While crypto’s value dropped by billions this week, the cryptocurrency economy has seen 18 digital assets make double-digit gains over the past week. The top two most valuable crypto assets, according to market capitalization (ethereum and bitcoin), have seen their value drop between 2.8% and 6.2% over the past seven days.
The Value of 18 Crypto Assets Rises by Doubling-Digits
Weekly statistics show that Bitcoin and Ethereum lost some value, but a lot of digital alternatives have fared better. Today’s crypto economy has a value of $2.36 trillion. It is currently down 2.9% over the last 24 hours. BTC lost 2.8% over the past seven days, while ETH fell 6.2% in the same period. 18 cryptocurrency tokens, however, have seen double-digit gains in value against the U.S. Dollar this week.
For instance, Sushiswap’s decentralized exchange (dex) token sushi (SUSHI) has gained 67% during the last seven days. Near (NEAR), jumped 57.8% and fantom rose 49.6%. Meanwhile, oasis network (ROSE), soared 48% in the last week. The top week-end gainers were convex finance (+35.7%), near (+33%) and uniswap (+18.1%).
Bitcoin and Ethereum See Sharp Drops, Huobi Global Analyst Says ‘Pay Attention to the Changes in Price Direction’
This week saw gains of double-digits in a number of crypto assets, including polkadot and enjin. Out of the $2.36 trillion in value across more than 12,000 crypto assets, BTC’s dominance is 38.3% while ethereum’s dominance is 19.1%. Discussing bitcoin (BTC) prices with Bitcoin.com News, the co-founder of Huobi Group, Du Jun, said that the price of bitcoin tends to stabilize and traders should “pay attention to the changes in price direction.”
“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. An analyst added further:
The decline was blocked but the short-term side remains strong as seen by the daily line. The BTC price has fallen at an identical rate to the one-week increase. There is also a tendency for it to form a downward channel. The upside for the short-term is unlikely. Attention should be paid to short-term changes in the direction of the price and support by the $45,500 position.
The bitcoin (BTC), and ethereum(ETH) values have experienced declines. However, there are many alternative crypto assets that are taking advantage of the dominating 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%.
As far as ethereum (ETH) markets are concerned, Huobi Global’s Du Jun said that ethereum markets were very similar to BTC’s market patterns. “[The] price of ETH stabilized during daytime after a sharp drop at night, oscillating slightly back and forth, changing directions several times, echoing the BTC price trend, and it is now near $3,800,” Jun added on Wednesday. Jun’s ethereum (ETH) market outlook continued:
At the 4hk-line the down adjustment is very strong, and momentum is quite high. Trading volume increased as each moving average dropped steeply. Starting [the]Daily level the downtrend is becoming less apparent. The support at 4680 is important in the near term. The price trend downward will begin once it breaks out.
How do you feel about 18 crypto assets which have posted double-digit gains in the past week? What do you think about the two leading crypto market assets’ recent performance? Please comment below to let us know your thoughts on this topic.
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