Last week presented a relatively bleak outlook for the cryptocurrency markets as Bitcoin and Ethereum experienced tight-range trading and encountered downward pressure from bears. Despite this, smaller market-cap coins gained momentum and demonstrated notable gains in their weekly charts, indicating potential opportunities for growth in this sector.
Several low-cap coins on the list of weekly gainers have shown substantial growth, with Stacks (STX) leading the pack, followed by Ankr (ANKR) and ssv.network (SSV) in third place. Other tokens have also experienced significant gains, like Bone ShibaSwap and others.
STX, the native cryptocurrency of the Stacks network, has been causing waves in the cryptocurrency market with a surge of 100% over the past week and displaying bullish indicators.
The recent introduction of the Ordinals protocol has sparked a fresh narrative of non-fungible tokens (NFTs) and smart contracts on the Bitcoin blockchain, resulting in the current surge of STX, the native token of Bitcoin layer 2 Stacks Network.
At present, STX is trading at $0.7892, demonstrating a 9.52% increase in the past 24 hours and a 9.26% surge in the 24-hour trading volume. The token hit its peak of $0.8843 and closed the week at $0.766 after beginning the week at $0.3822, displaying a strong and remarkable performance.
Meanwhile, Ankr (ANKR) is also gaining attention from the community as a top weekly performer. Over the past week, ANKR has experienced an impressive surge of approximately 35%. This significant price rally was triggered by Ankr’s groundbreaking collaboration with American technology giant Microsoft.
As of now, ANKR is trading at $0.04284, having reached its peak at $0.05474 and closing the week at $0.04076 after starting the week at $0.03286. These figures indicate a robust and noteworthy performance. In the last 24 hours, the token has experienced a 7.14% increase, while its trading volume has surged by 45%.
Additionally, SSV Network has also recently gained significant attention due to its ETHDenver Hackathon, which attracted a vast response from the cryptocurrency community. As a result, SSV Network has made its way onto the list of top 100 cryptocurrencies, further increasing investors’ confidence.
The token’s price has reached a new all-time high, currently trading at $45.14. This marks a 32% gain on a weekly basis, with the token’s 24-hour trading volume increasing by 15.68%. Furthermore, the token’s market cap has risen by 15% within the 24-hour period, indicating a promising outlook for SSV Network.
Moreover, some popular coins are experiencing gains in weekly charts, including Bone ShibaSwap at 28%, NEO at 20%, and GateToken GT, with an increase of 16.31%, according to the data from CoinMarketcap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
Despite a strong performance last week, Bitcoin has been unable to break its losing streak and is expected to end the week on a bearish note. Bitcoin surpassed the crucial resistance level of $25,000 last week, marking a robust performance. However, bears were able to push the price down to the support level of $22,861.56 by the end of the week.
Santiment, a cryptocurrency analytics firm, tweeted that the number of shark and whale Bitcoin addresses has remained flat as the price range between $23k to $25k continues. A rise in the 1K-10K BTC addresses would be a positive breakout sign, similar to the growth seen in the 10-100 and 100-1K BTC addresses over the past three months.
Like Bitcoin, Ethereum also experienced a significant surge in value last week, reaching a 5-month high on February 16th before dropping to $1,567.63 by the end of the week.
According to CoinMarketCap, Bitcoin is currently trading at $23,613.67, with a 3.73% decrease over the past seven days but a 2.90% increase in the past 24 hours. On the other hand, ETH is being traded at $1,639.31, experiencing a 4.14% increase in the past 24 hours and a 2.71% decrease over the past seven days.
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