This past week has been quite favorable for digital cryptocurrencies. As of October 25th, the whole cryptocurrency market experienced a major turnaround and saw significant growth in the next 24 hours.
Dogecoin (DOGE), the eighth cryptocurrency, and Ethereum (ETH), the world’s second most popular currency, grabbed the lead, whereas other currencies also saw significant rises.
At the beginning of the past week, two significant cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), were holding limited trading ranges while trading sideways. In addition, Tuesday sees the major currencies break through their resistance levels and gain significantly.
ETH (Ethereum) has risen dramatically in value this past week. It recorded gains of 13% over the course of just one day, October 25th – October 26th. In addition to this, it also managed to break through a 38.2% Fibonacci retracement on its technical front and approach the level at $1,550 – which was already supported by a 61.8% Fibo line.
At $19,250, Bitcoin, the world’s top cryptocurrency, broke the symmetrical triangular pattern. After that, the pair broke through the $19,600 and $19,900 immediate resistance levels, and an upward trend was driven to the $20,000 barrier by a bullish crossing over this level.
Kaiko, a digital assets analytics firm, also tweeted that for the first time since 2018, BTC’s 20-day rolling volatility fell below the Nasdaq and S&P 500. It comes after a month-long impasse over a price of $19,000 or less.
In the meanwhile, both currencies maintain their weekly thresholds and continue to rise. However, CoinMarketcap statistics show that ETH is currently trading at $1,582.37, which has increased by approximately 18.39% over the past seven days, and BTC is at $20,502.37, with a weekly gain of around 6.11%.
The Week Gainer: Dogecoin (DOGE)
Dogecoin (DOGE), the popular meme coin, outperformed during this past week and surged by 98.4%, as per CoinMarketCap. Its recent gains are mostly attributed to announcements about Elon Musk’s latest acquisition of Twitter.
According to a Securities and Exchange Commission filing, Twitter was eventually purchased by Tesla CEO and wealthiest man in the world, Elon Musk, on October 27th. On that, the token has increased by 35% from the beginning of the week and has continued to grow since then.
The Coinmarketcap’s data shows that DOGE started the week at approximately $0.0595. By the week’s conclusion, it had surpassed its resistance level and showed a strong rebound. However, it is currently trading at $0.1187.
Nevertheless, many other digital currencies had significant rises this week, so it was a promising week overall. For example, Shiba Inu (SHIB) rose by 21.20% from last week, while Polkadot (DOT) by 14.41%, BNB by 13.83%, Solana (SOL) by 16.77%, and Cardano (ADA) rose by more than 11%.
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