The global cryptocurrency market capitalization declined 1.38% to $1.42 trillion on Wednesday night as major coins traded in the red.
What Happened: Bitcoin (CRYPTO: BTC) traded 2.37% lower at $33,312.20 at press time over 24 hours. The apex cryptocurrency is down 4.29% for the week.
Ethereum (CRYPTO: ETH) traded 1.18% lower over 24 hours at $2,283.24 and is up 1.18% on a seven-day trailing basis.
Meme coin pack leader Dogecoin (CRYPTO: DOGE) traded 6.55% lower at $0.22. DOGE is down 13.22% over seven days. The cryptocurrency traded 4.92% and 5.96% lower against BTC and ETH, respectively.
See Also: How To Buy Dogecoin (DOGE)
Flow (CRYPTO: FLOW), the token of Flow Network, a layer-one blockchain, was the top gainer on CoinMarketCap on Wednesday night. The token traded 53.48% higher at $17.71 over 24 hours and 85.59% higher for the week. Against BTC and ETH, Flow gained 56.96% and 55.26%, respectively.
Other notable gainers over 24 hours included Stacks (CRYPTO: STX), Enjin Coin (CRYPTO: ENJ), and Harmony (CRYPTO: ONE).
STX was up 27.78% at $1.13, ENJ traded 20.88% higher at $1.40, and ONE rose 15.36% higher at $0.0823.
Why It Matters: In terms of weekly performance, ETH ran past BTC. Some analysts are of the view that ETH could have further gains in store thanks to an upcoming network upgrade in August.
“Recently, ethereum hit a two-week high in anticipation of an upcoming upgrade called EIP 1559 potentially going live on Aug. 4, which will make ethereum a scarce asset by reducing the circulating supply of ethereum at every transaction,” wrote crypto asset management company 21 Shares in a newsletter, reported CoinDesk.
This week, Goldman Sachs noted Ethereum’s “real use potential” and said the coin could shoot past BTC. ETH’s potential was also noted by Amsterdam-based analyst Michaël van de Poppe who forecasted ETH/BTC pair’s rise from 0.05-0.06 BTC levels to 0.07 mark.
On the other hand, BTC is struggling as per experts. Pankaj Balani, CEO of Delta Exchange, said “Bitcoin continues to trade choppy and though we have seen an upward bias in the last few days it will take some work for BTC to break above the $42,000 mark,” as per CoinDesk.