The past week has been marked by an overall optimistic trend as major digital assets, including Bitcoin and Ethereum, have exhibited resilience by reaching their respective resistance levels. Altcoins have surged with notable momentum, displaying significant increases in their weekly performance, suggesting potential for ongoing expansion in the near future.
Among the top 50 cryptocurrencies, several Altcoins have distinguished themselves as the most notable gainers of the week. Render (RNDR) has taken the lead, followed closely by THORChain (RUNE) in the second position. Notably, The Graph (GRT) secured the third spot due to remarkable growth.
Render (RNDR) has made a distinct mark in the cryptocurrency market, experiencing an impressive 32% surge over the past week. The coin is currently trading at $2.60, showing a 0.80% increase in the last 24 hours. It reached a peak of $2.633, demonstrating strong and remarkable performance over the past week.
THORChain (RUNE) has also garnered attention as a top weekly performer, with a remarkable surge of approximately 30% over the past week. RUNE is currently trading at $2.53 and has reached its yearly peak, a level last seen in July 2022. This indicates robust and noteworthy performance. In the last 24 hours, the token has experienced a 53e3e% increase, while its trading volume has decreased by 18.64%.
Additionally, The Graph (GRT) has gained significant attention with a more than 25% weekly gain. Currently trading at $0.1094, the token’s trading volume rose by 15.20% in the last 24 hours.
Popular coins such as SOL, AVAX, and WBTC have also experienced gains in their weekly charts, with SOL at 16%, AVAX at 15%, and WBTC showing an increase of 13%, according to data from CoinMarketcap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
Bitcoin (BTC) and Ethereum (ETH) also had an eventful week. Santiment, a cryptocurrency data provider, highlighted that Bitcoin reached a new 17-month high, hitting $35.2K for the first time since May 2022.
This increase has occurred even as the S&P 500 declined, suggesting that the correlation between Bitcoin and traditional equities is diminishing, potentially indicating bullish conditions. Whale transactions, address activity, and dormant coin movement hint at further price increases, possibly just the beginning of a significant rally.
Ethereum has also performed well during the recent crypto surge. Its price crossed $1,850 for the first time since August 15th, and the amount of ETH held on exchanges is at its lowest since the network’s genesis in 2015. Whale transactions in Ethereum also reached a six-month high, indicating strong interest and activity among large holders.
As of the latest data from CoinMarketCap, Bitcoin is currently trading at $34,547.68, with a 13.24% increase over the past seven days and a 1.18% increase in the past 24 hours. On the other hand, ETH is being traded at $1,816.04, experiencing a 1.87% increase in the past 24 hours and an 8.58% increase over the past seven days. The overall crypto market appears to be on an upward trajectory, with notable performances across various assets and a promising outlook for the weeks ahead.