• Mon. May 20th, 2024

Past 7-Days Brought Sharp Declines for Ethereum & Bitcoin But 18 Cryptocurrencies Earned Double-Digit Gains

Jan 1, 2022

2021’s end wasn’t expected by the majority of Bitcoin and Ethereum supporters. Billions of dollars were lost from the crypto economy as the lead coins couldn’t earn any gains and their values were reduced. The reduction they saw was more than 2.8% for Bitcoin and 6.2% for Ethereum since the past week.

Unfortunately, the year 2021 does not seem to end on a high note for either of the two crypto leaders namely Bitcoin and Ethereum. Having failed in receiving any pre-end year gains, both coins in fact saw a continuous reduction of their values since the past week. The global crypto economy is now reduced to US$ 2.36 Trillion as it lost more than 2.9% in the past 7 seven days. Both, Bitcoin and Ethereum, represent more than 49% of the global crypto economy. So the value decline for both coins would lead to a reduction in the crypto economy eventually.

In the past 7 days, Bitcoin lost approximately 2.8% in value which lowered its per-unit price at US$ 46,000. Similarly, Ethereum became the most affected crypto than Bitcoin as well. It literally lost value by almost 6.2% which brought the value down to US$ 3,600.

Evidently, the last week of 2021 was not pleasant for the two crypto leaders. However, the market had double-digit gains to be acquired by at least 18 digital currencies in the world.

The top gainer in the past seven days was the native tokenized crypto of Sushiswap i.e. SUSHI. The market allowed SUSHI value gains of approximately 67% and took its price to US$ 9.71. At number two was NEAR whose value surged by more than 57.8% making its value to be US$ 14.62. After the value increase, NEAR even managed to upset the crypto rankings and climbed to the position of 23.

FTM of Fantom and ROSE of Oasis Network too saw double-digit gains i.e. 49.6% and 48% respectively.

Similarly, double-digit gains from 15% to 20% were also seen by Uniswap, Kadena, Sand, and Iota. In addition, Theta, Aave, and Convex Finance, which are less popular digital assets, also earned astonishing value gains. Their gains were in between the range of 24 to 36%.

Currently, there are more than 12,000 cryptocurrencies overall in the digital currency market. Ethereum is representing 19.1% and Bitcoin is representing 38.3% of the entire economy respectively.

As regards Bitcoin, traders have been noticing price fluctuations during day time and at night. In the past seven days, the Bitcoin value trend showed that in the daytime there were value gains which made it look stable. However, especially at night, the value had been seen falling sharply. The trend further suggests that US$ 47,000 has become the crucial level for Bitcoin. The price is trending below and over US$ 47,000 because of which traders have become watchful.

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