During the past week, there was a noticeable decrease in positive sentiment within the cryptocurrency market, creating a challenge for optimistic investors who were trying to counter the prevailing downward trend. Both Bitcoin and Ethereum remained within a narrow trading range below key resistance levels.
This occurrence had a negative impact on the overall market outlook. However, several altcoins saw significant growth in the weekly chart.
Render Token (RNDR) is at the top of the list of altcoins experiencing significant gains this week, followed by Litecoin (LTC) and TRON (TRX) in second and third place, respectively.
Render Token has witnessed a remarkable surge of 37% in the last seven days, surpassing other top 100 tokens in terms of market capitalization. The impressive performance of RNDR can be attributed to the recent announcement of the latest edition of “Behind the Network” [BTN].
This week’s post showcases the newly unveiled Render Foundation website, accompanied by an exclusive feature highlighting the contributions of two artist collectives.
At present, RNDR is trading at $2.48, demonstrating a 5.63% increase in the past 24 hours and a significant 178.13% surge in the 24-hour trading volume. The token hit its peak of $2.4995 and closed the week at $2.3496 after beginning at $1.8357, displaying a strong and remarkable performance.
Meanwhile, Litecoin (LTC) is also gaining attention from the community as a second top weekly performer. Over the past week, LTC has experienced an impressive surge of approximately 12%. The Litecoin (LTC) network has experienced a significant increase in activity with a rise in Ordinal inscription minting on its blockchain.
Currently, LTC is trading at $92.42, having reached a peak at $94.87 and closing the week at $92.37 after starting the week at $80.31. These figures indicate a noteworthy performance. In the last 24 hours, the token has experienced a 0.98% increase, while its trading volume has surged by 19.12% in the same time period.
Additionally, TRON (TRX) has also recently gained significant attention due to its weekly performance and notable gain of about 10%. Since January, the token has surged by 38%, currently trading at $92.42. Over the past 30 days, it has experienced an impressive 16.2% increase.
Moreover, some popular coins are experiencing gains in weekly charts, including XRP at 7.65%, LDO at 8%, and SNX, with an increase of 13%, according to the data from CoinMarketcap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
Bitcoin’s recent bullish momentum has turned bearish, disappointing investors. Despite its previous strong performance, the popular cryptocurrency has been unable to break its losing streak.
On May 10, Bitcoin experienced a significant dip from $28,000 to $26,883.67. Since then, it has been trading within a narrow range of $27,646.35 to $26,600.14.
Cryptocurrency analytics firm Santiment’s tweet stated that With the resurgence of Bitcoin to the $26k level, traders are expressing heightened concerns regarding a potential decline back to the $20k to $25k range.
Notably, Santiment observed a significant surge in Bitcoin’s social dominance, often indicative of fear among market participants. This increased fear factor could potentially pave the way for a rebound in Bitcoin’s value, as fear signals have historically been associated with a higher likelihood of price recovery.
Similar to Bitcoin, Ethereum also went through a comparable trend in the past week. It encountered a decline from its significant resistance level of $1,900 and managed to maintain a consistent trading range between $1,835.55 and $1,742.40.
Meanwhile, Santiment tweeted that Bitcoin and Ethereum are witnessing an ongoing shift of their supplies into self-custody. Decreasing coins on exchanges suggest potential future bull runs, although it’s not a perfect indicator.
According to CoinMarketCap, Bitcoin is currently trading at $26,707.90, with a 1.92% decrease over the past seven days but a 0.87% decrease in the past 24 hours. On the other hand, ETH is being traded at $1,804.26, experiencing a 0.85% decrease in the past 24 hours and a 0.54% decrease over the past seven days.