Weekly Market Watch: Bitcoin & Ethereum Uphold Resistance, Altcoins Soar

During the past week, the cryptocurrency markets showed a relatively positive trend as Bitcoin and Ethereum successfully maintained their crucial resistance levels. As a result, Altcoins gathered momentum and displayed significant gains in their weekly charts, suggesting the possibility of further growth.

In the top 50 cryptocurrencies, several Altcoins on the weekly gain list have grown substantially, with Bitcoin Cash (BCH) leading the pack, followed by Bitcoin SV (BSV) and Litecoin (LTC) in third place.

Bitcoin Cash (BCH), a fork of Bitcoin, has been causing waves in the cryptocurrency market with a surge of 52% over the past week and displaying bullish indicators.

BCH experienced a remarkable surge within a week, boosted by its recent listing on EDX, the Crypto Exchange backed by Citadel Securities. The trading volume of BCH reached an impressive $750 million, the highest in a year.

At present, BCH is trading at $294.36, demonstrating a 1.18% increase in the past 24 hours. The cryptocurrency hit its peak of $326.12 and closed the week at $290.78 after beginning the week at $213.63, displaying a strong and remarkable performance.

BCH 7D graph coinmarketcap
Source: CoinMarketcap

Meanwhile, Bitcoin SV (BSV) is also gaining attention from the community as a top weekly performer. Over the past week, BSV has experienced an impressive surge of approximately 39.68%.

As of now, BSV is trading at $48.79, having reached its peak at $55.13 and closing the week at $48.89 after starting the week at $38.73. These figures indicate a robust and noteworthy performance. In the last 24 hours, the token has experienced a 1.78% increase, while its trading volume has dropped by 50.71%.

BSV 7D graph coinmarketcap 2Source: CoinMarketcap

Additionally, Litecoin (LTC) has also recently gained significant attention, with an above 28.38% weekly gain. The token’s price has reached a high of $111.76. Currently trading at $112.49, the token’s 24-hour trading volume is increasing by 6.73%.

LTC 7D graph coinmarketcapSource: CoinMarketcap

Moreover, some popular coins are experiencing gains in weekly charts, including SOL at 14%, XLM at 17%, and ETC with an increase of 14%, according to the data from CoinMarketcap.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

In a week filled with remarkable developments, Bitcoin has emerged as the star performer, holding the key resistances between the $31,000 and $30,000 mark and reaching its highest level since 2022. This surge signals a clear bullish momentum in the cryptocurrency market, injecting renewed optimism into investors’ minds.

BTC 7D graph coinmarketcap 8Source: CoinMarketcap

In recent updates, Santiment has observed that Bitcoin has been trading within the range of $29,000 to $31,000 for the past week. During this time, there are indications that altcoins are benefiting from the redistribution of profits resulting from Bitcoin’s upward movement.

Santiment also reported that whale and shark addresses associated with Bitcoin have been accumulating more of the cryptocurrency. Notably, a significant amount of BTC purchases has occurred in the last two weeks following the announcement of ETF launches.

This accumulation by key stakeholders suggests a positive outlook for the crypto market in July, as further price increases may be justified.

Similarly, Ethereum (ETH) also achieved significant gains, trading between the $1,900 barrier and $1,890. Santiment’s analysis revealed an intriguing insight regarding Ethereum.

In a recent tweet dated July 26th, it was reported that Ethereum is experiencing volatility today, with intense competition between the #bulls and #bears revolving around the $1,900 mark.

Meanwhile, the largest non-exchange addresses are witnessing an increase in wealth, while the top exchange addresses are nearing genesis levels. Notably, the supply of $ETH on exchanges has declined to 9.2%.

ETH 7D graph coinmarketcap 7Source: CoinMarketcap

According to CoinMarketCap, Bitcoin is currently trading at $30,605.55, with a 0.33% increase over the past seven days and a 0.15% increase in the past 24 hours. On the other hand, ETH is being traded at $1,940.76, experiencing a 0.99% increase in the past 24 hours and a 2.03% increase over the past seven days.

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