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. After experiencing significant dips in value, Bitcoin and Ethereum regained some of their value.
Last week, a notable market crash was caused by a report published by The Wall Street Journal. The report suggests that SpaceX, the privately-held space exploration company led by tech magnate Elon Musk, had reportedly adjusted the valuation of its bitcoin holdings, resulting in a depreciation of approximately $373 million over the past two years.
Alongside leading currencies, Altcoins experienced a significant decline in the past week. However, towards the end of the week, they recovered some of the losses, although a significant number of coins still showed negative trends on both the weekly and daily charts.
Uniswap(UNI) is at the top of the list of 50 altcoins experiencing a significant loss in value this week, followed by Litecoin (LTC) and Bitcoin Cash (BCH), second and third place, respectively.
Uniswap(UNI) 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, KCS is being traded at $4.85, reflecting a 0.52% decrease within the last 24 hours.
Meanwhile, Litecoin (LTC) is also experiencing a significant loss but managed to recover some of its value. Over the past week, LTC has experienced a significant decrease of approximately 20%.
Currently, LTC is trading at $66.01, reaching a low of $62 and closing the week at $64 after starting the week at $82. These figures indicate a notable downturn in performance. In the last 24 hours, the token has experienced a 2% increase, while its trading volume has also increased by 18% in the same time period.
The price surge can be attributed to the news that LTC has notably experienced significant spikes in its recent activity metrics. It suggests a heightened level of interest and participation within the respective ecosystems of these cryptocurrencies.
Additionally, Bitcoin Cash (BCH) has also lost significant value due to its weekly performance, with a notable decrease of about 17%. Currently, BCH is trading at $188.16, with a decrease of 0.50% in 24 hours and a 17.90% decrease in 7 days.
Moreover, some popular coins are experiencing losses in weekly charts, including XRP at 16.59%, DOGE at 15%, and SOL, with a decrease of 12%, according to the data from CoinMarketcap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
During the past week, Bitcoin, the well-known digital currency, experienced a significant decrease as it approached a crucial support level at around $25,400. This occurrence sparked concerns among investors and market observers. However, Bitcoin remained within a narrow trading range throughout the week and eventually recovered to the $26,000 range.
During the previous week, Santiment, an analytics firm, tweeted that the cryptocurrency markets continue to experience turbulence after a significant price drop in 2023. The occurrence of multiple Bitcoin transactions exceeding $1 million indicates active involvement from influential investors amidst this market decline. It is worth noting that despite the downturn, there has been no decrease in the number of substantial wallets holding cryptocurrency.
A top trader and analyst tweeted that BTC’s 1D Weekly close tomorrow could shape the next move due to Friday’s selloff. Reclaiming $26.3K may attract spot buyers, offering a decent risk-to-reward ratio for a long position to $28.5K. If it drops below $25.3K, it might aim for $24K – $23K, followed by a stronger buyback; otherwise, it could reach $20K. A deep dive below $20K presents an opportunity for a swing long. The message: important levels matter, but confirming signals is vital for future trades.
Similarly, Ethereum, a renowned cryptocurrency like Bitcoin, recently experienced a tightly restricted trading range. The value of Ethereum plummeted to a minimum point of $1,640, causing concern among investors and traders. In a recent Twitter post by cryptocurrency analyst Ali, it was mentioned that if Ethereum were to dip below the range of $1,600 – $1,550 for ETH, it could potentially trigger a significant correction spanning from 37% to 45%, with the target reaching $1,000.
According to CoinMarketCap, Bitcoin is currently trading at $26,015.85, with an 11% decrease over the past seven days and a 0.26% decrease in the past 24 hours. On the other hand, ETH is being traded at $1,674.23, experiencing a 0.38% increase in the past 24 hours and 9.51% over the past seven days.