Holders in Confusion as ETH Drops, AVAX, AXS, APT Gains Big Time
Crypto traders this week had it on a sour note when Ethereum and Bitcoin experienced a dip on Friday. Analysts say this is the fourth time in four consecutive weeks that traders will lose in the market. Although they still believe the coins have the propensity to perform in the later days of 2023.
CoinGecko had reported that the bitcoin price went way down, trading at $22,924 as of Saturday, 28th January 2023, making it the seventh consecutive dip in a week. But experts have assured traders that the end of the beginning of the Chinese New Year will put users in a suitable position in the market. They also referred to the cryptocurrency market in the last eight years when situations like this made it sell at an average gain of 9% for ten days.
This week, Ethereum was reported to have gone down by 5.2% while trading at $1,571. Experts say that the latest scheduled upgrade on ETH by the developers must have contributed to the price change. They called it the Shanghai upgrade, which, if completed, will allow stakes/wagers to cash out their Ethereum.
Explaining further how this upgrade works, miners are expected to stake up to 32 ETH, equivalent to $51,000, to qualify to mine Ethereum, coupled with all the rewards that come with it.
But contrary to the poorly performing Ethereum, other cryptocurrencies have risen to the occasion. Some of them are Aptos, Axie Infinity, and Avalanche. Aptos has been reported to have enjoyed a 56% increase in the last seven days while trading at $17.09. Analysts tracking this development say that the major trading volume of Aptos came from South Korea.
Although there has not been a specific reason for this activity, South Korea has always been known to be where cryptocurrency is overpriced; statistically, crypto can be priced as much as 50% higher than what we see on most traditional exchanges.
On the other hand, Axie Infinity went as high as 25% in the past seven days, finally making up to 22% in profit on Monday. This happened after it was announced that a token had been unlocked, thus, releasing 2% of all the market supplies.
The Avalanche was reported to have made the final list of the week’s Ethereum alternative in terms of performance with a 16% increase, followed by Polygon with up to 8.5%.
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