Bitcoin, Ethereum, And Altcoins Navigate Turbulent Waters

28 August 2023

in ApeCoin

Reading Time: 3 mins read

Over the previous week, the world of cryptocurrency experienced minimal volatility. The entire week encountered a decline marked by a less favorable performance of Bitcoin. Meanwhile, Ethereum was traded within a relatively narrow range, showing a modest rebound from the crash observed in the week before.

In addition to the major cryptocurrencies, alternative coins (Altcoins) encountered a notable decrease over the recent week. Nonetheless, as the week drew to a close, they managed to recuperate a portion of the losses. Despite this recovery, a considerable portion of coins continued to display unfavorable trends on both the weekly and daily charts.

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Last week, a notable market crash was caused by a report that Elon Musk had reportedly adjusted the valuation of its bitcoin holdings, resulting in a depreciation of approximately $373 million over the past two years.

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THORChain (RUNE) is at the top of the list of 70 altcoins experiencing a significant loss in value this week, followed by ApeCoin (APE) and Hedera (HBAR), second and third place, respectively.

THORChain (RUNE) experienced a notable decrease of 14.32% 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, Rune is being traded at $1.42, reflecting a 0.52% decrease within the last 24 hours.

Meanwhile, ApeCoin (APE) is also experiencing a significant loss but managed to recover some of its value. Over the past week, APE has experienced a significant decrease of approximately 11.64%.

Currently, APE is trading at $1.39. In the last 24 hours, the token has experienced a 1.78% decrease, while its trading volume has increased by 37.14% in the same time period.

Additionally, Hedera (HBAR) has also lost significant value due to its weekly performance, with a notable decrease of about 11.32%. As of now, HBAR is trading at $0.05547, with a decline of 3.68% in the last 24 hours.

Moreover, some popular coins are experiencing losses in weekly charts, including AVAX at 6.83%, FIL at 5.33%, and SOL, with a decrease of 4.65%, according to the data from CoinMarketcap.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

In the week that just passed, Bitcoin, the widely recognized digital currency, faced a notable decline as it approached a crucial support point at around $25,400. However, Bitcoin stayed within a limited trading range for the entirety of the week.

Over the previous week, the analytics firm Santiment tweeted that only 5.8% of Bitcoin is presently held on exchanges. This marks the lowest point for the leading cryptocurrency by market capitalization since December 17, 2017. Additionally, a noteworthy number of significant Bitcoin transactions by large holders (whales) at 57.4K per week are persistently observed.

Likewise, Ethereum, a well-known cryptocurrency, encountered a narrow trading range akin to Bitcoin. According to a tweet from Santiment, Ethereum’s network displayed increased activity in terms of large addresses during its descent below $1,650 despite its exceptionally volatile price circumstances. The count of wallets holding between 10 and 10,000 $ETH has rebounded to 355,000, and there has been a notable surge in transactions involving $100,000 or more.

Moreover, the santiment revealed that more than 35% of the available supply is currently being held by the top 10 addresses on the Ethereum network. This doesn’t imply an abrupt centralization of the second-ranked cryptocurrency, but it does indicate that smaller traders are succumbing to fear, uncertainty, and doubt (FUD) in response to this market dip.

According to CoinMarketCap, Bitcoin is currently trading at $25,917.57, with a 0.44% decrease over the past seven days and a 0.50% decrease in the past 24 hours. On the other hand, ETH is being traded at $1,639.81, experiencing a 0.59% decrease in the past 24 hours and 1.98% over the past seven days.

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