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Weekly Highlights: Bitcoin & Ethereum Hold Strong, Altcoins Shine

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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.

Source: CoinMarketcap

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.

Source: CoinMarketcap

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.

Source: CoinMarketcap

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.

Source: CoinMarketcap

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.

Source: CoinMarketcap

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.

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Crypto Weekly Roundup: Bitcoin & Ethereum Lead the Way Altcoins Surge

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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.

Source: CoinMarketcap

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.

Source: CoinMarketcap

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.

Source: CoinMarketcap

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.

Source: CoinMarketcap

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.

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