Bitcoin And Ethereum Show Resilience, Altcoins Surge

Over the previous week, the world of cryptocurrency experienced relatively positive optimism. The entire week encountered a slightly favorable performance of Bitcoin. Meanwhile, Ethereum also followed suit, showing a modest rebound from the crash observed in the recent weeks.

In addition to the major cryptocurrencies, alternative coins (Altcoins) encountered a notable increase over the recent week. Some of the low-cap coins manage notable gains in the weekly charts. 

Toncoin (TON) is at the top of the list of 70 altcoins experiencing a significant gain in value this week, followed by THORChain (RUNE) and Maker (MKR), second and third place, respectively. 

Toncoin (TON) experienced a notable increase of 35% over the past seven days; however, it has made a strong recovery in the past month. As of now, TON is being traded at $2.29, reflecting a 4.69% decrease within the last 24 hours. 

The price increase came after Telegram’s popular messaging app unveiled a crypto wallet developed on The Open Network (TON) blockchain. This wallet is now available to Telegram’s vast user base of 800 million people, a move that is expected to drive further adoption of Toncoin.

Meanwhile, THORChain (RUNE) is also experiencing a significant gain and has managed to recover some of its value. Over the past week, RUNE has experienced a significant increase of approximately 22.09%. 

Currently, RUNE is trading at $1.88. In the last 24 hours, the token has experienced a 0.83% decrease, and its trading volume has also decreased by 15.56% in the same time period.

Additionally, Maker (MKR) has also gained significant attention due to its weekly performance, with a notable increase of about 12%. MKR is currently trading at $1,250.56, with a decline of 1.28% in the last 24 hours.

Moreover, some popular coins are experiencing gains in weekly charts, including TRX at 6%, BCH at 10%, and ATOM at 4.05%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Bitcoin, the widely recognized digital currency, faced a notable recovery in the week that just passed as it approached a key resistance at $26k. Bitcoin enjoyed a slight 5% price jump in mid-week, climbing from $25,000 to $26,800. However, Bitcoin stayed within a limited trading range for the entirety of the week.

An update from Santiment noted that Bitcoin has sustained a 5-month high level of unique address activity. On average, approximately 1.1 million Bitcoin addresses have been actively sending and receiving coins on a daily basis. Additionally, there has been a 5% increase in the price of Bitcoin over the past three days, leading to a surge in profit-taking, reaching a 2-month high as of today.

From the perspective of Bitcoin’s technical analysts, they emphasize the significance of Bitcoin closing above the 200-week Exponential Moving Average (EMA) as a crucial indicator for bullish momentum continuation. Analysts are optimistic that Bitcoin will maintain this trend in the upcoming week, potentially mirroring the price patterns observed during the 2015/2016 cycle.

Likewise, Ethereum has followed a trading pattern that resembles Bitcoin’s. Santiment’s data indicates that the supply of Bitcoin and Ethereum on exchanges has declined, suggesting that traders are increasingly inclined to hold onto their assets. 

Furthermore, Santiment reported a noteworthy development in the Ethereum network, with a staggering 1,089,893 unique wallets participating as senders or receivers of ETH on a single day, marking the second-highest activity level in the asset’s history spanning over 8 years. This unusual occurrence in Ethereum’s network activity could serve as the long-awaited signal for a potential price rebound.

According to CoinMarketCap, Bitcoin is trading at $26,631.36, with a 0.41% increase over the past 24 hours and a 3.47% increase over the past seven days. On the other hand, ETH is being traded at $1,627.93, experiencing a 0.77% decrease in the past 24 hours and a 1.01% rise over the past seven days.

Related Reading |  Toncoin Soars: From $1.62 To $2.52 In 7 Days, Bulls Eye $3 Mark