Bitcoin (BTC) and Ethereum (ETH) faced a sudden downturn, wiping out all gains from the past week. However, the crypto market showcased resilience through impressive performances by various altcoins, maintaining their upward trajectory.
According to Santiment, the crypto market experienced its swiftest drop in the last four months, triggering mild concerns among traders. The prevalent “buy the dip” sentiment suggests a degree of overeagerness and FOMO (Fear of Missing Out) at these lower price levels.
Among the top 20 cryptocurrencies, Avalanche (AVAX) emerged as the standout performer, witnessing a remarkable 55% surge over the week, reaching a peak of $37.33. Despite a modest 8.80% increase in the last 24 hours, AVAX continues to exhibit robust performance, currently trading at $35.25.
Cardano (ADA) maintained the second position in the top performers’ list, with gains of 34%, respectively, over the past week. ADA is presently trading at $0.5546, showing a 5.46% decrease in price and a 28.40% drop in trading volume in the last 24 hours.
Polkadot (DOT) secured the third position, showing a gain above 16% in their weekly chart. Meanwhile, DOT is at $6.69, experiencing a 5.81% price decrease and a 14.67% surge in trading volume within the same period.
Other popular altcoins, including Hedera (HBAR), NEAR Protocol (NEAR), and Solana (SOL), reported gains in their weekly charts, with HBAR up by 10%, NEAR by 9%, and SOL showing an 8% increase, according to data from CoinMarketCap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
On December 5th, Santiment reported Bitcoin reaching $44,000, continuing its climb. The resurgence of 100+ BTC wallets correlated closely with this price surge. Over the past four weeks, 48 of these whale wallets have returned since a significant drop-off on November 9th.
As of the latest update, Bitcoin’s price stands at $42,434, accompanied by a 24-hour trading volume of $48.62 billion. The market capitalization of Bitcoin is $828.54 billion, with a market dominance of 51.68%. BTC has experienced a -3.07% decrease in price over the last 24 hours.
Moreover, Coincodex predicts that Bitcoin will rise by 4.17% and reach $43,846 by December 15, 2023. The Fear & Greed Index stands at 74 (Greed), indicating a neutral sentiment. Bitcoin recorded 15/30 (50%) green days with 6.82% price volatility over the last 30 days.
On December 7th, Santiment highlighted Ethereum’s climb to $2,349, its highest level since June 2022. The positive trend of non-exchange whale wallets accumulating wealth and exchange whale wallets having less sell-off power bodes well for Ethereum’s continued ascent.
As of now, the current Ethereum price is $2,251.70, with a 24-hour trading volume of $19.50 billion. Ethereum’s market capitalization is $271.05 billion, and its market dominance is 16.91%. Over the past 24 hours, the price of ETH has witnessed a 3.80% decrease.
Coincodex’s current Ethereum price prediction anticipates a 7.51% rise, reaching $2,420.98 by December 15, 2023. The Fear & Greed Index is at 74 (Greed), indicating a neutral sentiment. Ethereum recorded 18/30 (60%) green days with 5.68% price volatility over the last 30 days.
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