During the past week, the cryptocurrency landscape saw a notable surge in positive sentiment. Bitcoin displayed a favorable performance, while Ethereum also joined the upward trend, but both fell shortly. Beyond the major cryptocurrencies, Altcoins witnessed a significant uptick in the past week, with several low-cap coins recording noteworthy gains in their weekly charts.
Curve DAO Token (CRV) is at the top of the list of 75 altcoins experiencing a significant gain in value this week, followed by Chainlink (LINK) and Immutable (IMX), second and third place, respectively.
Curve DAO Token (CRV) experienced a notable increase of 20% over the past seven days; however, it has made a strong recovery of about 14.59% in the past month. As of now, CRV is being traded at $0.5186, reflecting a 9% increase within the last 24 hours with a boost of about 300% in trading volume.
The recent surge in CRV’s value has attracted considerable attention, largely driven by a mysterious whale wallet. This whale has been actively accumulating and staking millions of CRV tokens, primarily sourced from the world’s largest cryptocurrency exchange, Binance.
LookOnchain reported this wallet has acquired an impressive 10.44 million CRV tokens, valued at approximately $4.7 million, from Binance in the past 30 hours, representing a significant influx of capital into the CRV market.
Meanwhile, Chainlink (LINK) is also experiencing a significant gain and has continued its winning streak over the past few weeks; even in the monthly chart, it shows almost 20 recovery in value. Over the past week, LINK has experienced a significant increase of approximately 16%.
Currently, LINK is trading at $7.23. In the last 24 hours, the token has experienced a modest 0.27% increase, while its trading volume decreased by 26% in the same period.
Additionally, Immutable (IMX) has also gained significant attention due to its weekly performance, with a notable increase of about 15%. IMX is currently trading at $0.6059, with a decline of 2.05% in the last 24 hours.
Moreover, some popular coins are experiencing gains in weekly charts, including APT at 6%, AAVE at 5%, and ALGO at 7%, according to the data from CoinMarketcap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
Bitcoin, the widely recognized digital currency, faced a notable recovery in the week that just passed as it approached a key resistance at $27k. Bitcoin enjoyed a significant price jump at the start of the week, climbing from $26,700 to $27,437, marking it a fresh monthly high on 19th Sep. However, Bitcoin didn’t hold on and fell again to its support level at the end of the week.
An update from Santiment noted on 20th Sep that Bitcoin traders have been actively engaging in shorting positions on both Deribit and Binance, heightening the likelihood of potential liquidations that could drive up prices.
Since the commencement of this increased shorting activity last week, the price of Bitcoin has surged by 4%. This trend is expected to persist with a reasonable degree of certainty.
Furthermore, it revealed a notable development in the distribution of Bitcoin ownership. Non-whale wallets, which are defined as those holding less than 100 $BTC, have reached unprecedented levels, now representing 41.1% of the total available supply.
Concurrently, whales with holdings ranging from 100 to 100,000 $BTC have seen their ownership drop to 55.5% of the total supply, marking their lowest level since May.
Likewise, Ethereum has followed a slide upward trend but reserved all the gains at the end of the week by closing the price at $1,573. Moreover, Santiment’s data reported:
“Ethereum network fees have dropped down to its lowest level of 2023, at just $1.15 per transaction. Historically, we see utility begin rising as $ETH becomes more affordable to circulate. The increased utility can then lead to recovering market cap levels.”
According to CoinMarketCap, Bitcoin is trading at $26,211.92, with a 1.42% decrease over the past 24 hours and a 1.65% decrease over the past seven days. On the other hand, ETH is being traded at $1,580.90, experiencing a 0.81% decrease in the past 24 hours and a 3% drop over the past seven days.
Related Reading | Bitcoin ETFs Await SEC Decision As Second Deadline Nears