As the crypto economy shed billions in value this week, 18 different digital assets posted double-digit gains over the past week. At the same time, the top two crypto assets by market cap, bitcoin and ethereum, have lost between 2.8% and 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 example, Sushiswap’s decentralized (dex) sushi token (SUSHI) exchange has gained 67% in the past seven days. Near (NEAR) jumped 57.8%, fantom (FTM) climbed 49.6%, and the Oasis Network (ROSE) climbed 48% during the week. Other top weekly winners include convex finance (+ 35.7%), aave (+ 33%), theta network (+ 24.8%), uniswap (+ 19.2%), osmosis (+ 18.2%), kadena (+ 16.8%), iota (+ 15.8%) and 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, the price of BTC has stabilized over the course of [the] by day, after a sharp drop at night, fluctuating from $ 47,500, changing direction several times, ”Huobi’s co-founder explained to our press office. “From the 4h k line, three EMA lines descended steeply, the k line was located near the bottom rail of the Bollinger bands, and the opening of the Bollinger bands expanded significantly,” Jun added. The analyst 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 fallen, many alternative crypto assets are gaining in the dominant crypto markets. A recently published study indicates that altcoins have tripled since 2014, and that the top ten performing crypto assets of 2021 have greatly exceeded BTC and ETH in terms of earnings. 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 4 o’clock k line, the downward adjustment is strong and the momentum is relatively large. Each moving average has fallen sharply and the trading volume has increased. From [the] daily level, the downtrend is less obvious. In the short term, watch out for support at position 4680 below. Once it crosses, the downward price trend will form.
What do you think of the 18 crypto assets that posted double-digit gains last week? What do you think of the recent performance of the two main assets in the crypto market? Let us know what you think of this topic in the comments section below.
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