The cryptocurrency market has encountered a lull subsequent to a surge, with Bitcoin's worth settling at slightly above $24,500 after a week of intense fluctuations. This saw the digital asset register a remarkable 11.5% upswing.
Over the past week, the market capitalization of the cryptocurrency industry has witnessed a noteworthy 9.3% increase, bringing the total value to $1.12 trillion. The majority of this growth was observed during the initial half of the week, while the latter half showed a comparatively lesser gain.
On Sunday, there was a renewed effort to drive BTCUSD above the $25,000 mark. The price of Bitcoin reached a high of $25,175 on that day, but subsequently retreated to below $24,544 in the early hours of the following day.
Despite the determined efforts of the bulls, they were unable to produce a weekly candlestick pattern that would facilitate a breakthrough beyond a key level. As a result, the rate continues to stay below the 200-week moving average, but has touched the 50-week moving average.
In the coming days, it is expected that buyers will exercise more discretion, given the recent emergence of a death cross pattern on the weekly chart. However, it is important to note that this development should not necessarily be interpreted as a signal to sell.
What Altcoins are likely to capture the attention of the crypto market once more?
In the previous week, more than 50 virtual currencies underwent a notable increase in value, exceeding 10% surges. Here are a few
* Astar (ASTR) experienced a notable 46.49% increase in price.
* Mina (MINA) also saw a substantial price surge, with a 44.78% increase.
* BinaryX (BNX) displayed a price increase of 44.20%.
* MAGIC (MAGIC) witnessed a 36.98% price hike.
* Loopring (LRC) demonstrated a noteworthy increase of 34.35% in price.
This article does not provide investment advice or recommendations. Each investment and trading decision involves inherent risks, and readers are encouraged to undertake their own research to inform their decision-making process.
In the coming days, it is expected that buyers will exercise more discretion, given the recent emergence of a death cross pattern on the weekly chart.