Altcoins

Bitcoin & ETH Struggles While Altcoins Showing Impressive Gains

During the past week, the cryptocurrency market has been relatively positive. While the bears were active for Bitcoin and Ethereum, several altcoins had impressive gains on both the weekly and daily charts, bringing optimism to the market.

There are some tokens on the list of weekly gainers with noteworthy boosts. Lido DAO (LDO) is in the lead, followed by Solana (SOL). BitDAO (BIT) is in third place. There are also several other tokens that have made notable gains.

Lido DAO (LDO) has been attracting a lot of investor attention recently, resulting in a 50% weekly increase in the token’s value. Its strong performance in the DeFi space has contributed to this growth. It is currently trading at $1.63, with a 10% increase in 24 hours and a 28.07% growth in trading volume in the same period. 

LDOUSDT 2023 01 09 01 39 59
Source: Tradingview

Despite a temporary dip in its total value locked (TVL), Lido DAO briefly overtook market leader MakerDAO in TVL this week. Unfortunately, Lido DAO could not maintain it for too long and dropped once again to rank 2nd. MakerDAO currently has a TVL of $6.3 billion, while Lido DAO’s TVL is $6.24 billion.

The price of Solana has increased by 35.53% in the past week, possibly due to the high trading volume of the popular Solana Meme token BONK, which was lunch at the end of December, as reported by Tronweekly.

SOLUSDT 2023 01 09 01 41 33
Source: Tradingview

This increase has contributed to the growth of the Solana ecosystem, despite some initial doubts about its future. According to Coinmarketcap, SOL is currently trading at $13.56 and has seen a gain of 2.54% in the last 24 hours.

BitDAO also saw a significant increase in value this week. TronWeekly recently reported that the token experienced a roughly 40% increase on January 5th. This increase resulted from the announcement of a $100 million buyback plan that was approved through a successful voting proposal.

However, it is currently trading at $0.4165, with a rise of about 1.23% in the last 24 hours and 30% in the past seven days. 

BITUSDT 2023 01 09 01 40 47
Source: Tradingview

Moreover, some popular coins are experiencing gains in weekly charts, including Ethereum Classic (ETC), with an increase of 25%. NEAR Protocol (NEAR), with 24%, and Cardano (ADA), with a 17% increase, according to the data from CoinMarketcap.

Additionally, some altcoins with notable losses in the weekly charts are TRON (TRX), with a loss of 4%, Toncoin (TON), with a loss of 6%; and Huobi Token (HT) is in the lead with 10%.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Bitcoin fluctuated within a narrow range over the past week. On three occasions, it attempted to surpass a key level but was unsuccessful due to bearish pressure, causing it to fall back below the support level. 

During the first attempt on January 4th, Bitcoin reached a high of $16,964.59 but then declined to $16,667.76. The second attempt took place on January 6th, when BTC reached $16,991.99 before falling to $16,716.42. 

BTCUSDT 2023 01 09 01 38 50
Source: Tradingview

The third attempt occurred yesterday, with BTC reaching a high of $16,975.02 but ultimately failing to hit its key level of $17,000. The data shows that Bitcoin currently trades at $16,948.89, with a 2% rise in the weekly chart.

Ethereum (ETH) saw some improvement this week, starting at $1,203.48 and closing at $1,270.60. It returned to key levels above $1,300, but the daily chart showed no significant price increase, and it currently trades at $1,268.61. 

ETHUSDT 2023 01 09 01 38 01
Source: Tradingview

The weekly chart shows a 5% rise, and CoinMarketcap data shows a 12% increase in ETH’s 24-hour trading volume.

Related Reading |  BitPay Reveals DOGE Is Now Fourth Most Popular Crypto For Transactions

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