Weekly Market Review: BTC, ETH, BGB, SC, VET

This week has been quite a good one for the markets as majority of tokens posted gains over the last seven days. This can be attributed to Institutiional indulgence into the ETF’s boats as noted by Ali, an event that has since seen altcoins rally over the week.

As the price of #Bitcoin increases, there’s a noticeable decline in the creation of new $BTC addresses daily.

This trend points towards a lack of retail participation in the current #BTC bull rally, suggesting that the recent price action is primarily fueled by institutional… pic.twitter.com/DVVfcQ20bG

— Ali (@ali_charts) February 16, 2024

Bitcoin Price Review

Bitcoin (BTC) saw impressive gains over the seven days amid the massive inflows. As of press time, the Bitcoin price stood at $51.9K, representing a pump of 7.8% in the last seven days. The market cap stood at $1 trillion.

Net inflows into ETFs exceeded $2.2 billion over the week with BlackRock as the largest beneficiary, according to Bloomberg analyst Eric Balchunas, having accumulated positive flows of $1.6 billion in the last week. This event has significantly contributed to the recent pump.

The 10 bitcoin ETFs netted +$2.3b last week. For context, that is more than any other ETF (out of 3,400) took in. $IBIT alone was #2. This brings total net to +$5b, which is more than BlackRock as a whole has taken in. Again, this is all net GBTC bleed. Throw that out and the… https://t.co/PlxnfQ7ETf pic.twitter.com/04LTixd3Zt

— Eric Balchunas (@EricBalchunas) February 17, 2024

Ethereum Price Review

Ethereum (ETH) also saw impressive gains over the seven days as it also capitalizes on Ethereum ETF approvals hype. As of press time, the Ethereum price stood at $2810, representing a pump of 11% in the last seven days. The market cap stood at $337 million.

Ether’s supply on exchanges is declining as a result of staking, ETH whale accumulation, and increased optimism from institutional and retail investors are all factors contributing to the recent surge on the

.

The total value locked (TVL) on Ethereum Layer 2 has surged past $25 billion, marking a 10.97% increase within a week.

The leading platforms contributing to this growth are:

1. Arbitrum One: $12.25 billion
2. Optimism (OP) Mainnet: $6.5 billion
3. Manta Pacific: $1.76 billion…

— Whalefud Capital (@WhaleFUD) February 15, 2024

Bitgert Price Review

Bitgert (BGB) is this week’s top gainer. As of press time, the Bitgert price stood at $1.04, representing a pump of 55% in the last seven days. The market cap stood at $1.4 billion.

The main driver of this week’s Bitgert price pump is the $50,000 Prize Pool of the Bitgert Valentines Celebration Giveaway. In addition to generating a lot of excitement, this event caught the interest of Shiba Inus looking for fresh prospects.

❤ Bitgert Valentine’s Day #Airdrop live 🙏
👇Fill the Form Get Earn 500,000$ worth of #brisehttps://t.co/crEiudTWnW
🌹Follow @BitgertDex Like & Retweet Tag 3 friends
🥏Comment Your #Bnb Address#airdrop #bitgert #bitget #binance #btc pic.twitter.com/N9tx5HOxzz

— Bitgert Brise (@BitgertDex) February 13, 2024

Siacoin Price Review

Siacoin (SC) is this week’s second top gainer as per stats provided by Coinmarketcap. As of press time, the Siacoin price stood at $0.01454, representing a pump of 51% in the last seven days. The market cap stood at $769 million as of press time.

The notable surge in Siacoin’s worth may be ascribed to the burgeoning attention of investors, the optimistic outlook in the market, and possibly noteworthy advancements in the Siacoin ecosystem. The coin’s apparent value proposition and comparatively cheap price point may have drawn in new investors looking for large potential returns.

SC Stats Snap | Source: CoinMarketCap

VeChain Price Review

VeChain (VET) has seen a significant increase of 47%, going from $0.02962 to $0.04443 as of press time. The market capitalization is $3.2 billion.

The VeChain price pump can be majorly attributed to the business’s announcement earlier in the week that “Account Abstraction” had gone live, enhancing interoperability and opening up programmable smart contract wallets.

Account Abstraction (AA) is now live, opening up a whole new world for #VeChain.

Not only does AA make interoperability seamless, but it also unlocks programmable smart contract wallets for a better user experience and improved security.

Here’s what it means for $VET 🧵👇🏼 pic.twitter.com/SecJ6OwnGu

— vechain (@vechainofficial) February 14, 2024

However, the VeChain price surge may also be ascribed to several elements, such as encouraging announcements on collaborations, corporate acceptance, and advancements in its blockchain technology.

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