Bitcoin and Ethereum Lose Momentum During Recent US Market Uncertainty
Bitcoin and Ethereum experienced a decrease in their momentum in the previous week, breaking a three-week period of stability amidst the controversy surrounding Ledger Recover and growing concerns about the approaching U.S. debt ceiling deadline.
Bitcoin, the largest cryptocurrency, witnessed dropped below the $27,000 level yesterday and is currently being trading at $26,350. ETH is currently trading around the $1,800 level.
Among the top 50 cryptocurrencies, the market observed significant fluctuations in the past seven days, with a few notable gainers and losers.
The most significant gainer of the week is Render (RNDR), which exhibited an impressive growth of 19.3% over the week. In the last 24 hours alone, it surged by 13.6% and is currently being traded at $2.82. The Render Network is a decentralized platform allowing users to contribute their unused GPU power to render motion graphics and VFX.
The Sandbox game (SAND), a popular immersive Gamefi platform, claimed the second spot in the past 24 hours, with a 5.4% gain and a current trading price of $0.51. These gains align with the recent partnerships announced by the team with well-known BBC shows “Top Gear” and “Doctor Who.”
READ MORE: Bitcoin’s Bull Run to be Ignited by Regulatory Changes, According to Michael Saylor
However, not all cryptocurrencies experienced gains, as some of the top 50 assets, apart from Bitcoin and Ethereum, suffered losses both in the weekly and daily markets.
As anticipated after its unsustainable surge, meme coin sensation PEPE had a relatively disappointing week, losing 10.5% of its value over the past seven days. However, in the last 24 hours, it observed a slight 3.3% increase and is currently being traded at $0.00000143.
Shortly after its official mainnet launch, Sui’s native SUI token experienced one of the largest declines of the week, dropping by 15.8% and currently being traded at $0.98. Ethereum scaling solution Optimism (OP) also encountered a challenging week, recording a 12.6% decrease and being traded at $1.60. Additionally, the decentralized app platform Algorand (ALGO) suffered a double-digit loss, with an 11% decline over the past week and a trading price of $0.15.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
