined to a narrow trading range throughout the week.
In the past week, the analytics firm Santiment has reported that the exchange supply of Bitcoin has reached its lowest point since February 2018. This decline can be attributed to traders opting to move their Bitcoin holdings to self-custody amidst the ongoing uncertainty surrounding major platforms such as Binance and Coinbase.
The prevailing trend of transferring Bitcoin to personal wallets is expected to persist as long as the legal actions initiated by the U.S. Securities and Exchange Commission (SEC) remain unresolved.
Similarly, Ethereum, another prominent cryptocurrency, experienced a tight range of trading similar to Bitcoin. The price of Ethereum dropped to a low point of $1,624.14, causing concern among investors and traders.
According to CoinMarketCap, Bitcoin is currently trading at $26,376.51, with a 1.90% increase over the past seven days and a 0.33% decrease in the past 24 hours. On the other hand, ETH is being traded at $1,723.63, experiencing a 0.02% decrease in the past 24 hours and 1.36% over the past seven days.