Market Recap: Bitcoin & ETH Show Stability, Altcoins Prices Gain

The past week was much promising as Bitcoin and Ethereum held strong to their past high resistances while Atcoins gained moments as XRP won summary judgment in its favor, which Sparked much enthusiasm in the market with full-of-hands gains in both weekly and daily charts

In the top 100 cryptocurrencies, several Altcoins on the weekly gain list have grown substantially, with Ripple (XRP) leading the pack and Solana (SOL) in second, and Polygon (MATIC) in third place. Ripple (XRP) has been causing waves in the cryptocurrency market, with a surge of 58% over the past week and displaying bullish indicators.

XRP has experienced significant bullish momentum. This growth can be attributed to the court decision that XRP is not a security has brought about positive reactions from market participants as it challenges the Securities and Exchange Commission’s (SEC) stance on token classification.

Currently, XRP is trading at $0.7601, demonstrating a 5.18% increase in the past 24 hours. The cryptocurrency hit its peak of $0.8875, displaying a strong and remarkable performance.

XRP 7D graph coinmarketcap 1
Source: CoinMarketcap

Meanwhile, Solana (SOL) is also gaining attention from the community as a top weekly performer. Over the past week, SOL has experienced an impressive surge of approximately 29.89%.

Currently, SOL is trading at $28, reaching its peak at $30.06, indicating a robust and noteworthy performance. In the last 24 hours, the token has experienced a 2.64% increase, while its trading volume has dropped by 44.63%.

SOL 7D graph coinmarketcap 2
Source: CoinMarketcap

Polygon recently announced the gradual rollout of its network upgrade dubbed Polygon 2.0. The Sandeep Nailwal-led Ethereum layer-2 scaling network is now set to replace its native MATIC token with POL as part of its transition process.

According to a whitepaper released by the team, POL will be at the heart of Polygon 2.0, functioning as the driver of growth and coordination.

However, Polygon (MATIC) has recently gained significant attention, with an above 13% weekly gain. The token’s price has reached a high of $0.8775. Currently trading at $0.7805, the token’s 24-hour trading volume is decreased by 1.55%.

MATIC 7D graph coinmarketcap 2
Source: CoinMarketcap

Moreover, some popular coins are experiencing gains in weekly charts, including Cardano at 11.66%, DOGE at 6.57%, and AVAX with an increase of 5.26%, according to the data from CoinMarketcap.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Glassnode’s latest on-chain metrics show the number of Bitcoin wallets holding over 1 BTC has hit a new all-time high (ATH), indicating investor optimism in the crypto markets.

Following Ripple’s triumph, the price of Bitcoin rose above $31,800 before experiencing a slight pullback to $30,334. At the time of writing, bitcoin has witnessed a slight correction.

BTC 7D graph coinmarketcap 10
Source: CoinMarketcap

On the other hand, Ethereum (ETH) has encountered a minor pullback, with its price falling to $1,927. ETH has witnessed a 3.57% price increase over the past week, bringing investor confidence.

ETH 7D graph coinmarketcap 9
Source: CoinMarketcap

Furthermore, CLabs, the organization responsible for developing the Celo blockchain, is seeking to return to the Ethereum ecosystem by transitioning from an independent EVM-compatible layer-1 blockchain to an Ethereum layer-2 solution.

According to a proposal discussion on Celo’s governance forum, the transition would include leveraging OP Stack as the architecture to become an Ethereum L2 blockchain, eliminating the need to monitor tooling and libraries composability through upgrades, thus “making it easy for Celo developers to utilize the full gambit of Ethereum tooling/libraries.”

According to data from CoinMarketCap, Bitcoin is currently trading at $30,309.23, with a 0.94% increase over the past seven days and a 0.56% increase in the past 24 hours. On the other hand, ETH is being traded at $1,931.56, experiencing a 0.28% increase in the past 24 hours and a 3.28% increase over the past seven days.

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