Weekly Recap: BTC, ETH Declining, Altcoins Rising

In last week’s crypto price movements, we see a major reversal of price trends. Typically, when ETH and BTC, the two currencies that account for the majority of the entire market cap of the crypto market, declines a significant percentage, the altcoins would decline with them, if not to a bigger degree. However, even though BTC and ETH dropped by 6.59% and 4.67% over the past week, respectively, many altcoins managed to find a lifeline, increasing by a small margin over the past week. Let’s take a look at BTC, ETH, and the best performer out of the altcoins last week.

BTC: $39,173.52 (-6.59% over the past 7 days)

BTC, seemingly having strong price support at the $40,000 price level, did not manage to sustain, as it dropped below $40,000 at the end of the week. It appears that the selling pressure at the $43,000 mark was too strong, and when BTC failed to push through that selling pressure, it dropped below $40,000. BTC will look to push back up above $40,000 and reestablish price support at $40,000 by the end of February.

BTC price chart over the past 7 days (1-hour intervals)

ETH: $2,725.08 (-4.67% over the past 7 days)

Just like BTC, ETH could not maintain its momentum of price rally above the $3,000 mark. Instead, after the end of Thursday last week, ETH never pushed back up to $3,000 again, hovering around the $2,800 line before dropping all the way to below $2,600, before slightly recovering at the end of the week to $2,700. ETH will need a 10% gain over this week to get back to $3,000, which could be a significant challenge, given the global tension around the Russia-Ukraine conflict at the moment.

 ETH price chart over the past 7 days (1-hour intervals)

AVAX: $80.00 (+3.43% over the past 7 days)

AVAX achieved the highest gains over the past 7 days out of all altcoins, with its 3.43% leading the way. MANA and SOL also managed small gains, but only around 1% for both of those currencies, while other altcoins followed the trends of BTC and ETH in small to medium declines over the past week. AVAX has not been covered much on the BTCC blog, but it is an altcoin with a ton of potential for growth, and on Tuesday the BTCC blog will release an article on a brief overview of AVAX as a target for bullish investors. Stay tuned.

AVAX price chart over the past 7 days (1-hour intervals)

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