The crypto market trended upward last week as bulls overpowered bears for both Bitcoin and Ethereum. While certain altcoins saw substantial gains in the early days of the week, these gains were later negated by the end of the week. Additionally, the total market capitalization of all cryptocurrencies surpassed the key mark at $1 trillion.
Several tokens on the list of weekly gainers have shown substantial growth, with Threshold (T) leading the pack, followed by Aptos (APT) and Fantom (FTM) in third place. Other tokens have also experienced significant gains.
The Threshold (T) network, an Ethereum-based platform that protects and maintains dApps with cryptographic threshold, has recently caught the attention of many in the crypto community.
The token has seen a surge in interest following the announcement by Coinbase, one of the largest crypto exchanges, that it would be listing T on its platform. This news has driven a rally in the value of T, with the token currently trading at $0.04576 and recording an increase of approximately 94% on the weekly chart, as reported by TronWeekly.
This impressive performance by Threshold has caught the eye of investors and traders, many of whom are closely monitoring the progress of the young network as it continues to gain momentum in the crypto market.
In recent weeks, Aptos (APT) has emerged as a surprise performer in the alternative coin market. Often referred to as a “Solana killer,” the Layer 1 PoS blockchain has recorded exceptional gains, rising over 400% since the start of 2023 and reaching a new all-time high of nearly $20.
Despite a lack of activity and limited ecosystem growth, the rally in APT has taken the market by surprise, with many in the industry questioning the validity of its surging market capitalization.
As investors and analysts continue to closely monitor the performance of Aptos, some have taken to social media to voice their skepticism, with tweets suggesting that the market capitalization of APT may be inflated.
The recent developments surrounding Aptos (APT) have sparked a rally in the alternative coin market, with the token closing the week at $17.90 after posting substantial gains. Data from Coinmarketcap shows that APT is currently trading above its significant resistance level of $17.70, with a 0.16% increase in the past 24 hours and an impressive 30% gain for the past week.
According to CoinMarketcap, the value of the Fantom (FTM) token has seen a marked increase in recent days, with the token currently trading at $0.4708 and experiencing a 4.43% and 25% increase in the past 24 hours and last seven days, respectively.
The reason behind this surge in price is said to be a tweet from Prominent Web3 developer Andre Cronje, the inventor of Yearn Finance (YFI) and now leading the technical progress of the Fantom (FTM) blockchain. He came up with a surprising statement regarding his platform’s media representation which was greeted by FTM.
In just the last week, the token’s price rose to reach $0.48, the highest since May 2022. The update from Cronje, which was met with a positive reaction from the crypto community, has led to renewed interest in the token, with many investors and traders closely monitoring the progress of the blockchain network as it continues to gain momentum in the market.
Moreover, some popular coins are experiencing gains in weekly charts, including AVAX with 16%, MATIC with 15%, and GRT, with an increase of 10%, according to the data from CoinMarketcap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
the bulls have taken the lead in the crypto market as the price of Bitcoin (BTC) and Ethereum (ETH) soared to new heights. In the past seven days, Bitcoin has broken through a crucial resistance level at $23,000, and Ethereum has been traded above $1,600.
Bitcoin experienced a brief moment of glory as it hit a high of $23,722.10 and closed the week at $23,031.09. This marks the second time in a week that Bitcoin has attempted to take above $23,400, but the bulls appear to lack the momentum to reclaim new support levels.
Ethereum also saw a significant increase in value as the week progressed, starting at $1,627.37 and reaching a high of $1,658.02. However, a tweet from Santiment revealed that Ethereum fell back down to $1,530.80 on a market-wide dip. Despite this setback, the crypto community is keeping an eye on the large profit-taking transaction ratio spike on January 20th. This FUD could potentially benefit prices in the mid-term.
However, CoinMarketCap data shows that the current trading price for Bitcoin is $23,889.23, with a 3.64% increase in the past 24 hours and 4.68% over the past seven days. Meanwhile, Ethereum is being traded at $1,651.99, with a 4.68% daily increase and a 0.53% increase in the last seven days.