Bitcoin (BTC) experienced a huge price drop after achieving a new ATH, and Ethereum (ETH) also faced a major decline in its value, and both are now recovering from their recent dip. However, the overall market is stable; a few altcoins from the top 50 list made impressive gains and showed outstanding price performance.
Among these altcoins, the standout performer was Toncoin (TON). Internet Computer (ICP) and Fantom (FTM) followed closely behind with impressive growth, securing second and third positions.
Toncoin (TON) made a significant mark with a remarkable 35% surge over the past week and an almost 155% surge over the last 30 days. As of the latest data, TON is trading at $5.38 and has increased 7.80% in price. Despite positive price movement, TON experienced a 35% decrease in trading volume in the last 24 hours.
Internet Computer (ICP) garnered significant attention, with a weekly increase of more than 33%. Currently, ICP is trading at $16.79, with a 21.81% increase in value. ICP experienced a significant 109.56% increase in trading volume within the last 24 hours.
Fantom (FTM) also made waves with a 30% gain during the past week. Moreover, FTM surged by almost 171% over the last 30 days, showing outstanding price performance. As of the latest data, FTM is currently trading at $1.08, with a 3.23% increase in price and a slight decrease of 0.89% in trading volume in the last 24 hours.
Moreover, several altcoins made impressive gains, such as Bitcoin Cash (BCH), Dogecoin (DOGE), and Aptos (APT) also reported gains in their weekly charts, with BCH up by 20%, DOGE by 15%, and APT showing a 13% increase, according to data from CoinMarketCap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
Bitcoin (BTC) recently underwent a significant price decline subsequent to reaching an all-time high (ATH) at $73,637. After retracing from this pinnacle to $60,807, Bitcoin found support at this level and has since rebounded. At present, Bitcoin is trading at $67,304, accompanied by a 24-hour trading volume of $61.55 billion and a market capitalization of $1.32 trillion. Over the past 24 hours, BTC has witnessed a 5.07% increase in price.
Market analysis from Santiment indicates a heightened focus among traders on the challenges associated with holding BTC in cold storage, ETFs, and various borrowing options, amidst Bitcoin’s endeavor to recover from its most sustained dip in over 5 months.
There is a divergence in opinions regarding meme coins, with some enthusiasts still embracing the notions of freedom and the “wild west” ethos they represent, while others express skepticism regarding potential scams within this realm and the broader cryptocurrency market.
Cryptocurrency analyst Ali Martinez has drawn attention to a notable development in the world of Bitcoin. Specifically, there has been a remarkable surge in the trading of dormant $BTC tokens, the likes of which haven’t been witnessed in over two years. This uptick in activity suggests a potential increase in price volatility for Bitcoin in the near future.
Ethereum (ETH) experienced a significant decline from its recent peak of $4,087 to $3,059, before rebounding to its current price of $3,500.72. Its 24-hour trading volume stands at $13.65 billion, with a market capitalization of $420.34 billion, having witnessed a 5.25% increase in price over the past day.
Santiment also highlights the collaborative efforts of Ethereum and Solana communities in response to SEC security allegations, amidst a retracement in ETH price (-18% since March 11th).
Whale activity has surged, polarizing traders, with attention drawn to the 30-day average returns of ETH wallets, suggesting a justifiable buy stance. Additionally, Ethereum’s RSI has dropped to 28.5, the lowest since the price bottom in late January, indicating potential market conditions favorable for investment.
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