The cryptocurrency market experienced a significant boost in positive sentiment last week, with Bitcoin and Ethereum leading the charge. Bitcoin’s strong performance has also spilled over into the altcoin market, with select altcoins attempting to break through their overhead resistance levels, signaling a potential for a robust recovery.
THORChain (RUNE) is at the top of the list of 50 altcoins experiencing a significant gain in value this week, followed by Solana (SOL) and Bitcoin Cash (BCH), second and third place, respectively.
THORChain (RUNE) experienced a notable increase of 28% over the past seven days; however, it has made a strong recovery of about 35.18% in the past month. RUNE is currently being traded at $2.19, reflecting a 12.81% increase within the last 24 hours, with a boost of about 120.72% in trading volume.
Meanwhile, Solana (SOL) is also experiencing a significant gain. Even the monthly chart shows almost a 23.23% recovery in value. Over the past week, SOL has experienced a significant increase of approximately 24%.
Currently, SOL is trading at $24.09. In the last 24 hours, the token has experienced a 13.14% increase, while its trading volume increased by 115.04% in the same period.
Additionally, Bitcoin Cash (BCH)) has also gained significant attention due to its weekly performance, with a notable increase of about 18%. BCH is currently trading at $241.86, with an increase of 1.69% in the last 24 hours.
Moreover, some popular coins are experiencing gains in weekly charts, including MKR at 16%, MATIC at 10%, and LINK at 9%, according to the data from CoinMarketcap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
Over the past week, Bitcoin has witnessed a remarkable resurgence. Its price steadily approached a critical resistance level of $28,000, indicating a significant positive trend. This turnaround holds particular significance for Bitcoin since it had already experienced an impressive 80% increase in value during the first two quarters of 2023. However, there was also a setback as the cryptocurrency faced approximately an 11% decline in the third quarter leading up to September.
Nonetheless, there is a glimmer of hope for bullish investors. They achieved a positive monthly closure in September, the first occurrence since 2016. This positive momentum continues into October, a month historically associated with bullish trends.
Bitcoin has begun a new week, month, and quarter by surging past the $28,000. The leading cryptocurrency is ushering in “Uptober” with style, achieving its strongest weekly closure since mid-August. Now, everyone is contemplating what lies ahead.
After experiencing a month of mixed price movements in September, market participants were preparing for a potentially volatile end to the month. However, they were pleasantly surprised when the closing month favored the bulls. Since October has historically been associated with significant Bitcoin price gains, anticipation is now growing for what the upcoming weeks may bring.
Prominent market commentators were thrilled to reflect on the remarkable year of 2021. Instead of witnessing a multi-year low in the fourth quarter, it achieved an unprecedented milestone by reaching a new all-time high for Bitcoin. Adding to this excitement, Santiment recently tweeted that Bitcoin’s “sharks” and “whales,” referring to wallets holding between 10 and 10,000 BTC, have accumulated their largest holdings in 2023, totaling an impressive 13.03 million BTC.
Likewise, the price of Ethereum experienced a significant surge. It briefly spiked to $1,755, marking notable gains over the past week. A noteworthy development came when Santiment tweeted about Valkyrie’s headline-grabbing approval to offer Ether futures through its existing ETF. Undoubtedly, this news heightened exposure and contributed to the increase in Ethereum’s price.
According to CoinMarketCap, Bitcoin is trading at $27,999.08, with a 3.37% increase over the past 24 hours and a 7.65% increase over the past seven days. On the other hand, ETH is being traded at $1,720.26, experiencing a 2.39% increase in the past 24 hours and a 9.23% increase over the past seven days.
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