Due to the exponential rise of the bitcoin difficulty factor, frustrated bitcoin miners are storming the Ethereum network. According to the Cryptocurrency Mining Index, a large number of miners are shifting their hashing power to the Ethereum blockchain. According to blockchain.com, the current bitcoin difficulty factor is 29.8 trillion.
Not all cryptocurrencies are facing a decline amid the downtrend. Oasis Network, for example, has pulled back above its moving averages, allowing it to resume its upward momentum. Other altcoins are not so lucky, as the bears have broken below the moving averages.
Cryptocurrencies' higher price levels attracted heavy selling pressure while altcoins resumed their rally. Bears are holding the upside while bulls are buying the dips. The following altcoins are the top five losers of the past week.
The best performing cryptocurrencies are all trading in bull markets. Gala has rallied from a low of $0.08 to a high of $0.49, up 314.72% in the past week. The other altcoins have also performed well in the order listed below.
Nowadays, Venture capitalists and institutional investors dominate the investment business. The issue is that they may use their capital, network, connections, and brand to negotiate better investment terms and generate significant returns.