Bitcoin (BTC) and Ethereum (ETH) have remained firm on their support levels, while many other alternative coins within the top 60 were performing impressively. Uniswap (UNI) has been the best performer of these, while Flare (FLR) and Filecoin (FIL) have taken the second and third places, respectively, for a significant increase.
Uniswap (UNI) surged by 40% in the past week, pushing UNI toward $12.79. As of the time of writing, UNI trades at $10.65 and has increased by 1.80%, while its 24-hour trading volume indicates a sharp decrease of 55%.
Flare (FLR) also gain significant attention, with a weekly increase of more than 32%. At present, it trades for $0.04635 per FLR, marking a massive surge of 17.81%. Most interesting is that trading volume has increased by 185.56% in the last 24 hours.
Another coin with a huge surge this week was Filecoin (FIL), where its price surged by 23%. According to the latest data, FIL currently exchanges hands at $8, gaining 1.23% in price, while the trading volume increased by 11% within the last 24 hours.
Apart from these, weekly data for some other altcoins, including Mantle (MNT), Render (RNDR), and BNB (BNB), had also depicted figures in green, with MNT surging by 18%, RNDR at 17%, and BNB experienced a rise of 10%, according to data from CoinMarketCap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
Bitcoin tested near $52,945 before correcting lower to test the critical $50,556 support level. Currently, BTC exchanges hands at $51,346 with a 24-hour trading volume amounting to $29.04 billion; its market capitalization is positioned at $1.01 trillion. During the last 24 hours, BTC decreased by 0.78%.
Santiment highlighted that despite Bitcoin’s price increasing by an impressive 74% over just four months, it had shown no signs of usual FOMO behaviour from investors. The interest in BTC increased sharply when the SEC approved 11 ETFs; however, the absence of fresh enthusiasm points to a possible rally continuation. Analysts are watching crypto forums carefully for signs of irrational exuberance which might indicate a nearing market top.
Crypto analyst Ali Matinez identified a critical range for Bitcoin, with two significant supply zones to watch. The first zone that serves as support ranges from $50,000 to $51,570, which is estimated to hold about 670,220 BTC within about 1.3 million addresses.
In addition, the second zone that acts as resistance lies between $51,640 and $53,200 representing about 351,600 BTC held by over 752k addresses. If there is an upside breakout above resistance, it may result in a bullish upsurge towards $57,130, while a failure through support could end at$47,700.
Meanwhile, Ethereum (ETH) confirmed a positive correlation with Bitcoin, rallying to $31.29 before settling around $30.99. ETH’s 24-hour trading volume currently sits at a value of $24.47 billion, while its market capitalization is worth $372.71 billion, ETH has risen by 2.02% within the last 24 hours.
Pointing to the reason why Ethereum price is set for a bullish breakout, the borovik.eth cryptocurrency analyst points out that Ethereum is now rushing at full steam ahead toward new all-time highs as ultra-bullish factors of the cryptocurrency continue to converge. There will certainly be major improvements in two weeks on the predictions within the Ethereum network as EIP-484 becomes activated, making it more effective and scalable.
In addition, a pending spot ETF would further increase Ethereum’s clout, with improved access by investors and potential massive inflows from institutional buyers. And while at it, Layer 2 solutions are increasingly bringing back life to the Ethereum ecosystem as they address many of its current congestion problems, unlocking possibilities for development.
Moreover, the airdrops have been indicative of a lively community and good enthusiasm on the part of the adopters of various Ethereum-based projects. Most importantly, the NFT market is due for a very bullish explosion, signaling the era of expressions and possessions in digital form. With such potent catalysts at play, the sentiment around Ethereum is overwhelmingly bullish, thus instilling confidence among investors and enthusiasm alike.