Last week presented a relatively promising outlook for the cryptocurrency markets as Bitcoin and Ethereum encountered upward pressure from bulls. Because of this, Altcoins gained momentum and demonstrated notable gains in their weekly charts, indicating growth potential.
In the top 70 cryptocurrencies, several Altcoins on the weekly gain list have grown substantially, with Bitcoin Cash (BCH) leading the pack, followed by PEPE and Bitcoin SV (BSV) in third place.
Bitcoin Cash (BCH), a fork of Bitcoin, has been causing waves in the cryptocurrency market with a surge of 85% over the past week and displaying bullish indicators.
Bitcoin Cash’s impressive climb saw a significant $1.2 billion increase in trading volume, fueled by its listing on the prestigious EDX exchange. Backed by financial giants like Fidelity, Schwab, and Citadel, EDX’s support has sparked immense market interest, propelling Bitcoin Cash to surge by over 50% in just three days.
At present, BCH is trading at $193.17, demonstrating a 1.67% increase in the past 24 hours. The cryptocurrency hit its peak of $215.23 and closed the week at $213.73 after beginning the week at $106.69, displaying a strong and remarkable performance.
Meanwhile, PEPE is also gaining attention from the community as a top weekly performer. Over the past week, PEPE has experienced an impressive surge of approximately 70%.
During the recent crypto rally, PEPE emerged as the frontrunner in sector gains, fueled by a surge in Bitcoin exchange-traded fund filings in the United States. The upward momentum of the token was further amplified by indications from the U.S.-based Gemini exchange regarding a possible listing of the PEPE coin.
As of now, PEPE is trading at $0.000001603, having reached its peak at $0.000001765 and closing the week at $0.000001554 after starting the week at $0.000001002. These figures indicate a robust and noteworthy performance. In the last 24 hours, the token has experienced a 3.22% increase, while its trading volume has dropped by 29.81%.
Additionally, Bitcoin SV (BSV) has also recently gained significant attention with an above 40% weekly gain. The token’s price has reached a high of $40.11. Currently trading at $35.04, the token’s 24-hour trading volume is increasing by 1.68%.
Moreover, some popular coins are experiencing gains in weekly charts, including AVAX at 18%, LINK at 17%, and UNI, with an increase of 19%, according to the data from CoinMarketcap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
In a week filled with remarkable developments, Bitcoin has emerged as the star performer, surpassing the $31,000 mark and reaching its highest level since 2022. This surge signals a clear bullish momentum in the cryptocurrency market, injecting renewed optimism into investors’ minds.
While Bitcoin experienced a brief retraction, it managed to maintain a trading value above $30,000, marking a significant breakthrough since April, when it last achieved this feat.
This year, Bitcoin’s value has soared by over 85%, amplifying its recent rally’s excitement. However, concerns loom over the sustainability of these gains as the overall market grapples with regulatory uncertainties and macroeconomic factors that contribute to an air of prevailing uncertainty.
Santiment, a reputable cryptocurrency analytics firm, tweeted that Bitcoin had skyrocketed above the $30,000 mark, boasting a remarkable 21% surge in just six days.
This market-wide crypto turnaround has been fueled by optimism stemming from the confirmation of at least 10 new ETFs, including prominent players like Blackrock, Wisdomtree, and Invesco.
Furthermore, Santiment reported that Bitcoin’s whale transactions experienced their busiest hour in over three months. Following the price surge beyond $30,600, the $BTC network witnessed a flurry of 259 trades, each exceeding $1 million in value, within just two hours.
Similarly, Ethereum (ETH) also achieved significant gains on Thursday, breaking the $1,900 barrier. After hitting a low of $1,812.37 on Wednesday, ETH soared to an intraday high of $1,932.07. This impressive surge marked Ethereum’s highest level since May 6, the last time its price crossed the $2,000 threshold.
Santiment’s analysis revealed an intriguing insight regarding Ethereum. Although it struggled to maintain the $1,900 level at present, the supply of Ethereum is steadily moving away from exchanges. Additionally, average fees had returned to the levels seen in March, just before Ethereum’s price ascended to $2,100.
The cryptocurrency market stands at a pivotal juncture as Bitcoin and Ethereum continue their upward trajectory. The recent surge in Bitcoin, coupled with Ethereum’s notable gains, has invigorated investors while reigniting the debate over the sustainability of these bullish movements.
According to CoinMarketCap, Bitcoin is currently trading at $30,568.42, with a 15.56% increase over the past seven days and a 0.21% increase in the past 24 hours. On the other hand, ETH is being traded at $1,903.95, experiencing a 1.52% increase in the past 24 hours and a 10.18% increase over the past seven days.
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