The top currencies, bitcoin and ethereum, struggle to reclaim their values, regardless of market conditions. On the other hand, some altcoins, AR and NMR are showing significant gains in 14 days.
Bitcoin is floating in a small area between $19,000 and $20,000 as the Fed decides to raise interest rates and the May inflation report. Thus, it is difficult for it to recover any significant upward momentum.
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Bitcoin, the most valuable cryptocurrency, has fallen more than 70% in value since peaking at $67,000 in November 2021.
However, according to coingeco Data, BTC is now trading at $19,500 and has lost 7.8% and 5.4% respectively during the last 7 and 14 days.
Edward Moya, senior market analyst at forex trading firm Oanda, claims that bitcoin is under pressure and finding it difficult to hold on to the $20,000 level.
Ethereum had a successful year in 2021, reaching an all-time high of $4850 in November. But since last month, the price of Ethereum, which, like Bitcoin, had a great November, has been moving between $1,100 and $1,000.
Meanwhile, it made an effort and struggled to reclaim its value, but the price of Ethereum could not rise above $1,100. CoinGecko data shows that ETH is currently trading at $1,073.58, with ETH losing 10.6% and 0.6% of its value, respectively, over the past 7 and 14 days.
Significant increase in AR and NMR
One of the top 100 crypto assets by performance and market capitalization, Arweave (AR) is booming, while the two most popular currencies are faltering. According to data from CoinGecko, AR has reached $11 and is up 10% in one day, 15% in seven days, and 32% in fourteen.
A decentralized storage network, Arweave aims to provide a platform for long-term collection of data. The Arweave network pays “miners” to keep the network’s data permanently stored using its native coin named AR.
Similarly, the numeraire (NMR) is leading in the week gainers as well. This shows a significant increase of 122% in a week. NMR is currently trading at $19.37 as per data from coinmarketcap,
Furthermore, over the past 14 days, Numeraire has outperformed the rest of the cryptocurrency market and made huge gains with an increase of around 16% over the past days. As a result, trading volume has exploded, according to CoinGecko.
Related Reading | Litecoin (LTC) falls below $50 after continuing bearish pressure
The NMR has declined by 79 per cent since reaching its peak in May last year. However, it is currently showing an uptrend, which could help it rise above these previous lows.
In addition, some other coins are showing positive vibes, with TeraUSD up by 17% during the last 24 hours, RUNE up 13% in the last 24 hours, Celsius with 15% and with 15% over the same period. Includes CEEK. ,
Featured image from Pixabay, and chart from Tradingview