The cryptocurrency market wraps up a dynamic week, with Bitcoin and Ethereum holding steady after a significant drop in inflation. Despite the resilience of the market leaders, the spotlight was on altcoins, particularly Kaspa (KSP), Render (RNDR), and NEAR Protocol (NEAR), showcasing notable gains and hinting at potential growth in the near future.
Altcoins Take Center Stage
Kaspa (KSP) emerged as the week’s star performer, experiencing an impressive 64% surge, reaching a peak of $0.1519. As of the latest data, KSP is trading at $0.1379, maintaining robust performance despite a slight 2.80% decrease in the last 24 hours.
Render (RNDR) followed closely behind, boasting a 50% gain over the week. Currently trading at $3.58, RNDR displays a marginal 3.46% increase in price, accompanied by a 42.49% decrease in trading volume in the last 24 hours.
NEAR Protocol (NEAR) captured attention with a weekly increase exceeding 30%, now trading at $2.18. NEAR’s impressive performance includes a 20% price increase and an 88.84% surge in trading volume within the last 24 hours.
Other notable altcoins, including Avalanche (AVAX), Immutable (IMX), and Mantle (MNT), also reported gains in their weekly charts. AVAX showed a 24% increase, IMX rose by 22%, and MNT exhibited a 10% uptick, according to data from CoinMarketCap.
Bitcoin & Ethereum Weekly Review
Bitcoin and Ethereum remained stable after a notable drop in inflation from a 40-year high last June, currently standing at 3.2%, slightly above the Fed’s target, according to the CPI report. Bitcoin (BTC) is in a consolidation phase, trading just below its annual peak at approximately $38,000 earlier this year.
Bitcoin’s recent surge marks its most robust four-week performance since January, witnessing a remarkable 42% increase from just under $17,000 to nearly $24,000. Bitcoin’s price dominance has returned, albeit temporarily, with the potential for quick rebounds if market sentiment shifts.
Santiment’s analysis revealed fluctuations in Bitcoin wallets during the recent surge. Numerous new smaller wallets with less than 1 BTC flooded the network, while the 1-100 tier flattened out, and the 100+ tier may be experiencing profit-taking.
According to Santiment, Bitcoin’s NVT ratio has significantly improved, signaling a healthy circulation of unique BTC relative to current market cap levels. IntoTheBlock reported a yearly high in the new adoption rate of Bitcoin, reaching 67.62%, indicating a surge in new market participants.
Meanwhile, Ethereum’s fees rose as ETH surpassed $2,000 last week, but transactions remain relatively cheap compared to previous levels. Santiment highlighted Ethereum’s 38% market value surge in the past four weeks, driven by high network growth and an increase in addresses across different tiers.
As of the latest data from CoinMarketCap, Bitcoin is trading at $37,159.19, showing a 1.23% increase over the past seven days and a 2.36% increase in the past 24 hours. Ethereum (ETH) is trading at $2,023.05, displaying a 0.70% decrease in the past 24 hours and a 4.58% gain over the past seven days.