Market Recap: Bitcoin & ETH see downturns, while altcoins struggle

The previous week saw a decline in positive sentiments within the cryptocurrency realm, making it difficult for bullish investors to oppose the prevailing bearish momentum. Both Bitcoin and Ethereum encountered a downward trajectory and could not effectively counter the dominant bears. This indicates a lack of distinctiveness or uniqueness in their performance.

Bitcoin  & Ethereum Weekly Review

Bitcoin has encountered a decline and could not sustain its stable position within the critical resistance levels of $28,000 or $27,000. This setback highlights the cryptocurrency’s lack of distinctiveness.

In the past week, the worth of Bitcoin has dropped significantly, plunging to a level that hasn’t been witnessed in almost two months, reaching $25,878.43 on May 12th. This reduction has caused worry among investors and analysts who closely observe the cryptocurrency market.

Ethereum has also faced a comparable situation, hitting a 17-day low of $1,742.40 on May 12th. This decline in value is believed to result from recent market volatility caused by regulatory actions aimed at curbing the cryptocurrency market.

On May 11th, Santiment tweeted that Ethereum’s price had dropped to $1,780, leading to a sustained reduction in exchange supply.

👛 As #Ethereum has dipped to $1,780 today, we've seen exchange supply continue to decrease. The percentage of $ETH on exchanges is at its lowest (10.1%) since public trading began in 2015. This is essentially the #AllTimeHigh for non-exchange holdings. https://t.co/WVmeAJhhMM pic.twitter.com/eMXoRh9R76

— Santiment (@santimentfeed) May 11, 2023

Reports indicate that the proportion of Ethereum held on exchanges has dropped to its lowest level (10.1%). Meanwhile, the non-exchange holdings of the cryptocurrency reached an all-time high.

CoinMarketCap’s data shows that Bitcoin is presently trading at $26,952.29, having decreased by 6.89% in the last seven days and a 0.02% decrease in the past 24 hours. On the other hand, ETH is trading at $1,796.24, with a 0.47% decrease in the past 24 hours and a 6.35% decline over the last seven days.

KAVA & BSV Price Surge

Kava (KAVA) emerged as the top gainer among low-cap coins on the weekly chart. However, exhibiting substantial growth, closely followed by Bitcoin SV (BSV).

In the past week, there has been an impressive 41% surge in the value of the Kava (KAVA) cryptocurrency. This surge is attributed to a new proposal from the platform, which aims to cease all Kava emissions, including rewards, by the end of December 31st, 2023.

Kava Prop 141 has been proposed to initiate Kava Horizon.

Vote now 👇 https://t.co/Pmsq5dsH9r pic.twitter.com/Y53awjTnSl

— Kava (@KAVA_CHAIN) May 12, 2023

The platform proposes to source upcoming rewards from the accumulated rewards and suggest a software upgrade to facilitate this transition. They will establish parameters for reward schedules up until the end of 2023.

Currently, KAVA is being traded at $1.04, reflecting a 9.66% surge over the past 24 hours and a substantial 9.93% increase in its market capitalization, alongside an 18.83% decline in its 24-hour trading volume. The token reached its highest point of $1.041 after starting the week at $0.726.

Furthermore, Bitcoin SV (BSV) is also attracting the community’s attention as the second-best performer of the week. BSV has witnessed an upsurge of approximately 11% in the past week. Currently, the token is traded at $36.01, with a significant 3.74% increase in the last 24 hours.

Since May 8th, the trading volume for Bitcoin SV has almost tripled as buyers rush to invest. BSV has surged to $40.44, its highest point in nine weeks.

Notably, BSV had hit its all-time low of $29.17 on May 8th, despite its recent impressive surge. Furthermore, the token has experienced a decline of 92% from its peak of $490 in April 2021. However, it continues to maintain its lead among the top 100 cryptocurrencies.