The previous week brought a somewhat negative perspective for the cryptocurrency markets, with Bitcoin and Ethereum experiencing a drop to their support levels due to bearish trends. Meanwhile, some altcoins with smaller market capitalizations experience notable increases in value with double-digit gains in the weekly chart.
Some low-cap coins on the list of weekly gainers have shown substantial growth, with Maker (MKR) leading the pack, followed by Synthetix (SNX) and SingularityNET AGIX in third place.
Maker (MKR), an ERC-20 token native to the Maker Protocol, has emerged as a weekly gainer, experiencing a noteworthy 26% growth in the weekly chart.
MKR experienced a surge in value due to MakerDAO’s announcement of reduced fees for the RETH-A vault via their most recent Executive Vote. This was accompanied by a decrease in the stability fee from 1.5% to 0.5%, an increase in the debt ceiling from 5 million DAI to 10 million DAI, and a current liquidation ratio of 170%.
At present, MKR is trading at $962.84, demonstrating a 12.89% increase in the past 24 hours and a significant 71.26% surge in the 24-hour trading volume. The token hit its peak of $949.50 and closed the week at $858.01 after beginning the week at $706.32, displaying a strong and remarkable performance.
Meanwhile, Synthetix (SNX) is also gaining attention from the community as a second top weekly performer. Over the past week, SNX has experienced an impressive surge of approximately 20.91%.
The surge in price was sparked by a recent milestone achieved by Synthetix, which could enhance its liquidity operations. The network has recently launched Synthetix V3 on the mainnet, marking a significant development.
As of now, SNX is trading at $3.14, having reached the peak at $3.05 and closing the week at $2.87 after starting the week at $2.47. These figures indicate a noteworthy performance. In the last 24 hours, the token has experienced a 7.98% increase, while its trading volume has surged by 63% in the same time period.
Additionally, SingularityNET (AGIX) has also recently gained significant attention due to its weekly performance and notable gain of about 15%. According to Coingecko’s data, the token has experienced a significant price surge since January and has recently entered the top 100 coin rankings, currently trading at $0.4647. In the last 30 days, the token has seen an impressive gain of 143.0%.
Moreover, some popular coins are experiencing gains in weekly charts, including ImmutableX (IMX) at 7%, EOS at 10%, and XDC, with an increase of 11%, according to the data from CoinMarketcap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
Bitcoin has failed to capitalize on its recent bullish momentum and instead succumbed to a bearish trend that has left investors reeling. Despite showing strong performance in recent weeks, the world’s most popular cryptocurrency has been unable to break its losing streak.
On Friday, Bitcoin suffered a massive dip of over 5%, tumbling down to $22,261.22. This sudden drop has caught many investors off guard, as just a few days prior, Bitcoin had been trading at a much higher price point.
Moreover, cryptocurrency analytics firm Santiment’s latest tweet stated that the significant drop in Bitcoin’s value occurred at 1 am UTC. However, traders didn’t display major concerns until 12 hours later.
As of now, Bitcoin’s social dominance has reached a two-week high after traders started expressing their concerns. Experts suggest that an increase in discussion around the top cryptocurrency is necessary for a turnaround in the crypto market.
Like Bitcoin, Ethereum also experienced a significant surge in value last week, with a 4% value decline on Friday, dropping to $1,552.45. Additionally, a recent tweet by Santiment revealed a startling fact that Ethereum’s exchange supply had hit its lowest point in almost half a decade.
This news comes in the wake of the recent FTX collapse, where ETH has emerged as one of the most popular assets that investors have shifted towards self-custody.
The trend towards self-custody appears to be gaining traction as more and more investors seek to take control of their assets and secure them against potential security breaches.
The decreased supply of Ethereum on exchanges suggests that investors are becoming increasingly hesitant to part with their holdings, which could potentially lower the probability of a significant selloff in the future.
According to CoinMarketCap, Bitcoin is currently trading at $22,488.40, with a 4.90% decrease over the past seven days but a 1.09% increase in the past 24 hours. On the other hand, ETH is being traded at $1,573.15, experiencing a 1.10% increase in the past 24 hours and a 4.37% decrease over the past seven days.