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Weekly Market Watch: Bitcoin And Ethereum Show Resilience, Altcoins Surge

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Over the previous week, the world of cryptocurrency experienced relatively positive optimism. The entire week encountered a slightly favorable performance of Bitcoin. Meanwhile, Ethereum also followed suit, showing a modest rebound from the crash observed in the recent weeks.

In addition to the major cryptocurrencies, alternative coins (Altcoins) encountered a notable increase over the recent week. Some of the low-cap coins manage notable gains in the weekly charts. 

Toncoin (TON) is at the top of the list of 70 altcoins experiencing a significant gain in value this week, followed by THORChain (RUNE) and Maker (MKR), second and third place, respectively. 

Toncoin (TON) experienced a notable increase of 35% over the past seven days; however, it has made a strong recovery in the past month. As of now, TON is being traded at $2.29, reflecting a 4.69% decrease within the last 24 hours. 

Source: CoinMarketcap

The price increase came after Telegram’s popular messaging app unveiled a crypto wallet developed on The Open Network (TON) blockchain. This wallet is now available to Telegram’s vast user base of 800 million people, a move that is expected to drive further adoption of Toncoin.

Meanwhile, THORChain (RUNE) is also experiencing a significant gain and has managed to recover some of its value. Over the past week, RUNE has experienced a significant increase of approximately 22.09%. 

Source: CoinMarketcap

Currently, RUNE is trading at $1.88. In the last 24 hours, the token has experienced a 0.83% decrease, and its trading volume has also decreased by 15.56% in the same time period.

Source: CoinMarketcap

Additionally, Maker (MKR) has also gained significant attention due to its weekly performance, with a notable increase of about 12%. MKR is currently trading at $1,250.56, with a decline of 1.28% in the last 24 hours.

Moreover, some popular coins are experiencing gains in weekly charts, including TRX at 6%, BCH at 10%, and ATOM at 4.05%, 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 $26k. Bitcoin enjoyed a slight 5% price jump in mid-week, climbing from $25,000 to $26,800. However, Bitcoin stayed within a limited trading range for the entirety of the week.

Source: CoinMarketcap

An update from Santiment noted that Bitcoin has sustained a 5-month high level of unique address activity. On average, approximately 1.1 million Bitcoin addresses have been actively sending and receiving coins on a daily basis. Additionally, there has been a 5% increase in the price of Bitcoin over the past three days, leading to a surge in profit-taking, reaching a 2-month high as of today.

From the perspective of Bitcoin’s technical analysts, they emphasize the significance of Bitcoin closing above the 200-week Exponential Moving Average (EMA) as a crucial indicator for bullish momentum continuation. Analysts are optimistic that Bitcoin will maintain this trend in the upcoming week, potentially mirroring the price patterns observed during the 2015/2016 cycle.

Likewise, Ethereum has followed a trading pattern that resembles Bitcoin’s. Santiment’s data indicates that the supply of Bitcoin and Ethereum on exchanges has declined, suggesting that traders are increasingly inclined to hold onto their assets. 

Source: CoinMarketcap

Furthermore, Santiment reported a noteworthy development in the Ethereum network, with a staggering 1,089,893 unique wallets participating as senders or receivers of ETH on a single day, marking the second-highest activity level in the asset’s history spanning over 8 years. This unusual occurrence in Ethereum’s network activity could serve as the long-awaited signal for a potential price rebound.

According to CoinMarketCap, Bitcoin is trading at $26,631.36, with a 0.41% increase over the past 24 hours and a 3.47% increase over the past seven days. On the other hand, ETH is being traded at $1,627.93, experiencing a 0.77% decrease in the past 24 hours and a 1.01% rise over the past seven days.

Related Reading |  Toncoin Soars: From $1.62 To $2.52 In 7 Days, Bulls Eye $3 Mark 

Weekly Highlights: Bitcoin & ETH Hold Resistance While Altcoins Shine

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Over the previous week, the cryptocurrency markets experienced a generally favorable trajectory, with Bitcoin and Ethereum holding their resistance levels. Whereas, Altcoins gained momentum and displayed notable increases in their weekly charts, hinting at the potential for additional growth.

Among the top 70 cryptocurrencies, some Altcoins featured prominently on the list of weekly gainers, with Maker (MKR) taking the lead, followed by Compound (COMP) in second place, and XDC Network securing the third position in terms of substantial growth. 

Maker (MKR) has been making a distinct mark in the cryptocurrency market, showing a remarkable 21% surge over the past week and displaying bullish indicators. This impressive growth can be traced back to the MakerDAO community’s recent affirmative vote for a temporary interest rate hike offered to holders of the protocol’s decentralized stablecoin, DAI.

This proposal introduces the Enhanced Dai Savings Rate (EDSR), which aims to temporarily boost users’ Dai Savings Rate (DSR) during low utilization periods. Maker founder Rune Christensen suggested it, and the EDSR can potentially increase the effective DSR to 8% when utilization ranges from 0% to 20%. As utilization gradually rises, the mechanism is designed to decrease the DSR accordingly.

Currently, MKR is trading at $1,282.71, showing a notable increase of 2.26% in the last 24 hours. The cryptocurrency reached a peak of $1,308.58, demonstrating strong and remarkable performance.

Source: CoinMarketcap

On another note, Compound (COMP) has been attracting attention as a top weekly performer. Over the past week, COMP experienced an impressive surge of approximately 17%.

As of now, COMP is trading at $77.66, having reached its peak at $79.38, indicating a robust and noteworthy performance. In the last 24 hours, the token has experienced a 7.14% increase, while its trading volume has increased by 155.87%.

Source: CoinMarketcap

Additionally, XDC Network has also recently gained significant attention, with an above 15% weekly gain. The token’s price has reached a high of $0.06466. Currently trading at $0.05839, the token’s 24-hour trading volume decreased by 12.39%. 

Source: CoinMarketcap

Moreover, some popular coins are experiencing gains in weekly charts, including DOGE at 10%, Shiba Inu at 7.35%, and UNI with an increase of 8.37%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Bitcoin dominated the market in June and July, driven by the bullishness resulting from Blackrock and other ETFs being introduced. However, Ethereum (ETH) has maintained its key level, like Bitcoin. 

Source: CoinMarketcap

Bitcoin has remained resilient in the past week, holding steady at 29k, which sets it apart from other cryptocurrencies. Santiment reports a significant increase in discussions about Bitcoin compared to the top 100 assets, especially after the FOMC raised rates and Bitcoin approached the $30k mark once more. This surge in social dominance usually indicates fear among investors and raises the probability of a price increase.

Santiment’s recent tweet highlights that Bitcoin’s distinctive feature lies in the ongoing transition of its supply from exchanges to self-custody. Despite the price falling below $30k last week, there has been no significant negative response, suggesting a lack of fear, uncertainty, and doubt (FUD) or imminent sell-offs. Remarkably, the amount of Bitcoin held on exchanges is 1.17 million, the lowest level since November 2018.

Ethereum (ETH) also holds, with its trading range oscillating between the $18,30 barrier and $1,890. At the conclusion of the month and the week, the Ethereum network celebrated its birthday, sparking optimism among the ETH community.

Source: CoinMarketcap

On July 30th, the Ethereum mainnet celebrated its 8th anniversary since its official launch. Back in 2015, Ethereum was officially introduced, and the founding block was created. Since then, the Ethereum network has processed over 2.05 billion transactions, with 66.12 million addresses holding the currency. The total circulation stands at 47.22 million, while approximately 2.986 million units have been burned throughout its history.

According to CoinMarketCap, Bitcoin is currently trading at $29,396.67, with a 1.37% decrease over the past seven days and a 0.37% increase in the past 24 hours. On the other hand, ETH is being traded at $1,866.33, experiencing a 0.59% decrease in the past 24 hours and a 0.30% decrease over the past seven days.

Related Reading | Pro-XRP Lawyer Accuses SEC Of Corporate Capitalism Agenda

Weekly Market Watch: Bitcoin & Ethereum Struggles, Altcoins On The Path To Recovery

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During the past week, the cryptocurrency market witnessed a downturn characterized by a bearish trend. However, as the week drew to a close, the bullish momentum began to overpower the bears, resulting in a positive turn to conclude the week. Both Bitcoin and Ethereum managed to regain some of their value.

Last week, there was a notable market crash caused by a slight deviation of Tether’s USDT from its pegged value to the United States dollar. Interestingly, this event occurred simultaneously with the New York Attorney General’s Office releasing substantial information to CoinDesk.

In the midst of these developments, Bakkt, a company listed on the New York Stock Exchange, decided to delist prominent altcoins Solana, Polygon, and Cardano due to regulatory uncertainties.

Altcoins, the alternative cryptocurrencies, experienced a significant decline on the weekly chart, but only for a short duration. However, towards the end of the week, they were able to recover some of the losses, although a few still showed negative trends on both the weekly and daily charts.

KuCoin Token (KCS) is at the top of the list of 60 altcoins experiencing significant gains this week, followed by Uniswap (UNI) and Maker (MKR), second and third place, respectively.

KuCoin Token (KCS) experienced a notable increase of 22% over the course of the past seven days; however, it has managed to make a slight recovery, according to the daily chart. As of now, KCS is being traded at $7.23, reflecting a 0.15% rise within the last 24 hours. 

Source: CoinMarketcap

The rise can be attributed to the announcement that IMVU, a digital veteran, launched a new metaverse product on KuCoin Spotlight. KuCoin users can get VCORE allocations by holding KCS. 

KuCoin Spotlight is a platform to support promising crypto projects through early token purchases. Previous participants include Lukso (LYXe), Chromia (CHR), and Sui Network (SUI).

Meanwhile, Uniswap (UNI) is also gaining attention as a second weekly gainer. Over the past week, UNI has experienced a significant gain of approximately 11%. 

Currently, UNI is trading at $4.48, reaching a high of $4.6599 and closing the week at $4.4780 after starting the week at $4.0565. These figures indicate a notable downturn in performance. 

Source: CoinMarketcap

In the last 24 hours, the token has experienced a 0.87% decrease, while its trading volume has also decreased by 16.99% in the same time period.

The price surge can be attributed to the news that Uniswap Labs has unveiled the code draft for Uniswap v4, introducing custom liquidity pools through “hooks.” This decentralized crypto exchange is the biggest in terms of volume and recently launched v3 on May 4, 2021. 

The upcoming v4 will enable developers to implement on-chain limit orders, automatic deposits to lending protocols, auto-compounded LP fees, and other innovations.

Additionally, Maker (MKR) has also gained significant attention due to its weekly performance and notable increase of about 10%. 

Source: CoinMarketcap

Moreover, some popular coins are experiencing gains in weekly charts, including SHIB at 9%, ICP at 9%, and FIL, with an increase of 7.96%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

During the preceding week, Bitcoin, the well-known digital currency, experienced a significant drop as it reached a critical support level of approximately $24,700. This occurrence sparked worries among investors and market watchers. Nevertheless, Bitcoin remained confined to a narrow trading range throughout the week.

Source: CoinMarketcap

In the past week, the analytics firm Santiment has reported that the exchange supply of Bitcoin has reached its lowest point since February 2018. This decline can be attributed to traders opting to move their Bitcoin holdings to self-custody amidst the ongoing uncertainty surrounding major platforms such as Binance and Coinbase. 

The prevailing trend of transferring Bitcoin to personal wallets is expected to persist as long as the legal actions initiated by the U.S. Securities and Exchange Commission (SEC) remain unresolved.

Similarly, Ethereum, another prominent cryptocurrency, experienced a tight range of trading similar to Bitcoin. The price of Ethereum dropped to a low point of $1,624.14, causing concern among investors and traders.

Source: CoinMarketcap

According to CoinMarketCap, Bitcoin is currently trading at $26,376.51, with a 1.90% increase over the past seven days and a 0.33% decrease in the past 24 hours. On the other hand, ETH is being traded at $1,723.63, experiencing a 0.02% decrease in the past 24 hours and 1.36% over the past seven days.

Related Reading | USDT, TUSD, and DJED Holders Moving Capital To Innovative InQubeta Presale 

Weekly Market Watch: Bitcoin & Ethereum Face Bearish Trends, Low Cap Coins Surge 

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The previous week brought a somewhat negative perspective for the cryptocurrency markets, with Bitcoin and Ethereum experiencing a drop to their support levels due to bearish trends. Meanwhile, some altcoins with smaller market capitalizations experience notable increases in value with double-digit gains in the weekly chart.

Some low-cap coins on the list of weekly gainers have shown substantial growth, with Maker (MKR) leading the pack, followed by Synthetix (SNX) and SingularityNET AGIX in third place. 

Maker (MKR), an ERC-20 token native to the Maker Protocol, has emerged as a weekly gainer, experiencing a noteworthy 26% growth in the weekly chart.

MKR experienced a surge in value due to MakerDAO’s announcement of reduced fees for the RETH-A vault via their most recent Executive Vote. This was accompanied by a decrease in the stability fee from 1.5% to 0.5%, an increase in the debt ceiling from 5 million DAI to 10 million DAI, and a current liquidation ratio of 170%.

At present, MKR is trading at $962.84, demonstrating a 12.89% increase in the past 24 hours and a significant 71.26% surge in the 24-hour trading volume. The token hit its peak of $949.50 and closed the week at $858.01 after beginning the week at $706.32, displaying a strong and remarkable performance. 

Source: CoinMarketcap

Meanwhile, Synthetix (SNX) is also gaining attention from the community as a second top weekly performer. Over the past week, SNX has experienced an impressive surge of approximately 20.91%. 

The surge in price was sparked by a recent milestone achieved by Synthetix, which could enhance its liquidity operations. The network has recently launched Synthetix V3 on the mainnet, marking a significant development.

As of now, SNX is trading at $3.14, having reached the peak at $3.05 and closing the week at $2.87 after starting the week at $2.47. These figures indicate a noteworthy performance. In the last 24 hours, the token has experienced a 7.98% increase, while its trading volume has surged by 63% in the same time period.

Source: CoinMarketcap

Additionally, SingularityNET (AGIX) has also recently gained significant attention due to its weekly performance and notable gain of about 15%.  According to Coingecko’s data, the token has experienced a significant price surge since January and has recently entered the top 100 coin rankings, currently trading at $0.4647. In the last 30 days, the token has seen an impressive gain of 143.0%.

Source: CoinMarketcap

Moreover, some popular coins are experiencing gains in weekly charts, including ImmutableX (IMX) at 7%, EOS at 10%, and XDC, with an increase of 11%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Bitcoin has failed to capitalize on its recent bullish momentum and instead succumbed to a bearish trend that has left investors reeling. Despite showing strong performance in recent weeks, the world’s most popular cryptocurrency has been unable to break its losing streak.

On Friday, Bitcoin suffered a massive dip of over 5%, tumbling down to $22,261.22. This sudden drop has caught many investors off guard, as just a few days prior, Bitcoin had been trading at a much higher price point.

Source: CoinMarketcap

Moreover, cryptocurrency analytics firm Santiment’s latest tweet stated that the significant drop in Bitcoin’s value occurred at 1 am UTC. However, traders didn’t display major concerns until 12 hours later. 

As of now, Bitcoin’s social dominance has reached a two-week high after traders started expressing their concerns. Experts suggest that an increase in discussion around the top cryptocurrency is necessary for a turnaround in the crypto market.

Like Bitcoin, Ethereum also experienced a significant surge in value last week, with a 4% value decline on Friday, dropping to $1,552.45. Additionally, a recent tweet by Santiment revealed a startling fact that Ethereum’s exchange supply had hit its lowest point in almost half a decade. 

Source: CoinMarketcap

This news comes in the wake of the recent FTX collapse, where ETH has emerged as one of the most popular assets that investors have shifted towards self-custody.

The trend towards self-custody appears to be gaining traction as more and more investors seek to take control of their assets and secure them against potential security breaches. 

The decreased supply of Ethereum on exchanges suggests that investors are becoming increasingly hesitant to part with their holdings, which could potentially lower the probability of a significant selloff in the future.

According to CoinMarketCap, Bitcoin is currently trading at $22,488.40, with a 4.90% decrease over the past seven days but a 1.09% increase in the past 24 hours. On the other hand, ETH is being traded at $1,573.15, experiencing a 1.10% increase in the past 24 hours and a 4.37% decrease over the past seven days.