During the previous week, the landscape of cryptocurrency markets experienced a primarily optimistic trend. Bitcoin and Ethereum exhibited resilience by hitting their resistance levels, whereas 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 50 cryptocurrencies, several Altcoins distinguish themselves as the most notable gainers of the week. Bitcoin SV (BSV) took the lead, closely followed by Chainlink (LINK) in second place. Notably, Solana (SOL) secured its position in third place due to remarkable growth.
Bitcoin SV (BSV) has been making a distinct mark in the cryptocurrency market, showing a remarkable 55% surge over the past week and displaying bullish indicators. Currently, BSV is trading at $51.01, with a decrease of 4% in the last 24 hours. The cryptocurrency reached a peak of $58.23, demonstrating strong and remarkable performance in the past week.
On another note, Chainlink (LINK) has been attracting attention as a top weekly performer. Over the past week, LINK experienced an impressive surge of approximately 44%. As of now, LINK is trading at $10.02, reaching its yearly peak today; this high was last seen in July 2022, indicating a robust and noteworthy performance. In the last 24 hours, the token has experienced an 18% increase, while its trading volume has increased by 38.64%.
Additionally, Solana (SOL) has also recently gained significant attention, with an above 35% weekly gain. Currently trading at $29.8, the token’s market cap rose by 4.66% in 24 hours.
Moreover, some popular coins are experiencing gains in weekly charts, including MATIC at 20%, APT at 23%, and Aave with an increase of 23%, 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.
Santiment, a notable cryptocurrency analytics provider, highlighted Bitcoin’s resurgence in a recent tweet, with the cryptocurrency reaching $30,300. Notably, this break above the $30,000 resistance level occurred amidst a period of rising prices for various altcoins, in contrast to previous instances where a similar performance in altcoins did not accompany Bitcoin’s ascent.
Notable altcoins such as LINK, MATIC, UIP, APT, and AAVE are all experiencing their most substantial price decouplings in 2023.
Santiment previously noted that the strength of the U.S. dollar, which has been on the rise since 2023, typically negatively influences the cryptocurrency market. However, Bitcoin managed to reach a two-month high despite this trend. This remarkable performance suggests that both digital gold (Bitcoin) and physical gold are moving in tandem.
Meanwhile, Ethereum (ETH) has maintained its unique position in the cryptocurrency market, trading within the price range of $1,520 to $1,690. Santiment’s recent update reveals that Ethereum’s whale addresses in the “billionaire” category, defined as those holding at least 1 million ETH, now control 32.3% of the total supply.
This is the first time such a concentration of ownership has been observed since 2016. Additionally, it’s worth noting that transactions valued at $1 million or more had their second-highest volume in five weeks, underlining the significance of the current market dynamics.
According to CoinMarketCap, Bitcoin is currently trading at $30,557.45, with a 10.24% increase over the past seven days and a 2.18% increase in the past 24 hours. On the other hand, ETH is being traded at $1,675.09, experiencing a 2.37% increase in the past 24 hours and a 5.58% increase over the past seven days.
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