Despite the state of the market, the major currencies, Bitcoin and Ethereum, are struggling to regain their values. On the other hand, some altcoins, augmented reality, and NMRs are showing huge earning magic over the course of 14 days.
Since the Federal Reserve decided to raise interest rates and reported inflation for May, bitcoin has been floating in a small territory between $19,000 and $20,000. Thus, it is difficult for it to regain any significant upward pace.
The value of Bitcoin, the most valuable cryptocurrency, has fallen by more than 70% since it peaked at $67,000 in November 2021.
However, according to Queen Gekko According to the data, BTC is now trading at $19,500 and has lost 7.8% and 5.4% over the last 7 and 14 days, respectively.
Edward Moya, chief market analyst at forex trading firm Oanda, claims that Bitcoin is under pressure and finding it difficult to hold the $20,000 level.
Ethereum had a successful year in 2021, hitting an all-time high of $4,850 in November. But since last month, the price of Ethereum, which had a great November as Bitcoin, has been moving between $1,100 and $1,000.
In the meantime, it made an effort and struggled to get its value back, but the price of Ethereum couldn’t go above $1,100. CoinGecko data shows that ETH is currently trading at $1,073.58, and in the last 7 and 14 days, ETH has lost 10.6% and 0.6% of its value, respectively.
Significant growth in AR and NMR
Arweave (AR), one of the top 100 crypto assets in terms of performance and market capitalization, is booming, while two of the most popular currencies falter. According to CoinGecko stats, AR reached $11 and increased by 10% in one day, 15% in seven days, and 32% in fourteen years.
Arweave, a decentralized storage network, aims to provide a platform for long-term data archiving. The Arweave network pays “miners” to keep network data permanently stored using its native currency, called AR.
Similarly, Numeraire (NMR) tops the list of weekly gainers. Shows a noticeable 122% increase in a week. NMR is currently trading at $19.37, according to statistics Queen Market Cap.
In addition, over the past 14 days, Numeraire has outperformed the rest of the cryptocurrency market and posted massive gains, increasing by about 16% over the past day. As a result, trade volumes have exploded, according to CoinGecko.
Related reading | Litecoin (LTC) Drops Below $50 After Continued Bearish Pressure
Since its peak in May last year, NMR has fallen by 79%. However, it is showing an uptrend at the moment, which may help it rise above these previous lows.
Moreover, some other coins are showing positive reactions, including TerraUSD with 17% gain in the last 24 hours, RUNE with 13% gain in the last 24 hours, Celsius with 15% gain in the same period, and CEEK by 15%. .
Featured image from Pixabay, and chart from Tradingview