The cryptocurrency market is exciting as it concludes an upbeat week, with Bitcoin and Ethereum showing substantial gains on their weekly charts. However, the real stars of the week were the altcoins, which made remarkable strides, hinting at potential further growth in the near future.
In the top 50 cryptocurrencies list, several altcoins made impressive gains, and the standout performer was THORChain (RUNE). Solana (SOL) and Avalanche (AVAX) followed closely behind, securing the second and third positions, respectively, with impressive growth.
THORChain (RUNE) made a significant mark with a remarkable 53% surge over the past week, reaching a peak of $5.83. As of the latest data, it is trading at $5.22, demonstrating robust performance despite experiencing a slight 1.80% increase in the last 24 hours.
Solana (SOL) also made waves with a 44% gain during the past week. SOL is currently trading at $58.4, with a marginal 0.86% decrease in price and a 47.49% decrease in trading volume in the last 24 hours.
Avalanche (AVAX) garnered significant attention, with a weekly increase of more than 39%. Currently, AVAX is trading at $18.08, with a 1% price decrease and a 26.63% drop in trading volume within the last 24 hours.
Other popular altcoins such as Polygon (MATIC), Chainlink (LINK), and Cosmos (ATOM) also reported gains in their weekly charts, with MATIC up by 24%, LINK by 22%, and ATOM showing an 18% increase, according to data from CoinMarketCap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
The Bitcoin (BTC) market is in a consolidation phase this Saturday, trading horizontally just below its annual peak at approximately $38,000 earlier this year. The recent surge has positioned Bitcoin for its most robust four-week performance since January, marking an impressive 42% increase from just under $17,000 to nearly $24,000.
There is widespread speculation that the US Securities and Exchange Commission (SEC) is preparing to approve a series of spot Bitcoin ETFs, potentially as early as January, and updates on this matter are expected to impact the market significantly in the coming days.
According to Santiment, Bitcoin, now up by +37% in the past two months, has seen an increase in the ratio of traders opening bullish positions compared to bearish ones, reaching three-month highs. Moreover, the total open interest on exchanges has surged to $7.2 billion. It is hoped that Bitcoin will continue to rise after the FOMO (Fear of Missing Out) settles.
IntoTheBlock shared a similar sentiment, noting that funding rates for BTC and ETH perpetual swaps have hit a yearly high, signaling potentially overheated markets. While not a direct predictor of decreasing prices, sustained high rates indicate a need for caution.
Furthermore, Santiment highlighted that Ethereum has reached as high as $2,132, as optimism surrounding the second-largest cryptocurrency surged with BlackRock’s new ETF submission for the SEC’s review. The latest insights examine Ethereum’s on-chain health and its chances of continuing its growth.
Santiment also pointed out that Ethereum’s market value has surged by +38% in the past four weeks, driven by high network growth. Micro addresses holding less than 0.1 ETH have recently surpassed 100,000 wallets for the first time, and even the 0.1-10 ETH and 10,000+ ETH tiers are finally on the rise.
As of the latest data from CoinMarketCap, Bitcoin is currently trading at $37,007.49, showing a 6% increase over the past seven days and a 0.36% decrease in the past 24 hours. Ethereum (ETH) is trading at $2,057.01, displaying a 0.47% increase in the past 24 hours and an 8.58% gain over the past seven days. The cryptocurrency market is poised for continued excitement, with investors closely watching for further developments in the coming days.
Related Reading | Bitcoin Weekend Watch: DaanCrypto Signals Market Respite Amidst Volatility