Various cryptocurrencies have had quite a difficult past week with incredibly mixed trading. While some cryptocurrencies saw an incredible rise in prices, others fell short by a significant margin as they failed to rally investors.
Despite rising by almost 3%, the market is still not doing as well as it did in previous weeks. And many believe that the reason for this mixed week is that most investors are not as interested in the market right now. In fact, most of the bigger investors have started moving out of the market. A more specific term for these investors would be whales.
Bitcoin has been going fairly strong after its crash on september 7th. The crash sent the entire market up in a frenzy and was one of the biggest reasons why the market has started to slump ever since. Despite managing to reach a total market cap of $2.17 trillion, people are much less optimistic.
Altcoins, oddly enough, saw mixed results throughout the past week within the DeFi space. Avalanche (AVAX) managed to see an incredible rally, rising to new heights. Its price rose above $71, leaving its total market cap at a little over $1.6 billion. The new rally allowed it to become the 11th biggest crypto in the market.
On the other hand, Solana and Cardano saw the worst rallies, as their prices plummeted. Cardano saw its price drop to $2.36, but the worst was yet to come for them. Over the week, Cardano also saw its volume drop from a little over $6 billion to a little over $1.5 billion. The downward trend for Cardano culminated at its current volume, as they reached some of their lowest rates yet.
Solana saw its prices drop during the week reaching a low of $130, from its original $160. The price dropped due to a small crash over the week where they were upgrading their tech. But despite the significant loss, their prices have all but recovered. In fact, the developers at Solana did not seem so worried about their prices dropping. On the contrary, they were quite optimistic and so were their investors.
One of the major reasons for the current state of the crypto market could be the rise in regulation throughout the world. South Korea was recently the biggest country to implement proper regulations on the crypto market. They were successful, as only 28 crypto firms managed to fit the eligibility requirements.
Overall, next week might be optimistic for the crypto market, as there are plenty of cryptocurrencies that are continuing their bullish trends.
