Weekly Recap: BTC, ETH Gains, Wild Swings Across the Market
As Chinese New Year approaches, cryptocurrencies produced mixed results over the past week. The two leading coins, BTC and ETH, both came out of the week up slightly, with gains of 3.93% and 2.5% respectively. However, the altcoins experienced much more volatile price movements in the last 7 days, with gains up to 14% and losses up to 33%. Let’s have a look at BTC, ETH, and the two altcoins with the biggest upswing/downswing over the week.
BTC: $37,025.3 (+3.93% over the past 7 days)
After dipping to just below $33,000 at the start of the week, BTC has recovered to above $37,000, and is now targeting a reconsolidation of pricing at $40,000 before attempting to slowly climb back to $50,000+ price levels. In current market conditions, it is suspected that it will take a while for BTC to recover from the crash last week.
ETH: $2,541.73 (+2.5% over the past 7 days)
Similar to BTC, ETH also made a dramatic recovery since its low point, climbing all the way from $2,160 at the lowest point this week to $2,650, before slightly dropping off at the closing of Sunday. Similar to BTC, ETH is also targeting the reconsolidation price level of pre-crash, which is at around $3,000, before it can attempt to recover fully from the crash.
LUNA: $44.74 (-34.84% over the past 7 days)
LUNA is by far the biggest loser over the past week, with more than one-third of its market value evaporating in just 7 days. The primary trigger of LUNA’s decline is related to the draining of funds from Magic Internet Money (MIM), the stablecoin of the Abracadabra protocol. This protocol is a partner of LUNA and happens to be related to Wonderland, a project that is now discovered to be involved with a known scammer as its CFO. Thus, with massive withdrawal from MIM, and the fact that Abracadabra was offering extremely high yields to incentivize LUNA’s stablecoin (UST) owners to deposit UST in order to stake in MIM liquidity pools, means MIM’s draining of funds directly impacts LUNA.
MANA: $2.38 (+14.83% over the past 7 days)
MANA, on the other hand, gained massively over the past week, partially fueled by the fact that NFT and metaverse trends are still on the rise despite bearish sentiments surrounding the crypto market. MANA is still down more than 60% compared to its all-time high, $5.797, achieved in late November last year, but things are at least starting to pick up for MANA yet again.
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