Weekly Market Watch: Bitcoin & Ethereum Tumble While Altcoins Struggle To Survive

Last week, there was a drop in optimistic attitudes in the world of cryptocurrency, which made it challenging for bullish investors to counter the bears’ momentum. Bitcoin and Ethereum both experienced a downward trend and were unable to effectively resist the bears’ dominance.

This development had an adverse impact on the overall market perspective. Consequently, several altcoins recorded significant losses in the weekly chart, but a few managed to maintain noteworthy gains.

Some low-cap coins on the list of weekly gainers have shown substantial growth, with Kava (KAVA) leading the pack, followed by Bitcoin SV (BSV). 

Over the last seven days, the Kava (KAVA) cryptocurrency has experienced an astounding 41% surge. The surge is due to a new proposal from the platforms which will halt all kava emissions, including rewards, by December 31st, 2023.

Future rewards will come from accumulated rewards, and a software upgrade will be proposed to implement this change. Parameters will be set for reward schedules until the end of 2023.

At present, KAVA is trading at $1.04, demonstrating a 9.66% increase in the past 24 hours and a significant 9.93% surge in its marketcap, with a 18.83% decrease in the 24 hours trading volume. The token hit its peak of $1.041 after beginning the week at $0.726, displaying a strong and remarkable weekly performance. 

Source: CoinMarketcap

Meanwhile, Bitcoin SV (BSV) is also gaining attention from the community as a second-top weekly performer. Over the past week, BSV has experienced a surge of approximately 11%. As of now, BSV is trading at $36.01; in the last 24 hours, the token has experienced a significant 3.74% increase.

Source: CoinMarketcap

Since May 8th, the trading volume for Bitcoin SV has nearly tripled as buyers have rushed to invest in the controversial cryptocurrency. As of now, BSV has reached $40.44, the highest it has been in nine weeks.

Despite this impressive surge, BSV had hit its all-time low of $29.17 on May 8th. Additionally, the token is currently down by 92% from its peak of $490 in April 2021, even though it continues to lead among the top 100 cryptocurrencies.

Moreover, some popular coins are experiencing gains in weekly charts, including LEO at 3% and LDO at 5.88%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

The world’s largest cryptocurrency, Bitcoin, has experienced a downward trend and failed to maintain its steady position within the crucial resistance range of $28,000 or $27,000. 

Over the last week, Bitcoin’s value has plummeted, falling to almost a two-month low at $25,878.43 on May 12th. This decline has caused concern among investors and analysts who closely monitor the digital currency market.

Source: CoinMarketcap

The second most valuable cryptocurrency, Ethereum, has also encountered a similar scenario, hitting a 17-day low at $1,742.40 on May 12th. This decline in value is attributed to the recent market turbulence caused by regulatory crackdowns.

Source: CoinMarketcap

According to a tweet from Santiment on May 11th, the price of Ethereum had decreased to $1,780 that day, and as a result, there was a continued decrease in exchange supply. 

It was reported that the percentage of Ethereum on exchanges had reached its lowest level (10.1%) since the start of public trading in 2015. This was noted to be an all-time high for non-exchange holdings.

According to the data from CoinMarketCap, Bitcoin is currently trading at $26,952.29, with a 6.89% decrease over the past seven days and a 0.02% in the past 24 hours. While ETH is trading at $1,796.24, experiencing a 0.47% decrease in the past 24 hours and 6.35% over the past seven days.

Related Reading |  Ethereum’s Prysm Client Unleashes Hotfix v4.0.3 to Tackle Network Instability Woes 

Saeed Ul Hassan: Saeed Ul Hassan got into the crypto world since 2012. He, in fact, works as a data executor for big firms but finds cryptocurrencies very exciting and hence has been involved for an accountable time now. Saeed started traded digital assets amid the entrance to the crypto market and now writes, too. He specializes in technical analysis.