Bitcoin (BTC) and Ethereum (ETH) have shown remarkable performance, experiencing significant increases in value. On the other hand, the cryptocurrency market has seen impressive gains across a spectrum of altcoins, both popular and low-cap, within the top 40 rankings.
Therefore, of all of these, VeChain (VET) posted the best show, Stacks (STX) and Filecoin (FIL) claimed the next two positions, on the list, respectively, with some impressive growth.
VeChain (VET) has skyrocketed by an impressive 50% to reach a peak of $0.05119 within the past week. VET is currently trading at $0.04566 after a slight dip, VET is still performing strongly, with a 2.80% increase in price and a fall in trading volume of around 18% over the last 24 hours.
Stacks (STX) also made notable gains, boasting a 49% increase in value during the previous week. Currently, STX is trading at $2.84, representing a price increase of 12.23% and a 35% rise in trading volume over the last 24 hours.
Filecoin (FIL) has been on the radar for recording a weekly surge of more than 23%. Currently, FIL has an estimated value of $6.55 implying that it increased by 5.81% while traded volume dipped by 23.56% over the last 24 hours.
Additionally, popular altcoins such as Polygon (MATIC), Cardano (ADA), and Uniswap (UNI) are also up on their weekly charts, with MATIC rising by 20%, ADA by 18%, and UNI by 16%, according to data from CoinMarketCap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
Bitcoin (BTC) has recently surged past the $52,000 mark, suggesting that there is still an appetite for Bitcoin at a higher level. With over 75% of investments flowing into Bitcoin seen originating from spot Bitcoin exchange-traded funds (ETFs), CryptoQuant data research reveals in their report.
Furthermore, Santiment highlighted a notable shift in the distribution of BTC supply across different-sized wallets. Wallets holding between 1,000 and 10,000 BTC saw an increase of $12.95 billion in 2024, whereas wallets holding between 100 and 1,000 BTC experienced a decrease of $7.89 billion. This suggests a net accumulation of approximately $5.06 billion in Bitcoin by wallets holding 100 to 10,000 BTC so far this year.
Meanwhile, in the last five days, the number of transactions with a value above $100,000 was the highest since June 2022, which shows higher interest from the large stakeholders after crossing above $50,000 this week.
Bitcoin is currently changing hands at $52,300, with a 24-hour volume of $35.00 billion and a market cap of $1.03 trillion. Over the last 24 hours, BTC’s price has increased by 1.19%, and for the week, it has increased by 9%.
Furthermore, Ethereum (ETH) has demonstrated a positive correlation with Bitcoin’s price this week. With Bitcoin already breaking $52,000, Ethereum is now reclaiming $2,800 for the first time since May 2022. Most likely, investors are supporting the uptrend by the positive momentum of BTC, combined with some speculation over the new Dencun upgrade and the possibility of a spot Ether ETF.
Michaël van de Poppe, MN Trading CEO & Founder and crypto analyst noted that Ethereum had remained somewhat stable as BTC pumped significantly indicating resilience from Bitcoin’s quick movements. This suggests that if Bitcoin levels off and consolidates its growth, then ETH might take off. Van de Poppe puts forward that the price of ETH could soon hit between $3,500 and $4,000.
At present, Ethereum is valued at $2,922.82 with a 24-hour trade volume of $13.26 billion and the market cap of $351.22 billion. The price of ETH has gone up by 3.80% in the last 24 hours, while it showed significant gains of over 16% on the weekly chart.