Bitcoin & Ethereum Slumps, Altcoins Soars

Over the previous week, the world of cryptocurrency experienced minimal volatility. The entire week encountered a decline marked by a less favorable performance of Bitcoin. Meanwhile, Ethereum was traded within a relatively narrow range, showing a modest rebound from the crash observed in the week before.

In addition to the major cryptocurrencies, alternative coins (Altcoins) encountered a notable decrease over the recent week. Nonetheless, some of the low-cap coins manage notable gains in the weekly charts. Despite this recovery, a considerable portion of coins displayed unfavorable trends on the weekly and daily charts.

Stellar (XLM) is at the top of the list of 70 altcoins experiencing a significant gain in value this week, followed by Render (RNDR) and Rocket Pool (RPL), second and third place, respectively. 

Stellar (XLM) experienced a notable increase of 12% over the course of the past seven days; however, it has been struggling to make a slight recovery, according to the daily chart. As of now, XLM is being traded at $0.127, reflecting a 0.52% decrease within the last 24 hours. 

The price increase came after Stellar hinted at an upcoming innovation in an announcement on September 2. They teased something exciting, dropping in 10 days on September 12, leaving the community curious about what it could be, considering Stellar’s recent advancements.

Meanwhile, Render (RNDR) is also experiencing a significant gain and has managed to recover some of its value. Over the past week, RNDR has experienced a significant increase of approximately 9%. 

Currently, RNDR is trading at $1.44. In the last 24 hours, the token has experienced a 0.61% decrease, while its trading volume has increased by 110.04% in the same time period.

Additionally, Rocket Pool (RPL) has also gained significant attention due to its weekly performance, with a notable increase of about 8%. As of now, RPL is trading at $22, with a decline of 1.11% in the last 24 hours.

Moreover, some popular coins are experiencing gains in weekly charts, including LEO at 4.04%, CRO at 4.05%, and 4.05%, with an increase of 2.34%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

In the week that just passed, Bitcoin, the widely recognized digital currency, faced a notable decline as it approached a crucial support point at around $25,400. In mid-week, Bitcoin enjoyed a slight 2% price jump, returning to $26.390 for the first time in the week, then fell again to the support. However, Bitcoin stayed within a limited trading range for the entirety of the week.

In the preceding week, the Bitcoin Technical Analyst took to social media X to report the emergence of a fresh sell signal in the 5-day Alpha Trend of Bitcoin. This development initially raised concerns, as historical data indicated that such sell signals typically coincided with major cycle tops. 

However, recent cycles have revealed an intriguing pattern: these sell signals have also manifested earlier, specifically after the initial cycle peak, but before the ultimate top. 

2015, for instance, the sell signal materialized shortly after the market had bottomed out. Similarly, in 2019, except for the unforeseen black swan event, the sell signal preceded the subsequent market downturn. 

The current situation mirrors this pattern, as a buy signal for the cycle bottom has now been confirmed. It raises the question: Could the sell signal indicate that the downward trend is approaching its conclusion?

Similarly, Ethereum experienced a trading range closely resembling that of Bitcoin. According to cryptocurrency analysts, Ethereum’s price dipping below the $1,680 mark is a cause for concern, as it may serve as a precursor to a substantial correction in Ethereum’s value, potentially leading to a drop to $1,200.

According to CoinMarketCap, Bitcoin is currently trading at $25,692.44, with a 0.80% decrease over the past seven days and a 0.50% decrease in the past 24 hours. On the other hand, ETH is being traded at $1,589.56, experiencing a 0.59% decrease in the past 24 hours and 1.98% over the past seven days.

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