TL;DR Breakdown
- Bitcoin moves past $43,300 after gaining 0.50% since the last day.
- Ethereum stays above $3,300 after gaining over 7% in one week.
- Axie Infinity gains double-figure percentages in the last 24 hours; Fantom and Cardano also post green candles.
- Internet Computer lost over 6.60%, Dogecoin and Elrond also shed their previous gains.
It has been well over a decade since Bitcoin came into existence. Since then, the crypto industry has grown and attracted investors and traders from all around the world. With thousands of digital coins and tokens, the crypto sector is making waves in the global arena. The trillion-dollar industry provides new opportunities to people from different walks of life.
The crypto sector is home to traders, investors, holders, stakers, and several other key stakeholders. Everyone has a different approach to the market. Many use it to earn profits, and many use it for its features like security and decentralization. However, the volatile market impacts everyone with its fluctuating prices.
Bitcoin goes over $43.3K but lacks momentum for a clear breakout
Since the end of December, Bitcoin has lacked momentum. It fell from close to $60K to a low of below $40K in a short period. However, the coin gained some relief after holding off the $43K position for some time. Bitcoin managed to put off further losses for a while. The leading digital coin gained a meager 0.50% to cross $43,300 in the last 24 hours. It is currently trading around the same spot.
Source: TradingView
Bitcoin has gained almost 4% in a weekly price change. It might be an excellent sign to trigger a recovery path for the coin if it gains some momentum. The trading volume of BTC is over $19.61 billion. Moreover, the market cap of the coin is over $816.70 billion. Institutional investors and holders will play a key role in impacting Bitcoin’s price trajectory in the coming days. However, if the coin manages to surge a little, we might be in for a substantial leap in the coming days.
Ethereum stays over $3,300 in a positive weekly outing
Ethereum is the second most valuable and sought-after cryptocurrency token in the market. This is why it has that importance and relevance in the industry. Market analysts and experts keep a keen eye on its performance along with Bitcoin. Previously, ETH was also suffering from plunging prices amid uncertainty.
However, the coin has now gained around 7.60% in one week. ETH is valued at around $3,350 at the time of writing. The coin’s market cap is fast approaching the $400 billion mark, whereas its trading volume is a little over $9.72 billion. However, ETH has been stuck around this range for a long time. It can either go up or face a significant dip in the coming days.
Source: TradingView
AXS gains over 11%, ADA and FTM follow
AXS is the native coin of the play-to-earn game, Axie Infinity. The coin has recently topped the list of gainers. It has accumulated over 11% in the last 24 hours of trading. The weekly tally of the coin’s gain in valuation has crossed 17%. It shows that AXS has recorded several green candles during the last week. At the time of writing, AXS is valued around $80.
Source: TradingView
Even though the coin is still low from its all-time high of over $100, it is still making a positive outlook in the market. The coin might progress further in the coming days. The market cap of the AXS coin has also crossed $5 billion, and its trading volume is over $430 million.
On the other hand, Cardano (ADA) has also progressed by over 10%, and it has crossed the $1.40 mark. Termed as the Ethereum-killer, ADA has been performing far below expectations for the last few weeks. However, the coin has managed to gain almost 22% during the last seven days. Its market cap and trading volume have also increased due to recent gains.
Among other gainers, FTM also made double-figure gains to reach $3.27. The coin has managed to accumulate over 43% since last week. Moreover, ATOM has gained 9.65% in the last 24 hours of trading. All of these coins posted commendable results in the latest trading hours. Traders and investors are looking out for their performance in the coming days as well.
ICP loses over 6%, DOGE and EGLD also bleed
Internet Computer (ICP) was among the key performers of the cryptocurrency market during its uncertain few weeks since the end of last year. On many occasions, it was the only green coin in the list of crypto tokens. However, ICP has lost over 6.60% in the last 24 hours. The coin is lingering around the $31.50 mark at writing.
Source: TradingView
The trading volume of the ICP token has plunged below $300 million. Its market cap is around $6.18 billion. The weekly losing tally for the coin is now around 8.50%. Nonetheless, the coin may rise again in the coming days as it has the strong support of holders and investors. Also, the market looks to be recovering which could trigger a bull run for ICP.
Over the last week, DOGE was among the top performers in the digital asset industry. Since the acknowledgment of Tesla, DOGE has been performing exceptionally well. However, the coin lost 5.25% during the last day. Nonetheless, DOGE is still 18.26% ahead of its last week’s price.
Apart from this, EGLD and XMR have also posted bleeding candles. EGLD lost around 4%, while XMR lost 2.20% in one day. The weekly price change for both of these coins is still green, which shows that they made impressive gains previously.
Final Thoughts!
The cryptocurrency sector rides on the momentum that could trigger a bull run or a major dump on the coin. However, the current market looks to recover by making small overall gains. It still requires investors and traders to stay firm on their investing calls. It would help the market to get more stable and progress gradually. The performance of Bitcoin and Ethereum will also influence the trends of the following week in the market.
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