Bitcoin and Ethereum’s bulls gain momentum, low cap tokens experience growth
Last week showed a more positive outlook for the crypto markets, with both Bitcoin and Ethereum looking up. Although smaller market cap coins initially saw significant growth at the beginning of the week, any progress was eventually wiped out by the end of the week.
Over the past week, two low-cap coins, BLUR and FLOKI, were much talked about in the cryptocurrency community that had gained significant attention. However, as the week drew to a close, both coins experienced significant losses, reversing their double-digit gains and ending up in the red on the daily chart.
FLOKI, a dog-themed symbol, saw a rise in price on February 16, reaching the highest levels since January 2022. On that day, the price of FLOKI increased by 65.43% in the last 24 hours and 75% in the last seven days, with a 176% increase in trading volume in the last 24 hours.
In addition, the market value increased by 65%. Currently, the coin has experienced a decline, with about 6% decline in the last 24 hours, but it is still up 108.9% on the weekly chart.
The BLUR non-fungible token (NFT) marketplace launched its initial token last week, and users who were allocated token allocations received “care packages”. Blur tokens began trading on February 14, peaking at $5.02 per token. However, the coin has since fallen more than 97.16% from its all-time high and 5% on the daily chart.
However, several altcoins with also low-cap coins on the list of weekly winners have shown significant growth, with Conflux (CFX) leading the pack, followed by Filecoin (FIL) and The Klaytn (KLAY) in third place. Other tokens have also experienced significant gains.
The native cryptocurrency of the Conflux network, CFX, has been making waves in the crypto market, experiencing an increase of 294.54% in the last week and showing unique bullish signs.
The price increase was triggered by Conflux’s announcement on February 15 that it plans to build blockchain-based SIM cards (BSIM cards) in partnership with China’s Telecom, the second largest wireless operator in China.
As of Monday, CFX was trading at $0.2132, experiencing a 25% increase in the last 24 hours and a remarkable 114.67% increase in 24-hour trading volume. The token peaked at $0.2378 and ended the week at $0.2263 after starting at $0.05184, showing a robust and impressive performance.
However, some market analysts warn that the token’s current rally may not be sustainable, with the $0.090 support level considered unstable. A potential break below this mark could lead to a drop to $0.050 in the coming days.
Meanwhile, as the Filecoin network continues to evolve in the crypto market, it has gained community attention as a weekly winner. Filecoin’s native cryptocurrency, FIL, has seen a significant increase of around 70% in the past week as it surges ahead of the launch of the Filecoin Virtual Machine (FEVM) on the Filecoin network.
Currently trading at $8.49, FIL peaked at $9.40 and ended the week at $8.44 after starting at $4.92, showing a strong and impressive performance. Despite a 3% decline in the last 24 hours, the token’s trading volume is up 50%.
Also, some popular coins are experiencing weekly chart gains, including Klaytn (KLAY) up 35%, Solana SOL up 25%, and Polkadot DOT up 20%, according to data from CoinMarketcap.
Bitcoin (BTC) and Ethereum (ETH) Weekly Review.
After experiencing three consecutive weeks of consolidation without any significant gains, Bitcoin has made a strong comeback this week by surpassing the key resistance level of $25,000, marking a robust performance.
Bitcoin recently hit an 8-month high on February 16, but according to data analyst Santiments chirping, this bullish trend was accompanied by a significant amount of euphoria which may have caused a temporary spike in value.
The tweet suggests that the positive sentiment on social media platforms may have been exaggerated, leading to a local spike. In addition, negative comments earlier in the month caused a temporary drop in Bitcoin’s value, with many investors losing faith in its long-term outlook.
Like Bitcoin, Ethereum has experienced a significant increase in value over the past week, reaching an impressive 5-month high on February 16, according to another chirping by data analyst Santiment.
The increase in Ethereum’s value is notable as it follows the significant #merge event that merged Ethereum’s mainnet with the Ethereum 2.0 beacon chain. In addition, the data indicates that there is still a high concentration of ownership in the market, with shark and whale addresses holding almost 47% of the supply.
CoinMarketCap data shows that Bitcoin is currently trading at $24,473.30, down a small 0.50% in the last 24 hours, but up 12.49% in the last seven days. While trading at $1,692.55, ETH experienced a decrease of 0.07% in the last 24 hours and a gain of 12.14% in seven days. In addition, both leading coins are experiencing 50% growth in 24-hour trading volume.
