Weekly Market Review: BTC, ETH, BGB, SC, VET
This week has been a pretty good week for the market, with most tokens showing gains over the past seven days. This may be due to institutional indulgence in the ETF’s boat, as Ali mentioned. This was an event that saw altcoins rally for a week afterwards.
Bitcoin Price Review
Bitcoin (BTC) has had an impressive seven-day rally amid massive inflows. As of press time, the price of Bitcoin is $51.9K, up 7.8% over the past seven days. The market capitalization reached $1 trillion.
Net inflows into ETFs exceeded $2.2 billion for the week, with BlackRock being the biggest beneficiary, according to Bloomberg analyst Eric Balchunas, with cumulative positive flows last week hitting $1.6 billion. This event has contributed significantly to recent pumps.
Ethereum price review
Ethereum (ETH) also posted an impressive seven-day rally, capitalizing on the Ethereum ETF approval hype. As of press time, the price of Ethereum is $2,810, up 11% over the past seven days. The market capitalization reached $337 million.
The supply of Ether on exchanges is decreasing due to staking, ETH whale accumulation, and increasing optimism from institutional and retail investors, all contributing factors to the recent surge.
Bitgert Price Review
Bitgert (BGB) was the biggest gainer this week. As of press time, the Bitgert price is $1.04, up 55% over the past seven days. The market capitalization reached $1.4 billion.
The main driver of Bitgert’s price rise this week is the $50,000 prize pool in the Bitgert Valentine’s Day Celebration Sweepstakes. In addition to generating a lot of interest, the event also attracted the attention of Shiba Inus looking for new prospects.
Siacoin Price Review
Siacoin (SC) was the second-highest gainer this week, according to statistics provided by Coinmarketcap. As of press time, the Siacoin price is $0.01454, up 51% over the past seven days. At the time of reporting, the market capitalization was $769 million.
The notable surge in Siacoin value can be attributed to surging interest from investors, an optimistic outlook in the market, and perhaps notable developments in the Siacoin ecosystem. The coin’s clear value proposition and relatively affordable price point may have attracted new investors looking for large potential returns.
VeChain Price Review
VeChain (VET) has increased significantly by 47% from $0.02962 to $0.04443 at press time. The market capitalization is $3.2 billion.
The VeChain price rise can largely be attributed to the company’s announcement earlier in the week that “account abstraction” has been activated, improving interoperability and opening programmable smart contract wallets.
However, the VeChain price surge can also be attributed to several factors, such as encouraging announcements about collaborations, corporate acceptance, and advancements in blockchain technology.
