Bitcoin (BTC) and Ethereum (ETH) faced a significant decline, wiping out their gains from the past week. Despite this downturn, several lower-cap altcoins and meme-coins managed to shine, making notable gains and holding onto their weekly profits.
Last week, the crypto market witnessed its fastest drop in four months, causing mild concerns among traders. Calls to “buy the dip” were prevalent, suggesting a level of overeagerness and fear of missing out (FOMO) at these reduced prices.
Amidst the market correction, some altcoins and meme-coins within the top 60 cryptocurrencies list stood out, with Bonk (BONK) leading the pack. Internet Computer (ICP) and Helium (HNT) followed closely, securing second and third positions with impressive growth.
Bonk (BONK) marked a substantial achievement, surging by an impressive 90% over the past week, reaching a peak of $0.00003450. As of the latest data, Bonk is trading at $0.00002118, demonstrating resilience with a 1.80% increase in the last 24 hours.
Internet Computer (ICP) also made waves, boasting an 84% gain during the past week. However, ICP is currently trading at $9.87, showing a 3.46% decrease in price and a 29.40% decrease in trading volume in the last 24 hours.
Helium (HNT) gained significant attention, with a weekly increase of over 70%. HNT is currently trading at $8.16, experiencing a 17.81% price increase and a 44.56% surge in trading volume within the last 24 hours.
Other popular altcoins such as Injective (INJ), Avalanche (AVAX), and Cosmos (ATOM) also reported gains in their weekly charts, with INJ up by 41%, AVAX by 15%, and ATOM showing a 10% increase, according to CoinMarketCap data.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
Bitcoin and Ethereum, the leading cryptocurrencies, faced a modest decline during the last weekend of 2023. Bitcoin retraced to $40.8K, while Ethereum maintained a position slightly above $21,700. Crypto analyst Ali Matinez pointed out a noticeable dip in Bitcoin network growth, raising doubts about the sustainability of its recent move to $44,000.
For a robust continuation of the bull rally, Matinez emphasized the importance of an uptick in the number of new Bitcoin addresses to provide the necessary support for sustained bullish momentum.
Moreover, on December 14th, Matinez noted a capital inflow of over $19.7 billion into Bitcoin and Ethereum, reminiscent of the surge observed in December 2020 before BTC soared from $18,000 to $65,000.
Bitcoin’s current value stands at $41,279, with a 24-hour trading volume of $23.89 billion, a market capitalization of $807.96 billion, and a market dominance of 51.33%. Over the past 24 hours, BTC has experienced a decrease of -1.53%.
According to Coincodex’s Bitcoin price prediction, a 4.10% rise is anticipated, reaching $43,421 by December 21, 2023. The Fear & Greed Index shows 73, indicating a neutral sentiment.
Ali Matinez highlighted Ethereum whales on a buying spree, acquiring over 100,000 ETH in the past week, an impressive $230 million investment.
The current price of Ethereum is $2,191.73, with a 24-hour trading volume of $7.74 billion, a market capitalization of $263.44 billion, and a market dominance of 16.72%. Over the past 24 hours, ETH has experienced a decrease of -1.51%.
According to Coincodex’s current Ethereum price prediction, a 4.96% rise is expected, reaching $2,295.94 by December 22, 2023. The Fear & Greed Index shows 65, indicating a neutral sentiment in the market.
Bitcoin and Ethereum face a temporary setback, but the cryptocurrency market remains dynamic, with various altcoins presenting substantial gains and providing investors with diverse opportunities in this ever-evolving landscape.
Related Reading | FTX Debtors Settle Crypto Claims At Bankruptcy Date