Over the past week, the cryptocurrency markets experienced mostly positive trends. Bitcoin and Ethereum stood strong, maintaining their resistance levels. In contrast, Altcoins gained momentum, showing significant increases in their weekly charts. This indicates the possibility of further growth.
Among the top 50 cryptocurrencies, some Altcoins featured prominently on the list of weekly gainers, with XDC Network taking the lead, followed by Shiba Inu (SHIB) in second place, and Hedera (HBAR) securing the third position in terms of substantial growth.
XDC Network has been making a distinct mark in the cryptocurrency market, showing a remarkable 32% surge over the past week and displaying bullish indicators.
Currently, XDC is trading at $0.07594, showing a notable increase of 14.07% in the last 24 hours. The cryptocurrency reached a peak of $0.08439, demonstrating strong and remarkable performance.
On another note, Shiba Inu (Shib) has been attracting attention as a top weekly performer. Over the past week, SHIB experienced an impressive surge of approximately 14%.
As of now, SHIB is trading at $0.000009379, indicating a robust and noteworthy performance. In the last 24 hours, the token has experienced an 8.14% decrease, while its trading volume has decreased by 45.47%.
Additionally, Hedera (HBAR) has also recently gained significant attention, with an above 10% weekly gain. The token’s price has reached a high of $0.05955. Currently trading at $0.05693, the token’s 24-hour trading volume increased by 236.82%.
Moreover, some popular coins are experiencing gains in weekly charts, including Optimism (OP) at 10.15%, OKB at 5.35%, and GALA with an increase of 3.53%, according to the data from CoinMarketcap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
According to a tweet from Santiment, the activity of Bitcoin’s addresses reached its highest point in a span of 3.5 months, specifically in August. This increase in usability, along with notable loss transactions and prevailing negative sentiment, strongly suggests an increased chance of a short-term price rebound for BTC, at the very least.
Throughout the previous week, Bitcoin maintained its position steadily at 29k, distinguishing itself from the behavior exhibited by other cryptocurrencies.
Ethereum (ETH) retains its uniqueness, trading between the price range of $1,820 and $1,830. According to a recent tweet by Santiment, both Bitcoin and Ethereum closely align with the movements of the S&P 500.
However, the recent appreciation of the dollar over the past weeks has historically signaled potential market pullbacks. It is worth observing for reduced correlation as a possible indication for a cryptocurrency market breakout.
According to CoinMarketCap, Bitcoin is currently trading at $29,039.97, with a 0.37% decrease over the past seven days and a 0.27% decrease in the past 24 hours. On the other hand, ETH is being traded at $1,828.77, experiencing a 0.59% decrease in the past 24 hours and a 1.44% decrease over the past seven days.
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