The crypto bull camp prevented Bitcoin (BTC) from falling below the important support level at USD 19,000 again in the previous week. In the days that followed, the rate of the key crypto currency recovered and stabilized again above the psychologically significant USD 20,000 mark. In the last few trading days, the BTC price then rose back towards the upper edge of the trend channel at USD 21,900. The buy side finally managed to break through this resistance yesterday Monday. Bitcoin meanwhile surged to a fresh 30-day high at $22,961 before profit-taking pushed the price back towards $21,900.
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Many Altcoins benefit from Bitcoin’s price stabilization
The positive price development of Bitcoin also led to significant price recoveries on the rest of the crypto market. The second-largest cryptocurrency, Ethereum (ETH), was able to benefit in particular from the recovery, dynamically breaking through the strong resistance at USD 1,267. As a result, the ether price rose by 28 percentage points to a new historical high of USD 1,630. In a weekly comparison, Ethereum was able to clearly outperform Bitcoin.
Since many other top 100 altcoins were also able to increase in value more strongly than Bitcoin, BTC dominance slipped a good five percent to 42.01 percentage points in the last seven trading days. Around 70 of the 100 largest cryptocurrencies have shown a double-digit price increase for the last seven trading days. If Bitcoin can sustainably confirm the breakout from the trading range between USD 19,000 and USD 21,900, further bullish impulses on the overall market can be expected for this week. However, the price development on the crypto market is likely to be influenced again in the coming trading days by relevant economic data from the classic financial market.
Price developments of the top 10 altcoins
- After recent weeks of weak trading, all top 10 altcoins have increased significantly in price over the past seven trading days.
- The list of top 10 altcoins is led by a newcomer among the 10 largest cryptocurrencies. With a price premium of 64 percent, the layer 2 solution Polygon (MATIC) leads the list of top performers. Ethereum (ETH) follows at a great distance with a 41 percent increase in value, followed by Solana (SOL) with 36 percent.
- Polkadot (DOT) with an 18 percent price increase, the Binance Coin (BNB) with 16 percent and the Shiba Inu (SHIB) meme coin with a 14 percent increase in value can also recover significantly after their recent weak performance.
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Stability of the top 10
- With a value increase of only 10 percent in the last seven trading days, Bitcoin brings up the rear among the 10 largest crypto currencies. Although the key crypto currency is now trading slightly above the important price mark of USD 21,900, this breakout has yet to be confirmed in the coming trading days.
- In the current Bitcoin weekly analysis, you can find out which targets investors will focus on when a breakout is confirmed.
- The fact that all top 10 altcoins show a double-digit price increase in a weekly comparison impressively confirms the current broad-based recovery on the crypto market.
- The sharp correction in Bitcoin’s market dominance underscores the altcoins’ relative strength over the past seven trading days.
- The fact that the dominance of the stablecoin Tether (USDT) also decreased significantly in the last trading week also shows that investors have invested more money back into the crypto market.
- The ranking of the top 10 altcoins shows another change this week. Polygon’s sharp rise in price jumps six places in the rankings to 9th place, ahead of Shiba Inu, who falls to 10th place. The crypto veteran Tron (TRX) slipped out of the rankings again after a short visit to the top 10.
Winners and losers of the week
- The entire crypto market has managed to recover significantly from its underperformance over the past few weeks over the past seven trading days.
- Only two of the top 100 altcoins show a week-on-week price loss.
- Only Chain (XCN) with a 6 percent price discount and the LEO token (LEO) with a 3 percent price decline tend to be lighter than in the previous week.
- This bullish development is partly due to the recovery on the classic financial market. The technology index Nasdaq can also pick itself up at the beginning of the reporting season and in the last few trading days break away noticeably from the lows of the previous week.
- The long list of weekly winners is led by a wide margin by the liquid staking protocol Lido Finance (LDO) with a price jump of 148 percentage points. Ethereum Classic (ETC) ranked number one on the list with a 78 percent increase in value.
The DeFi sector is making up ground
- With a good 42 percent weekly plus each, the two DeFi protocols Curve DAO (CRV) and Aave (AAVE) can also mix among the top performers.
- A look through the list of the biggest weekly winners shows a clear investment trend among investors.
- In addition to many DeFi protocols, which had fallen under the wheels after the Terra bankruptcy in recent months, there are also many layer 1 ecosystems. Avalanche (AVAX) and the NEAR protocol (NEAR) can recover from their annual lows with an increase in value of almost 40 percent, as clearly as Ethereum.
- The broad-based price recovery on the overall market also caused the total market capitalization to break out of the $1 trillion mark. If the crypto market can stabilize above this psychologically important mark in the coming trading days, a sustained overall market recovery towards $1.2 trillion can be expected.
- In the short term, the crypto market should have found a bottom and continue its recovery over the next few days and weeks.
Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations. They are merely an assessment by the analyst.
The chart images were created using TradingView created.
USD/EUR exchange rate at the time of going to press: EUR 0.96.
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