Timber You are here: Home/ News/ Weekly Market Watch: Bitcoin & Ethereum’s Bulls Gain Momentum, Low Cap Tokens Experience Growth
The previous week showed a more positive outlook for the crypto markets, with both Bitcoin and Ethereum seeing upward momentum. Although smaller market-cap coins initially saw notable growth at the beginning of the week, any progress made was ultimately wiped out by the week’s end.
During the previous week, the cryptocurrency community was abuzz with talk about two low cap coins, BLUR and FLOKI, which had garnered significant attention. However, as the week drew to a close, both coins experienced substantial losses, reversing their double-digit gains and ending up in the red on the daily chart.
FLOKI, a token themed around dogs, saw a surge in price on February 16th, reaching its highest levels since January 2022. On that day, the price of FLOKI rose by 65.43% in the last 24 hours and 75% in the previous seven days, with a 176% increase in trading volume over the past 24 hours.
Source: CoinMarketcapAdditionally, the market cap grew by 65%. Currently, the coin has experienced a downturn, with about a 6% decrease in the last 24 hours, but it’s still up by 108.9% on the weekly chart.
The BLUR non-fungible token (NFT) marketplace launched its native token last week, and users who were awarded token allotments received “care packages.” Blur tokens began trading on February 14th, reaching a high of $5.02 per token. However, the coin has since dropped more than 97.16% from its all-time high and 5% on the daily chart.
Source: CoinMarketcapHowever, several altcoins with also low-cap coins on the list of weekly gainers have shown substantial 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 a surge of 294.54% over the past week and showing unique bullish signs.
The rise in price was sparked by Conflux’s announcement on February 15th that it plans to build blockchain-based SIM cards (BSIM cards) in partnership with China’s Telecom, the second-largest wireless carrier in China.
As of Monday, CFX was trading at $0.2132, experiencing a 25% increase in the past 24 hours and a remarkable 114.67% surge in the 24-hour trading volume. The token reached its peak of $0.2378 and ended the week at $0.2263 after starting at $0.05184, displaying a robust and impressive performance.
Source: CoinMarketcapHowever, some market analysts caution that the token’s current rally may not be sustainable, with the support level at $0.090 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 progress in the crypto market, it has garnered the community’s attention as a weekly gainer. Filecoin’s native cryptocurrency, FIL, has seen a significant surge of about 70% in the past week as it rallies ahead of the launch of the Filecoin Virtual Machine (FEVM) on the Filecoin mainnet.
Currently trading at $8.49, FIL reached its peak of $9.40 and ended the week at $8.44 after starting at $4.92, showing a strong and impressive performance. Despite experiencing a 3% decrease in the last 24 hours, the token’s trading volume has gone up by 50%.
Source: CoinMarketcapMoreover, some popular coins are experiencing gains in weekly charts, including Klaytn (KLAY) at 35%, Solana SOL at 25%, and Polkadot DOT, with an increase of 20%, according to the data from CoinMarketcap.
Bitcoin (BTC) & Ethereum (ETH) Weekly ReviewAfter 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.
Source: CoinMarketcapBitcoin recently reached an 8-month high on February 16th, but according to data analyst Santiment’s tweet, this bullish trend was accompanied by a significant amount of euphoria that may have caused a temporary peak in value.
The tweet suggests that the positive sentiment on social media platforms may have been overdone, leading to a local top. Additionally, negative commentary earlier in the month caused a temporary dip in Bitcoin’s value, with many investors losing faith in its long-term prospects.
Similar to Bitcoin, Ethereum has experienced a significant surge in value in the past week, reaching an impressive 5-month high on February 16th, according to another tweet by data analyst Santiment.
The rise 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. Additionally, the data indicates that a high concentration of ownership remains in the market, with shark and whale addresses holding nearly 47% of the supply.
CoinMarketCap data shows that Bitcoin is currently trading at $24,473.30, with a slight decrease of 0.50% over the past 24 hours but a 12.49% increase over the past seven days. While ETH is being traded at $1,692.55, experiencing a 0.07% decrease in the past 24 hours and a 12.14% increase in seven days. Additionally, both leading coins are experiencing a 50% growth in the 24-hour trading volume.