While the crypto economy shed billions in value this week, 18 different digital assets have accrued double-digit gains during the last week. At the same time, the top two leading crypto assets by market capitalization, bitcoin and ethereum, have lost between 2.8% to 6.2% in value in seven days.
18 crypto assets see values rise by double digits
Bitcoin and ethereum have lost a bit of value according to the weekly statistics and a number of alternative digital assets have done much better. Today, the crypto-economy is worth $ 2.36 trillion and is down 2.9% in the past day. BTC has lost 2.8% in value over the past seven days and ETH has lost 6.2% since last week. However, 18 crypto tokens posted double-digit gains against the US dollar last week.
For instance, Sushiswap’s decentralized exchange (dex) token sushi (SUSHI) has gained 67% during the last seven days. Near (NEAR) jumped 57.8%, fantom (FTM) climbed 49.6%, and oasis network (ROSE) spiked 48% during the course of the week. Other top weekly gainers included convex finance (+35.7%), aave (+33%), theta network (+24.8%), uniswap (+19.2%), osmosis (+18.2%), kadena (+16.8%), iota (+15.8%), and the sandbox (+15%).
Bitcoin and Ethereum See Big Dips, Huobi Global Analyst Says “Watch Out for Price Direction Changes”
Cosmos, polkadot, enjin, monero, celo and curve token also posted double-digit gains this week as well. Of the $ 2.36 trillion in value over 12,000 crypto assets, BTC’s dominance is 38.3% while Ethereum’s dominance is 19.1%. In discussing bitcoin (BTC) prices with Bitcoin.com News, Huobi Group co-founder Du Jun said the price of bitcoin has tended to stabilize and traders should “watch out for changes in direction. prices”.
“According to data from Huobi Global, BTC’s price stabilized during [the] daytime, after a sharp drop at night, fluctuating back and forth from $47,500, changing directions several times,” Huobi’s co-founder explained to our newsdesk. “From the 4h k-line, three EMA lines descended steeply, k-line was located near the lower rail of the Bollinger Bands, and the opening of the Bollinger Bands expanded significantly,” Jun added. The analyst further added:
Although the decline has been blocked, the short end is still relatively strong, especially when viewed from the daily line. This drop caused the price of BTC to fall again at a similar rate after a week-long price increase, and there is a tendency to form a downward channel again. The short-term rise is less likely. In the short term, watch out for changes in the price direction and support for the $ 45,500 position below.
While the values of bitcoin (BTC) and ethereum (ETH) have both seen declines, numerous alternative crypto assets are gaining on the dominant crypto markets. A recently published study indicates that altcoins have surged threefold since 2014, and 2021’s top ten performing crypto assets outshined BTC and ETH by a longshot in terms of gains. Despite the losses bitcoin (BTC) is still up 76.1% year-to-date (YTD) and ethereum’s YTD metrics indicate ether has gained 416%.
Regarding the Ethereum (ETH) markets, Du Jun of Huobi Global said that the Ethereum markets are very similar to the BTC market models. “[The] The price of ETH stabilized during the day after falling sharply at night, oscillating slightly back and forth, changing direction several times, echoing the BTC price trend, and it is now hovering around 3,800 $, ”Jun added on Wednesday. The outlook for Jun’s Ethereum (ETH) market continued:
From the 4h k-line, the downward adjustment is strong and the momentum is relatively large. Each moving average descended steeply, and the trading volume increased. From [the] daily level, the downside trend is less obvious. In the short term, pay attention to the support of the 4680 position below. Once it breaks through, the price downward trend will be formed.
