Bitcoin & Ethereum Face Challenges While Altcoins Show Signs of Revival: Weekly Market Analysis

Jun. 26, 2023
Bitcoin & Ethereum Face Challenges While Altcoins Show Signs of Revival: Weekly Market Analysis

During the past week, the cryptocurrency market witnessed a downturn characterized by a bearish trend. However, the bullish momentum began to overpower the bears as the week drew to a close. Further, resulting in a positive turn to conclude the week. Both Bitcoin and Ethereum managed to regain some of their value.

A slight deviation of Tether’s USDT from its pegged value to the United States dollar caused a notable market crash last week. Interestingly, this event occurred simultaneously with the New York Attorney General’s Office releasing substantial information to CoinDesk.

Amid these developments, Bakkt decided to delist prominent altcoins Solana, Polygon, and Cardano. Regulatory uncertainties surrounding these cryptocurrencies drove this choice.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

During the preceding week, Bitcoin, the well-known digital currency, experienced a significant drop as it reached a critical support level of approximately $24,700. This occurrence sparked worries among investors and market watchers. Nevertheless, Bitcoin remained confined to a narrow trading range throughout the week.

Source: CoinMarketcap

In the past week, the analytics firm Santiment has reported that the exchange supply of Bitcoin has reached its lowest point since February 2018. This decline can be attributed to traders opting to move their Bitcoin holdings to self-custody amidst the ongoing uncertainty surrounding major platforms such as Binance and Coinbase.

The prevailing trend of transferring Bitcoin to personal wallets is expected to persist as long as the legal actions initiated by the U.S. Securities and Exchange Commission (SEC) remain unresolved.

Similarly, Ethereum, another prominent cryptocurrency, experienced a tight range of trading similar to Bitcoin. The price of Ethereum dropped to a low point of $1,624.14, causing concern among investors and traders.

Source: CoinMarketcap

According to CoinMarketCap, Bitcoin is trading at $26,376.51, with a 1.90% increase over the past seven days and a 0.33% decrease over the past 24 hours. On the other hand, ETH is being traded at $1,723.63, experiencing a 0.02% decrease in the past 24 hours and 1.36% over the past seven days.

KCS, UNI & MKR Weekly Price Analysis

Altcoins, the alternative cryptocurrencies, experienced a significant decline on the weekly chart, but only for a short duration. However, they recovered some of the losses towards the end of the week. Although a few still showed negative trends on the weekly and daily charts.

KuCoin Token (KCS) is at the top of the list of 60 altcoins experiencing significant gains this week, followed by Uniswap (UNI) and Maker (MKR), second and third place, respectively.

KuCoin Token (KCS) experienced a notable increase of 22% over the course of the past seven days; however, it has managed to make a slight recovery, according to the daily chart. Currently, the trading price of KCS stands at $7.23, indicating a 0.15% rise within the last 24 hours.

Source: CoinMarketcap

IMVU, a digital veteran, launched a new metaverse product on KuCoin Spotlight, attributing the rise. KuCoin users can get VCORE allocations by holding KCS.

KuCoin Spotlight is a platform to support promising crypto projects through early token purchases. Previous participants include Lukso (LYXe), Chromia (CHR), and Sui Network (SUI).

Meanwhile, Uniswap (UNI) is also gaining attention as a second weekly gainer. Over the past week, UNI has experienced a significant gain of approximately 11%.

UNI is trading at $4.48, reaching a high of $4.6599 and closing the week at $4.4780 after starting at $4.0565. These figures indicate a notable downturn in performance.

Source: CoinMarketcap

In the last 24 hours, the token has experienced a 0.87% decrease. In addition, its trading volume has also decreased by 16.99% in the same time period.

The price surge can be attributed to the news that Uniswap Labs has unveiled the code draft for Uniswap v4, introducing custom liquidity pools through “hooks.” This decentralized crypto exchange is the biggest in terms of volume and recently launched v3 on May 4, 2021.

The upcoming v4 will enable developers to implement on-chain limit orders, automatic deposits to lending protocols, and auto-compounded LP fees. It will also introduce other innovations.

Moreover, Maker (MKR) has also gained significant attention due to its weekly performance and notable increase of about 10%.

Source: CoinMarketcap

Moreover, some popular coins are experiencing gains in weekly charts, including SHIB at 9%, ICP at 9%, and FIL, with an increase of 7.96%, according to the data from CoinMarketcap.

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Ammar Raza

Associate editor
Skilled in crafting compelling content, with a deep enthusiasm for blockchain technology. I offer precise and easily comprehensible perspectives on cryptocurrencies, decentralized finance, and the ever-evolving landscape. Count on me as a reliable resource to remain informed about the latest advancements in the world of crypto.