Over the previous week, the cryptocurrency markets experienced a generally favorable trajectory, with Bitcoin and Ethereum successfully holding their key resistance levels. It led to Altcoins gaining momentum and displaying notable increases in their weekly charts, hinting at the potential for additional growth.
Among the top 60 cryptocurrencies, numerous Altcoins featured prominently on the list of weekly gainers, with XDC Network (XDC) taking the lead, followed by ChainLink (LINK) in second place, and Stellar (XLM) securing the third position in terms of substantial growth.
XDC Network (XDC) has been causing waves in the cryptocurrency market, with a surge of 63% over the past week and displaying bullish indicators. This growth can be attributed to the announcement that ChainIDE launched ChainIDE for XDCNetwork, marking its live status. The team expresses excitement and appreciation to XinFin_Official for their valuable support and aims to strengthen the XDC Ecosystem together.
At present, XDC is trading at $0.05234, demonstrating a 2.30% decrease in the past 24 hours. The cryptocurrency hit its peak of $0.05868, displaying a strong and remarkable performance.
Meanwhile, ChainLink (LINK) is also gaining attention from the community as a top weekly performer. Over the past week, LINK has experienced an impressive surge of approximately 18%. As reported by TronWeekly, Chainlink has emerged as the #3 trending topic in the crypto space.
LINK experienced a significant surge, gaining over 20% in a single day, driving its price to a three-month high of $8.34. The impressive on-chain volume for Thursday amounted to a staggering $347.72 million, making it the highest volume recorded in 2023 for the digital asset.
As of now, LINK is trading at $8.03, having reached its peak at $8.38, indicating a robust and noteworthy performance. In the last 24 hours, the token has experienced a 0.64% increase, while its trading volume has dropped by 39.53%.
Additionally, Stellar (XLM) has also recently gained significant attention, with an above 15% weekly gain. The token’s price has reached a high of $0.1793. Currently trading at $0.1684, the token’s 24-hour trading volume is decreased by 25.93%.
Moreover, some popular coins are experiencing gains in weekly charts, including TON at 10%, TRON at 4.35%, and UNI with an increase of 5.87%, according to the data from CoinMarketcap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
Over the past few weeks, Bitcoin has been the standout performer, showcasing resilience by maintaining key resistance levels. Nevertheless, in the previous week, Bitcoin experienced a trading range between $31,000 and $30,000. Towards the end of the week, it dipped below that range, settling at approximately $29,664.
Ethereum (ETH) has shown noteworthy gains recently, with its trading range oscillating between the $1,900 barrier and $1,890. Santiment’s analysis uncovered an intriguing insight about the second-largest cryptocurrency by market cap, but the previous information did not provide specific details. Further information from Santiment’s analysis would be required to understand the precise nature of this insight.
According to a recent report by Santiment, Ethereum has been relatively subdued following its correction from the peak of $2,132 reached on April 16, 2023, just over 3 months ago. The psychological support level of $2,000 has become evident, with traders displaying increased optimism whenever the price surpasses this threshold.
Conversely, traders become more skeptical when Ethereum struggles to rise above this level. The clear influence of this support level on market sentiment indicates its significance in shaping traders’ perceptions and actions concerning the second-ranked cryptocurrency.
Bitcoin dominated the market in June, driven by the bullishness resulting from Blackrock and other ETFs being introduced. However, like many other assets, Ethereum (ETH) has made moderate gains against Bitcoin’s price.
Despite the +4.8% swing favoring ETH, traders might not find this development particularly exciting. It suggests that while there has been some progress for Ethereum compared to Bitcoin, it may not be significant enough to generate substantial excitement among traders.
According to CoinMarketCap, Bitcoin is trading at $30,155.03, with a 0.63% decrease over the past seven days and a 1.10% increase over the past 24 hours. On the other hand, ETH is being traded at $1,896.71, experiencing a 0.59% increase in the past 24 hours and a 1.99% decrease over the past seven days.