Weekly Market Watch: Bitcoin, Ethereum, And Altcoins Navigate Turbulent Waters

Over the previous week, the world of cryptocurrency experienced minimal volatility. The entire week encountered a decline marked by a less favorable performance of Bitcoin. Meanwhile, Ethereum was traded within a relatively narrow range, showing a modest rebound from the crash observed in the week before.

In addition to the major cryptocurrencies, alternative coins (Altcoins) encountered a notable decrease over the recent week. Nonetheless, as the week drew to a close, they managed to recuperate a portion of the losses. Despite this recovery, a considerable portion of coins continued to display unfavorable trends on both the weekly and daily charts.

Last week, a notable market crash was caused by a report that Elon Musk had reportedly adjusted the valuation of its bitcoin holdings, resulting in a depreciation of approximately $373 million over the past two years.

THORChain (RUNE) is at the top of the list of 70 altcoins experiencing a significant loss in value this week, followed by ApeCoin (APE) and Hedera (HBAR), second and third place, respectively.

THORChain (RUNE) experienced a notable decrease of 14.32% over the course of the past seven days; however, it has been struggling to make a slight recovery, according to the daily chart. As of now, Rune is being traded at $1.42, reflecting a 0.52% decrease within the last 24 hours.

Meanwhile, ApeCoin (APE) is also experiencing a significant loss but managed to recover some of its value. Over the past week, APE has experienced a significant decrease of approximately 11.64%.

Currently, APE is trading at $1.39. In the last 24 hours, the token has experienced a 1.78% decrease, while its trading volume has increased by 37.14% in the same time period.

Additionally, Hedera (HBAR) has also lost significant value due to its weekly performance, with a notable decrease of about 11.32%. As of now, HBAR is trading at $0.05547, with a decline of 3.68% in the last 24 hours.

Moreover, some popular coins are experiencing losses in weekly charts, including AVAX at 6.83%, FIL at 5.33%, and SOL, with a decrease of 4.65%, according to the data from CoinMarketcap.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

In the week that just passed, Bitcoin, the widely recognized digital currency, faced a notable decline as it approached a crucial support point at around $25,400. However, Bitcoin stayed within a limited trading range for the entirety of the week.

Over the previous week, the analytics firm Santiment tweeted that only 5.8% of Bitcoin is presently held on exchanges. This marks the lowest point for the leading cryptocurrency by market capitalization since December 17, 2017. Additionally, a noteworthy number of significant Bitcoin transactions by large holders (whales) at 57.4K per week are persistently observed.

👋 Just 5.8% of #Bitcoin is currently sitting on exchanges, which is officially the lowest level #crypto's top market cap asset has seen since December 17, 2017. We are also continuing to see reasonable amounts of $BTC whale transactions (57.4K per week). https://t.co/c0vfjFEvvG pic.twitter.com/nNnz2JDJyb

— Santiment (@santimentfeed) August 24, 2023

Likewise, Ethereum, a well-known cryptocurrency, encountered a narrow trading range akin to Bitcoin. According to a tweet from Santiment, Ethereum’s network displayed increased activity in terms of large addresses during its descent below $1,650 despite its exceptionally volatile price circumstances. The count of wallets holding between 10 and 10,000 $ETH has rebounded to 355,000, and there has been a notable surge in transactions involving $100,000 or more.

🐳 #Ethereum's network has picked up in large address activity during this drop below $1,650 and its highly volatile price conditions. The amount of wallets holding between 10 and 10,000 $ETH has risen back up to 355K, and $100K+ transactions have surged. https://t.co/X137U93ZYu pic.twitter.com/J9lyMoeBmf

— Santiment (@santimentfeed) August 24, 2023

Moreover, the santiment revealed that more than 35% of the available supply is currently being held by the top 10 addresses on the Ethereum network. This doesn’t imply an abrupt centralization of the second-ranked cryptocurrency, but it does indicate that smaller traders are succumbing to fear, uncertainty, and doubt (FUD) in response to this market dip.

According toCoinMarketCap, Bitcoin is currently trading at $25,917.57, with a 0.44% decrease over the past seven days and a 0.50% decrease in the past 24 hours. On the other hand, ETH is being traded at$1,639.81, experiencing a 0.59% decrease in the past 24 hours and 1.98% over the past seven days.

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