During the past week, the cryptocurrency markets showed a relatively positive trend as Bitcoin hit 13 months high and Ethereum successfully maintained its key resistance level. As a result, Altcoins gathered momentum and displayed significant gains in their weekly charts, suggesting the possibility of further growth.
In the top 100 cryptocurrencies, several Altcoins on the weekly gain list have grown substantially, with Bone ShibaSwap leading the pack and Solana (SOL) and Frax Share (FXS) in third place.
Bone ShibaSwap, the governance token of Shiba Inu, has been causing waves in the cryptocurrency market, with a surge of 40% over the past week and displaying bullish indicators.
Despite the bearish crypto market, BONE has experienced significant bullish momentum. This growth can be attributed to Shitoshi Kusama, the lead developer of Shiba Inu, who revealed a potential launch date for Shibarium.
Kusama announced that the mainnet launch of Shibarium may be discussed and unveiled at the Blockchain Futurists Conference in Toronto in August.
Currently, BONE is trading at $1.34, demonstrating a 0.18% increase in the past 24 hours. The cryptocurrency hit its peak of $1.46, displaying a strong and remarkable performance.
Meanwhile, Solana (SOL) is also gaining attention from the community as a top weekly performer. Over the past week, SOL has experienced an impressive surge of approximately 10%.
In the last 10 days, Solana surged 35%, indicating a strong upward trend. Although a consolidation or pullback is possible, the overall outlook remains bullish.
Currently, SOL is trading at $21.22, reaching its peak at $22, indicating a robust and noteworthy performance. In the last 24 hours, the token has experienced a 2.64% decrease, while its trading volume has dropped by 42.92%.
Frax Share (FXS) has recently gained significant attention, with an above 8% weekly gain. The token’s price has reached a high of $6.88. Currently trading at $6.34, the token’s 24-hour trading volume is increasing by 3.75%.
Moreover, some popular coins are experiencing gains in weekly charts, including TRX at 2%, LEO at 4%, and MKR with an increase of 2.54%, according to the data from CoinMarketcap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
In an eventful week that witnessed notable developments in the financial world, Bitcoin has emerged as the star performer, displaying resilience by holding key resistances between the $31,000 and $30,000 thresholds.
Moreover, the cryptocurrency has soared to its highest level since 2022, showcasing a clear bullish momentum and injecting fresh optimism into investors’ minds.
Amidst these exhilarating updates, Santiment took to Twitter to highlight the growing dominance of Bitcoin’s price in 2023. Given this trend, it is no surprise that greater attention is being directed toward the leading digital asset.
However, Santiment suggests watching other assets, such as Ethereum (ETH), Cardano (ADA), XRP, and BNB, as they seem to be receiving less attention in comparison.
Furthermore, Santiment’s latest report indicates that Bitcoin is strongly pushing towards surpassing the $31.3k mark, as key stakeholders demonstrate confidence and show signs of increased accumulation.
Nevertheless, it is worth noting that trader profits for BTC are relatively high, implying a potential cooldown soon. Alongside Bitcoin’s rally, certain altcoins like UNI and SHIB face significant Fear, Uncertainty, and Doubt (FUD).
Similarly, Ethereum (ETH) has also experienced notable gains, with its trading range fluctuating between the $1,900 barrier and $1,890. Santiment’s analysis has revealed an intriguing insight regarding the second-largest cryptocurrency by market cap.
In a recent tweet, Santiment reported a quiet yet significant rise in Ethereum’s network growth. Creating new addresses is accelerating, serving as a positive signal for potential market cap expansion.
As Ethereum hovers just below the $1,900 mark, the market will closely monitor this bullish divergence, anticipating further developments in the coming days.
According to CoinMarketCap, Bitcoin is currently trading at $30,138.03, with a 1.94% decrease over the past seven days and a 0.56% decrease in the past 24 hours. On the other hand, ETH is being traded at $1,860.45, experiencing a 0.40% decrease in the past 24 hours and a 4.39% decrease over the past seven days.