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.
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.
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,
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.
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.
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.