The market is in a bad spot, but top currencies such as Bitcoin and Ethereum struggle to gain their lost value. Some altcoins like AR and NMR, however, are showing significant gains charm in the last 14-days.
Bitcoin fluctuated between $19,000-$20,000,000. Since May’s inflation report and Fed Reserve raising interest rates, Therefore, Bitcoin is unlikely to rise at an accelerated pace.
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Since November 2021, when Bitcoin was at its highest value, it has fallen more than 70%. It peaked at $67,000, in November 2021.
But, as per CoinGeckoBTC currently trades at $19500, and has seen losses of 7.8%, 5.4%, and 14.7% over the past seven and fourteen days.
Edward Moya (senior market analyst, Oanda), claims that Bitcoin has come under increasing pressure. They are finding it hard to maintain the $20,000 threshold.
The success of Ethereum in 2021 was evident when it reached an all time high of $4850 during November. The price of Ethereum has fluctuated between $1,100 to $1,000 since November, despite having a fantastic November, like bitcoin.
Meanwhile, it made an effort and struggled to recoup its value, but the price of Ethereum couldn’t rise beyond $1,100. CoinGecko data indicates that ETH trades at $1,073.58, with a loss of 10.6% and 0.6% respectively over the last 7 and 14 trading days.
Significant Growth in AR & NMR
The performance of Arweave (AR) is impressive. Two of the most popular crypto currencies, however, are struggling. According to CoinGecko statistics, AR reached $11 with a 10% increase in one-day, 15% in seven and 32% respectively in fourteen days.
Arweave is a decentralized storage network that aims to offer a platform for long-term data archival. The Arweave network pays “miners” to keep the network’s data permanently stored using its native coin, named AR.
Numeraire, NMR is also leading week gainers. The week’s gains are notable at 122%. NMR currently trades for $19.37 according to the statistics Coinmarketcap.
In addition, Numeraire’s performance over the last 14 days has been exceptional. It made huge gains and increased by approximately 16% in the last day. According to CoinGecko, this has led to a surge in trade volume.
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NMR’s drop of 79% since its May peak has been 7.9%. NMR is however showing an uptrend right now, which might help it increase over the previous lows.
Other coins also show positive vibes. TerraUSD gained 17% over the past 24 hours. RUNE showed a 13% gain during the previous 24-hours. Celsius saw a 15% gain, Celsius had 15%, and CEEK was at 15%.
Pixabay featured image, chart by Tradingview