In a week marked by notable fluctuations in the cryptocurrency market, Bitcoin faced a retracement to $41.9K, triggering varied performances across the altcoin landscape. While Bitcoin experienced a modest decline, Ethereum showcased resilience, and certain lower-cap altcoins emerged as stars with remarkable gains.
Topping the list of standout performers among lower-cap altcoins was the Ethereum Name Service (ENS), which experienced an extraordinary 98% surge over the past week. ENS reached a peak of $27.42 and, as of the latest data, is trading at $24.04, demonstrating sustained strength with a 3.80% increase in the last 24 hours.
Following closely, Sui (SUI) made waves with a 50% gain during the same period. However, despite its robust weekly performance, SUI is currently trading at $1.27, reflecting a 5.46% decrease in price and a notable 47.40% drop in trading volume over the last 24 hours.
Ethereum Classic (ETC) also attracted significant attention, recording a weekly increase of over 36%. Presently, ETC is trading at $27.05, accompanied by a 5.81% price decrease and a 45.56% decrease in trading volume within the last 24 hours.
Other lower-cap altcoins, including Helium (HNT), Celistia (TIA), and Tezos (XTZ), reported positive performances in their weekly charts. HNT boasts gains with 31%, TIA 26%, and XTZ 25%, respectively, according to data from CoinMarketCap.
Bitcoin & Ethereum Weekly Review
Bitcoin underwent a downturn this week, retracing to $41.9K. On January 11th, Santiment noted that the recent approval of Bitcoin ETFs might lead to a modest decrease in active wallets on Bitcoin’s blockchain. While this is not expected to impact the price significantly, some traders might shift from their existing $BTC wallets to embrace ETF exposure.
Crypto analyst Ali observed that over the past two weeks, every buy or sell signal on the Bitcoin 4-hour chart from TD Sequential has proven accurate. Notably, after the recent decline, this indicator generated a buy signal. If $BTC can maintain a position above $42,200, a potential rebound to $44,300 or $45,500 could be in store.
As of today, Bitcoin is priced at $42,574, boasting a 24-hour trading volume of $25.74B and a market cap of $ 827.39 B. Over the last 24 hours, the BTC price has dipped by 1.67%, contributing to a 4% decrease over the past week.
Additionally, Santiment shared via X post that sentiment toward top-cap assets remains notably optimistic during the weekend, especially following the ETF approvals. Traders exhibit a particularly bullish stance towards Ethereum, especially after its market value surpassed $2,700 for the first time.
Moreover, Ali emphasized that despite the recent market shakeout, Ethereum broke out from an ascending triangle on the weekly chart. Amidst short-term volatility, $ETH maintains its target of reaching $3,400.
Currently, the Ethereum price is $2,530.60, accompanied by a 24-hour trading volume of $13.21B and a market cap of $ 301.85 B. Despite a 2.20% dip in the last 24 hours, Ethereum remains resilient in the weekly chart, showcasing an almost 12% gain.
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