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11/06/2023

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Weekly Highlights: Bitcoin & Ethereum Show Resilience, Altcoins Soar

You are here: Home / News / Weekly Highlights: Bitcoin & Ethereum Show Resilience, Altcoins Soar The cryptocurrency market had an upbeat week, with Bitcoin and Ethereum showing resilience around key...

Weekly Highlights: Bitcoin & Ethereum Show Resilience, Altcoins Soar

You are here: Home / News / Weekly Highlights: Bitcoin & Ethereum Show Resilience, Altcoins Soar

The cryptocurrency market had an upbeat week, with Bitcoin and Ethereum showing resilience around key resistance levels. Altcoins, in particular, had a remarkable week, with significant gains that suggest further growth in the near future.

In the top 20 cryptocurrencies, some altcoins stood out as the week’s biggest gainers. Leading the pack was Solana (SOL), followed closely by XRP and Cardano (ADA), securing the third position with impressive growth.

Source: CoinMarketcap

Solana (SOL) made an impressive mark with a 23% surge in the past week, reaching a peak of $46.33. Currently trading at $40.28, SOL has shown robust performance, even though it experienced a 3.80% decrease in the last 24 hours.

Source: CoinMarketcap

XRP also made waves with a remarkable 22% gain over the past week. Currently trading at $0.6788, it demonstrated noteworthy performance, with a 10% increase in the last 24 hours and a 138.64% surge in trading volume.

Source: CoinMarketcap

Cardano (ADA) gained significant attention with a more than 16% weekly increase, currently trading at $0.3435, and a 55.63% rise in trading volume in the last 24 hours.

Other popular altcoins such as Chainlink (LINK), TON, and Polygon (MATIC) also saw gains in their weekly charts, with LINK up by 12%, TON by 10%, and MATIC showing a 10% increase, according to data from CoinMarketCap.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Despite a fairly neutral weekend in terms of trading sentiment, recent data from Santiment suggests that sentiment has turned bearish once more. Notably, previous instances of higher ratios of negative keywords coincided with rising prices for Bitcoin and other market caps.

Source: CoinMarketcap

IntoTheBlock highlighted that Bitcoin’s open interest in perpetual swaps relative to its market cap (OI/MC) is near its yearly lows. This indicates that the recent price surge has been driven by spot volumes rather than derivatives-based leverage, suggesting a more organic demand.

A crypto analyst noted some bearish signals in Bitcoin’s weekly analysis, such as a bearish cross on the daily MACD and a minor bearish divergence on the daily RSI. However, these signals are not a cause for concern, as the base case suggests a brief pause under $36,000.

$BTC WEEKLY CLOSE ANALYSIS 🧐

Let me knock out some quick SLIGHT bearish signals first, and then we will get to the weekly closing chart and commentary (emphasis on slightly).

🔸While not shown, we did finally get a bearish cross on the DAILY MACD. I want to stress that our… pic.twitter.com/IVqeBW5R9p

— JT ✝️ (@JTheretohelp1) November 6, 2023

On the positive side, the weekly analysis reveals bullish strength with the Weekly Stoch/RSI above 80 and a Bull Cross on the Vortex Indicator, a key trend indicator for BTC. The price remains above key moving averages, and the resistance at $36,000 and support levels at $31,800 and $30,500 are highlighted. Breaking through the $48,000 resistance could pave the way for a new all-time high for Bitcoin, indicating an overall positive trend.

Furthermore, Santiment pointed out that Ethereum’s rise above $1,800 was accompanied by the largest number of new addresses created since October 7th. If the long-term trend of network growth continues and exchange supplies continue to drop, Ethereum (ETH) has a strong case for crossing $2,000 once again.

Source: CoinMarketcap

IntoTheBlock noted that Ethereum’s settled volume reached a 6-month peak, with over $213 billion transacted on Ethereum’s mainnet last week. Layer 2 networks like Arbitrum, Optimism, and Base contributed an additional $16 billion to this impressive volume.

Ethereum's settled volume hits a 6-month peak!
Last week, over $213B was transacted on Ethereum's mainnet, with layer 2 networks like Arbitrum, Optimism, and Base contributing an additional $16B.

— IntoTheBlock (@intotheblock) November 4, 2023

As of the latest data from CoinMarketCap, Bitcoin is currently trading at $34,914.86, with a 2% increase over the past seven days and a 0.96% increase in the past 24 hours. Ethereum (ETH) is trading at $1,877.05, showing a 0.47% increase in the past 24 hours and a 5.58% gain over the past seven days. 

Related Reading | Bitcoin Strategy For Capital Preservation: Insights From MicroStrategy CEO

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