Bitcoin & Ethereum Rises, Altcoins Follow In Their Footsteps

The past week saw a positive trend in the cryptocurrency market, with bears losing ground to bulls for Bitcoin and Ethereum. While several altcoins recorded substantial gains on both weekly and daily charts, boosting overall market optimism.

There are some tokens on the list of weekly gainers with noteworthy boosts. Aptos (APT) is in the lead, followed by Decentraland (MANA). Solana (SOL) is in third place. There are also several other tokens that have made notable gains.

Aptos (APT), a Layer 1 PoS blockchain that is commonly referred to as a “Solana killer,” has been performing exceptionally well among alternative coins. On January 12th, APT saw a noticeable increase in value following the U.S. CPI data release. 

It led to a rally, causing APT to close at $6.55 with a significant 22% gain. Despite this, the latest data from coinmarketcap shows that APT is currently trading above its major resistance of $8.103, with a 6.39% increase in the past 24 hours and an impressive 112.24% gain for the week.

Source: Tradingview

Decentraland’s (MANA) token has seen a significant increase in value. It is currently trading at $0.7043 with an 18.94% rise in the past 24 hours 87.39% increase in the last seven days, according to CoinMarketcap. This spike in price is attributed to the new features introduced by Decentraland for its users, including new profile and avatar functions as announced via tweet.

MANAUSDT 2023 01 16 03 06 53
Source: Tradingview

Solana (SOL) has seen an impressive 70.32% increase in value over the past week, outpacing the overall crypto market as the weekend begins. Despite the positive trends of Bitcoin and Ethereum, both of which have risen above major resistance levels, Solana has caught the attention of many in the market by experiencing a 40% value surge in a short time frame on January 14th, as reported by Tronweekly.

As reported by Coinmarketcap, SOL is currently trading at $23.27 and has seen a 2% gain in the last 24 hours. However, this upward trend has helped to solidify Solana’s position in the market and demonstrates the strength of its ecosystem.

SOLUSDT 2023 01 16 03 03 17
Source: Tradingview

Moreover, some popular coins are experiencing gains in weekly charts, including Flow, with 52%, and Avalanche (AVAX), with an increase of 41%. NEAR Protocol (NEAR), with 35%, and Filecoin, with a 39% increase, according to the data from CoinMarketcap. Additionally, some altcoins with losses in the weekly charts are USDC, BUSD, LEO, and DAI.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

In the past seven days, bulls have gained an advantage over bears as the price of Bitcoin (BTC) surpassed its crucial resistance level at $21,000, and Ethereum (ETH) was traded near $1,600.

On January 12th, Bitcoin (BTC) experienced a notable surge in value, climbing to a two-month peak as it broke through the $19,000 threshold. This was the highest point for the coin since November 8th, when it briefly exceeded $20,000. 

BTCUSDT 2023 01 16 03 01 59
Source: Tradingview

With the bulls driving the price upward, the asset rose above $20,000 and even reached just above $21,000 in the early hours of January 14th. But it could not sustain it and dropped back down to $20,900 and closed the week at $20,976, which was open at $16,954, indicating a bullish trend.

Similarly, Ethereum (ETH) also saw an increase in value as it climbed above the $1,400 level. ETH began the week at $1,264.18, but the next day it broke through the $1,300 resistance and rose significantly, reaching a peak of $1,432.28 on January 12th. As the week came to a close, bulls managed to push the price to a major resistance of $1,563.74 on January 14th but were unable to maintain it and closed the week at $1,550.71.

ETHUSDT 2023 01 16 03 00 15
Source: Tradingview

However, CoinMarketcap’s data shows that Bitcoin is currently trading at $20,902.63, with a 0.04% increase in the last 24 hours and a 23.08% increase over the last seven days. On the other hand, Ethereum is trading at $1,552.30, with a 1.01% daily increase and a 22.00% increase in the weekly timeframe.

Related Reading |  Polygon (MATIC) Bull Run as Final Testnet for Zero-Knowledge Rollups Approaches

Ezoicreport this ad