Bitcoin and Ethereum remained within a narrow trading range below crucial resistance levels. The cryptocurrency market experienced a decline in positive sentiment last week, presenting a challenge for bullish investors grappling with the prevailing bearish momentum.
As a consequence, the overall market outlook was adversely affected. In the weekly chart, several altcoins registered significant declines, while certain low-cap altcoins managed to secure gains amid market fluctuations.
Ronin (RON) is at the top of the list of low-cap altcoins experiencing significant gains this week, followed by Siacoin (SC) and Astar (ASTR) in second and third place, respectively.
Ronin (RON) has emerged as a frontrunner among the top 100 tokens by market capitalization, experiencing a notable surge of 33% over the past week. Presently, RON is valued at $2.37, showcasing a 2.30% uptick in its price within the last 24 hours and a substantial 29.32% rise in trading volume.
Simultaneously, Siacoin (SC) has garnered significant community attention due to its noteworthy weekly performance, securing the second position in terms of gains. Over the past week, SC has seen an impressive increase of approximately 28.53%. The current trading value for the token is $0.01275, reflecting a modest 1.40% rise in the last 24 hours.
Furthermore, Astar (ASTR) has captured significant interest, exhibiting a noteworthy 27.43% increase in the weekly chart. ASTR is currently trading at $0.1901 showcasing a slight decrease of 0.90% in its price and 4% decrease in its trading volume in the last 24 hours.
Moreover, popular coins are experiencing a decline in weekly charts, including AVAX at 12%, DOT at 11%, and MATIC at 10%, with a decrease of 10%, according to the data from CoinMarketcap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
Cryptocurrency markets, including Ethereum and Bitcoin, have experienced a recent downturn as investors reacted to the news about the spot Bitcoin ETF. This phenomenon is typical, where an asset sees a rally leading up to a major event, only to pull back afterward because the event’s impact was already anticipated by the market.
Crypto analyst CryptoCon noted that the mid-cycle top for Bitcoin occurred slightly faster than in previous cycles but slower than in the third cycle. The timing of the mid-top in 2019, although a year earlier than usual, did not alter the overall cycle top, which occurred around November 28th, 2021, plus or minus 21 days.
Despite various theories about accelerated cycles, there is currently no substantial evidence suggesting such acceleration. The possibility of a correction in Bitcoin’s price remains, even with the introduction of ETFs. The analyst emphasizes that this time is not different until proven otherwise.
Looking ahead, the period after November 28th, 2024, is anticipated to bring new all-time highs and explosive growth for the cryptocurrency market. The current year is seen as a foundational phase for these developments.
As of now, the Bitcoin price stands at $41,000, with a 24-hour trading volume of $19.07 billion and a market cap of $803.80 billion. Bitcoin has experienced a percentage decrease in the last 24 hours and a 4% decline in the weekly chart.
Meanwhile, Ethereum’s price has retreated in recent days amid a decrease in sentiment across the crypto industry. After reaching $2,717 on January 12th, Ethereum has entered a correction phase.
Crypto analyst Ali Martinez points out that Ethereum is currently in a crucial demand zone, ranging between $2,388 and $2,460. Maintaining support in this range could pave the way for upward movement, but a failure to do so might lead to a pullback to the next significant support area around $2,000.
As of the latest data, Ethereum is priced at $2,411.98, with a 24-hour trading volume of $7.17 billion and a market cap of $289.87 billion. Ethereum has experienced a 2.76% decrease in the last 24 hours.
Related Reading | XRP Advocate Slams SEC Over Bitcoin Analogy In Coinbase Lawsuit