You are here: Home/ News/ Weekly Market Watch: Bitcoin & Ethereum Tumble, Low Cap Coins Surge
Last week, the cryptocurrency markets were characterized by a pessimistic outlook as Bitcoin and Ethereum plummeted to their lowest levels in two months, influenced by bearish trends.
However, several altcoins with lower market caps saw significant gains in the weekly chart. These coins stood out from the negative market sentiment affecting Bitcoin and Ethereum.
Some low-cap coins on the list of weekly gainers have shown substantial growth, with KAVA leading the pack, followed by UNUS SED LEO (LEO).
KAVA, the native token of the Kava lending platform, has emerged as a weekly gainer, experiencing a considerable 25% growth in the weekly chart.
KAVA’s value surged as a result of its network developments, which were highlighted in its 10th week’s performance report. The ecosystem has experienced explosive growth, with KavaRise protocols emerging as clear winners and Kava flipping Solana in terms of total value locked (TVL).
#KAVA moving up the ranks surpassing Solana in TVL ⏫ The ecosystem continues to thrive despite greater market conditions. The upcoming Kava 13 release is poised to further advance protocol onboarding and Kava EVM scalability. pic.twitter.com/Ilmf2vK7QS
— Kava (@KAVA_CHAIN) March 10, 2023Additionally, the upcoming release of Kava 13 is expected to enhance protocol onboarding and Kava EVM scalability, further advancing the ecosystem’s growth.
Source: CoinMarketcapAt present, KAVA is trading at $0.9714, demonstrating an 11.46% increase in the past 24 hours and a significant 12.63% surge in its marketcap. The token hit its peak of $0.9858 and closed the week at $0.8866 after beginning the week at $0.7898, displaying a strong and remarkable performance.
Meanwhile, UNUS SED LEO (LEO) is also gaining attention from the community as a second top weekly performer. Over the past week, LEO has experienced an impressive surge of approximately 12%.
The price surge was triggered by a recent announcement that Hive_creators are using LEO to create genuinely decentralized (CUSTOM JSON) polls on the Hive blockchain, which is something that is highly appreciated.
Source: CoinMarketcapAs of now, LEO is trading at $3.72; in the last 24 hours, the token has experienced a 5.79% increase, while its market cap has surged by 5.80% in the same time period.
Moreover, some popular coins are experiencing gains in weekly charts, including Aptos (APT) at 5%, PAX Gold (PAXG) at 10%, and GUSD, with an increase of 1.40%, according to the data from CoinMarketcap.
Bitcoin (BTC) & Ethereum (ETH) Weekly ReviewBitcoin’s recent run of bullish momentum seems to have come to an abrupt end. Despite impressing with its strong performance towards the end of last year, the world’s largest cryptocurrency has struggled to break its winning streak but has plummeted back to its January lows.
Source: CoinMarketcapThe value of Bitcoin has dipped under $19.7000 for the first time in eight weeks, leaving many taken aback by the sudden slump. Ethereum, the second most valuable cryptocurrency, has also suffered a similar fate, experiencing a sharp drop of 10% in value on the same day.
Just a few days prior, both of them, Bitcoin and Ethereum, had been trading at a much higher price point of $25,126.85 and $1,718.95, respectively. The sudden downturn has caught many off guard.
Despite the setback, Bitcoin and Ethereum have shown signs of recovery. After hitting their lowest point in two months, both tokens have bounced back, signaling a potential bullish run once again in the daily charts.
Source: CoinMarketcapAccording to the data from CoinMarketCap, Bitcoin is currently trading at $21,864.71, with a 2.58% decrease over the past seven days but a 6.58% increase in the past 24 hours. On the other hand, ETH is being traded at $1,576.79, experiencing a 7.21% increase in the past 24 hours and a 0.86% over the past seven days.