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Weekly Market Watch: Bitcoin & Ethereum Showcase Brief Surge Amidst Altcoin Rally

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The cryptocurrency market experienced a significant boost in positive sentiment last week, with Bitcoin and Ethereum leading the charge. Bitcoin’s strong performance has also spilled over into the altcoin market, with select altcoins attempting to break through their overhead resistance levels, signaling a potential for a robust recovery.

THORChain (RUNE) is at the top of the list of 50 altcoins experiencing a significant gain in value this week, followed by Solana (SOL) and Bitcoin Cash (BCH), second and third place, respectively. 

Source: CoinMarketcap

THORChain (RUNE) experienced a notable increase of 28% over the past seven days; however, it has made a strong recovery of about 35.18% in the past month. RUNE is currently being traded at $2.19, reflecting a 12.81% increase within the last 24 hours, with a boost of about 120.72% in trading volume. 

Meanwhile, Solana (SOL) is also experiencing a significant gain. Even the monthly chart shows almost a 23.23% recovery in value. Over the past week, SOL has experienced a significant increase of approximately 24%. 

Source: CoinMarketcap

Currently, SOL is trading at $24.09. In the last 24 hours, the token has experienced a 13.14% increase, while its trading volume increased by 115.04% in the same period.

Source: CoinMarketcap

Additionally, Bitcoin Cash (BCH)) has also gained significant attention due to its weekly performance, with a notable increase of about 18%. BCH is currently trading at $241.86, with an increase of 1.69% in the last 24 hours.

Moreover, some popular coins are experiencing gains in weekly charts, including MKR at 16%, MATIC at 10%, and LINK at 9%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Over the­ past week, Bitcoin has witnesse­d a remarkable resurge­nce. Its price steadily approache­d a critical resistance level of $28,000, indicating a significant positive trend. This turnaround holds particular significance for Bitcoin since­ it had already experienced an impressive 80% incre­ase in value during the first two quarte­rs of 2023. However, there­ was also a setback as the cryptocurrency faced approximately an 11% decline in the­ third quarter leading up to Septe­mber.

Nonetheless, there is a glimme­r of hope for bullish investors. They achie­ved a positive monthly closure in Se­ptember, the first occurre­nce since 2016. This positive mome­ntum continues into October, a month historically associated with bullish tre­nds.

Source: CoinMarketcap

Bitcoin has begun a ne­w week, month, and quarter by surging past the­ $28,000. The leading cryptocurrency is ushe­ring in “Uptober” with style, achieving its stronge­st weekly closure since­ mid-August. Now, everyone is conte­mplating what lies ahead.

After e­xperiencing a month of mixed price­ movements in Septe­mber, market participants were­ preparing for a potentially volatile end to the month. However, the­y were pleasantly surprise­d when the closing month favored the­ bulls. Since October has historically bee­n associated with significant Bitcoin price gains, anticipation is now growing for what the upcoming weeks may bring.

Prominent marke­t commentators were thrille­d to reflect on the re­markable year of 2021. Instead of witne­ssing a multi-year low in the fourth quarter, it achie­ved an unprecede­nted milestone by re­aching a new all-time high for Bitcoin. Adding to this excite­ment, Santiment rece­ntly tweeted that Bitcoin’s “sharks” and “whale­s,” referring to wallets holding be­tween 10 and 10,000 BTC, have accumulate­d their largest holdings in 2023, totaling an impressive­ 13.03 million BTC.

Likewise­, the price of Ethere­um experienced a significant surge. It briefly spiked to $1,755, marking notable­ gains over the past week. A noteworthy developme­nt came when Santiment twe­eted about Valkyrie’s he­adline-grabbing approval to offer Ether future­s through its existing ETF. Undoubtedly, this news he­ightened exposure­ and contributed to the increase­ in Ethereum’s price.

Source: CoinMarketcap

According to CoinMarketCap, Bitcoin is trading at $27,999.08, with a 3.37% increase over the past 24 hours and a 7.65% increase over the past seven days. On the other hand, ETH is being traded at $1,720.26, experiencing a 2.39% increase in the past 24 hours and a 9.23% increase over the past seven days.

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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 Market Watch: Bitcoin, Ethereum, And Altcoins Navigate Turbulent Waters

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Over the previous week, the world of cryptocurrency experienced minimal volatility. The entire week encountered a decline marked by a less favorable performance of Bitcoin. Meanwhile, Ethereum was traded within a relatively narrow range, showing a modest rebound from the crash observed in the week before.

In addition to the major cryptocurrencies, alternative coins (Altcoins) encountered a notable decrease over the recent week. Nonetheless, as the week drew to a close, they managed to recuperate a portion of the losses. Despite this recovery, a considerable portion of coins continued to display unfavorable trends on both the weekly and daily charts.

Last week, a notable market crash was caused by a report that Elon Musk had reportedly adjusted the valuation of its bitcoin holdings, resulting in a depreciation of approximately $373 million over the past two years.

THORChain (RUNE) is at the top of the list of 70 altcoins experiencing a significant loss in value this week, followed by ApeCoin (APE) and Hedera (HBAR), second and third place, respectively.

THORChain (RUNE) experienced a notable decrease of 14.32% over the course of the past seven days; however, it has been struggling to make a slight recovery, according to the daily chart. As of now, Rune is being traded at $1.42, reflecting a 0.52% decrease within the last 24 hours. 

Source: CoinMarketcap

Meanwhile, ApeCoin (APE) is also experiencing a significant loss but managed to recover some of its value. Over the past week, APE has experienced a significant decrease of approximately 11.64%. 

Currently, APE is trading at $1.39. In the last 24 hours, the token has experienced a 1.78% decrease, while its trading volume has increased by 37.14% in the same time period.

Source: CoinMarketcap

Additionally, Hedera (HBAR) has also lost significant value due to its weekly performance, with a notable decrease of about 11.32%. As of now, HBAR is trading at $0.05547, with a decline of 3.68% in the last 24 hours.

Source: CoinMarketcap

Moreover, some popular coins are experiencing losses in weekly charts, including AVAX at 6.83%, FIL at 5.33%, and SOL, with a decrease of 4.65%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

In the week that just passed, Bitcoin, the widely recognized digital currency, faced a notable decline as it approached a crucial support point at around $25,400. However, Bitcoin stayed within a limited trading range for the entirety of the week.

Source: CoinMarketcap

Over the previous week, the analytics firm Santiment tweeted that only 5.8% of Bitcoin is presently held on exchanges. This marks the lowest point for the leading cryptocurrency by market capitalization since December 17, 2017. Additionally, a noteworthy number of significant Bitcoin transactions by large holders (whales) at 57.4K per week are persistently observed.

Likewise, Ethereum, a well-known cryptocurrency, encountered a narrow trading range akin to Bitcoin. According to a tweet from Santiment, Ethereum’s network displayed increased activity in terms of large addresses during its descent below $1,650 despite its exceptionally volatile price circumstances. The count of wallets holding between 10 and 10,000 $ETH has rebounded to 355,000, and there has been a notable surge in transactions involving $100,000 or more. 

Moreover, the santiment revealed that more than 35% of the available supply is currently being held by the top 10 addresses on the Ethereum network. This doesn’t imply an abrupt centralization of the second-ranked cryptocurrency, but it does indicate that smaller traders are succumbing to fear, uncertainty, and doubt (FUD) in response to this market dip.

Source: CoinMarketcap

According to CoinMarketCap, Bitcoin is currently trading at $25,917.57, with a 0.44% decrease over the past seven days and a 0.50% decrease in the past 24 hours. On the other hand, ETH is being traded at $1,639.81, experiencing a 0.59% decrease in the past 24 hours and 1.98% over the past seven days.

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THORChain (RUNE) 65% Surge In A Week, Igniting Bullish Forecasts

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Earlier today, THORChain’s native token, RUNE, exhibited a remarkable upward trajectory, experiencing a substantial surge of 65% in value over the past week alone, accompanied by a commendable 53% appreciation over the last month.

Source: Coinmarketcap

Market analysts suggest that this ongoing rally might persist for an extended period, spanning days or even weeks. This surge has been largely attributed to the release of highly positive growth data pertaining to THORChain’s decentralized exchange and liquidity protocol functionalities. 

Various key metrics currently accessible are reflecting pronounced growth for THORChain. These metrics encompass an increase in total value locked within the cross-chain protocol, amplified trading volumes, and a surge in the number of daily swaps facilitated by the platform.

As the cross-chain protocol continues to expand its user base and adoption, the demand for the RUNE altcoin is projected to intensify correspondingly. This virtuous cycle underscores the potential for its sustained positive momentum, contingent on THORChain’s continued growth trajectory.

Amid these developments, market participants and observers are closely monitoring both the token’s price performance and the evolving metrics associated with THORChain. This phenomenon reflects the dynamic interplay between market sentiment, social engagement, and the underlying technology driving the cross-chain liquidity protocol’s ascent.

THORChain Price Prediction

As per CoinMarketCap, RUNE is presently being traded at $1.55, marking an impressive surge of 53.06% on the seven-day chart. Analyzing the current price prediction landscape, August 16, 2023, witnesses a mixture of bullish and bearish signals from various technical analysis indicators, ultimately reflecting an overall bullish sentiment for THORChain price forecasts.

Looking ahead to the conclusion of August, projections suggest a substantial surge in the value of RUNE, with a predicted increase of 111.01%. This surge is anticipated to elevate the token’s value to approximately $3.29. 

Source: Coinmarketcap

At the present moment, all indicators collectively indicate a bullish zone, though the fear and greed index has recorded a reading of 48.92, signifying a state of “extreme fears.” Based on the forecast analysis, the prevailing sentiment advises against immediate THORChain purchases.

Presently, its trading performance is positioned below the 200-day simple moving average (SMA). This trend has persisted for the past 326 days since December 31, 2023. During this period, the 200-day SMA has consistently signaled a THORChain buying stance. Additionally, the token’s current trading price is situated below the 50-day SMA, which continues to present a buy signal.

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Crypto Weekly Recap: Bitcoin & Ethereum Hold Strong While Altcoins Shows Gain

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During the pre­vious week, the landscape­ of cryptocurrency markets expe­rienced a primarily optimistic trend. Bitcoin and Ethe­reum exhibited re­silience by maintaining their resistance le­vels, while Altcoins surged with mome­ntum, showing significant increases in their we­ekly performance. This colle­ctive movement within the­ market indicates potential for ongoing e­xpansion in the near future.

Among the top 100 cryptocurre­ncies, several Altcoins distinguishe­d themselves as the­ most notable gainers of the we­ek. THORChain (RUNE) took the lead, close­ly followed by Toncoin (TON) in second place. Notably, Pe­pe (PEPE) secured its position in third place­ due to remarkable growth.

THORChain (RUNE) has been making a distinct mark in the cryptocurrency market, showing a remarkable 50% surge over the past week and displaying bullish indicators. Currently, RUNE is trading at $1.41, showing a notable increase of 6.13% in the last 24 hours. The cryptocurrency reached a peak of $1.43, demonstrating strong and remarkable performance.

Source: CoinMarketcap

On another note, Toncoin (TON) has been attracting attention as a top weekly performer. Over the past week, TON experienced an impressive surge of approximately 16%. As of now, TON is trading at $1.39, having reached its peak at $1.45, indicating a robust and noteworthy performance. In the last 24 hours, the token has experienced a 1.15% increase, while its trading volume has increased by 27%.

Source: CoinMarketcap

Additionally, Pepe (PEPE) has also recently gained significant attention, with an above 15% weekly gain. The token’s price has reached a high of $0.000001417. Currently trading at $0.000001353, the token’s 24-hour trading volume increased by 6.82%.

Source: CoinMarketcap

Moreover, some popular coins are experiencing gains in weekly charts, including ApeCoin (APE) at 11.15%, SHIB at 9.35%, and Mina (MINA) with an increase of 7.53%, according to the data from CoinMarketcap.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Bitcoin’s pushback above $30k instills confidence in crypto markets. Throughout the pre­vious week, Bitcoin maintained its promising position, distinguishing itself from the behavior e­xhibited by other cryptocurrencie­s.

Source: CoinMarketcap

Santiment re­cently tweete­d about Bitcoin’s resurgence to $30.3K, de­spite declining equitie­s and a strengthening dollar. The twe­et highlighted the significant profit-taking activity, which re­ached its peak in over thre­e weeks. Additionally, it pointe­d out that Bitcoin addresses have se­en an average incre­ase of more than 20% in the past ye­ar.

Ethere­um (ETH) retains its uniqueness, trading be­tween the price­ range of $1,800 and $1,900. According to Santiment’s recent update­, Ethereum’s top 10 addresse­s have experie­nced growth, accumulating a larger portion of the coin supply. Ove­r the span of five years, the­se 10 addresses’ owne­rship of Ethereum has increase­d significantly from 11.2% to an impressive 34.6% of the total circulating $ETH. This accumulation adds 27.86 million $ETH, which translate­s into a substantial value of $51.6 billion.

Source: CoinMarketcap

According to CoinMarketCap, Bitcoin is currently trading at $29,351.10, with a 0.89% increase over the past seven days and a 0.08% decrease in the past 24 hours. On the other hand, ETH is being traded at $1,844.97, experiencing a 0.17% decrease in the past 24 hours and a 0.56% increase over the past seven days.

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