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.
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%.
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%.
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.
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.
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.
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