The crypto market has not shown much promise over the previous week, including the two top coins, Bitcoin (BTC) and Ethereum (ETH), which remained below their key marks while showing no significant improvement. However, some altcoins steadily recovered over the past week.
Due to ongoing market volatility and a fall from its highs, the last several weeks for LTC have been bumpy. However, the well-known cryptocurrency Litecoin has maintained a strong bid above the $60 support area in the previous week.
LTC has been struggling with the FTX implosion, but in a more laid-back way than the rest of the industry has. Earlier this month, its price steadily dropped from far above the $80 mark, picking up speed below the $70 support. The price is currently trying a rebound wave after forming a bottom at $61.02. There is a strong upward correction toward the $70 level.
According to CoinMarketcap’s statistics, LTC is currently trading at $69.33, an increase of 5% in the last 24 hours and a significant gain of about 10% in the previous seven days. The most noteworthy thing is its 24 hours trading volume, which is currently on the rise by almost 220%.
The coin differs itself as a top weekly gainer. Moreover, some popular coins are experiencing significant gains in weekly charts, including OKB, with an increase of 7%, CRO, with 20% and LUNC, with 8%.
Additionally, some altcoins with notable losses in the weekly charts are Chain (XCN) in the lead with a loss of 31.24%, Trust Wallet Token (TWT) with a loss of 14% in the weekly chart, and many others.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
According to Coinmarketcap’s data, over the last seven days, Bitcoin(BTC) marked a daily high at $17,012.98 on December 20th but could not hold and dropped below it. While Ethereum (ETH), which started the week at $1,192.92, has remained steady and has traded over $1,200.
But unfortunately, both of them were unable to recover their key zones above $17,000 and $1,300. According to the statistics, Bitcoin is trading at $16,851.21, with a slight increase over the previous seven days, and ETH is trading at $1,220.26, up 3% over the same period.
However, on-chain movements surrounding crypto exchanges were the subject of daily figures published by the crypto analytics service Glassnode Alerts on Christmas morning that was quite positive.
In a single day, Bitcoin saw a net outflow of $250.2 million (received), while the total amount of withdrawals was close to $300M. Ethereum’s $102.8 million overall was withheld, while $86.4 million was received.
Nevertheless, the trend is still on. The data from CoinMarketcap shows that Ethereum’s trading volume is on the rise by almost 70% in the last 24 hours, whereas BTC 24 hours trading volume is also up by 34.15%.
Related Reading | Solana’s Most Ambitious NFT Project Flocks To Ethereum Blockchain