Crypto Surge Chronicles: Weekly Highlights

The crypto market witnessed a bullish trend over the previous week, marked by a remarkable surge in bitcoin that propelled it to a robust 11% increase, surpassing the $40,000 threshold.

While the majority of alternative coins have experienced retracements on a daily basis, their weekly performances have been nothing short of extraordinary.

BTC Maintains its Position at $44K

The noteworthy ascent began last Saturday when the primary cryptocurrency sharply rose, breaching the $39,000 mark. Following a subdued Sunday, the asset resumed its offensive on Monday, surging beyond $42,000 after a substantial daily candle.

Wednesday proved to be a turning point for the bullish landscape as BTC skyrocketed to $44,000, marking its first time reaching this level since May 2022.

Despite a minor pullback on Thursday, the cryptocurrency resumed its climb on Friday, reaching $44,700 to establish a new high for 2023. Presently, it has slightly receded and hovers around $44,000.

Nonetheless, bitcoin has seen an impressive 11% increase on a weekly scale, with its market capitalization approaching $860 billion. Its dominance over altcoins experienced fluctuations throughout the week, fluctuating from 52% to over 53% before settling at 52.4%.

BTCUSD. Source: TradingView

Altcoins Witness Substantial Gains

The last 24 hours have presented challenges for the altcoin space, primarily due to retracements following Saturday's gains. SOL, ADA, DOT, and LINK have witnessed the most significant drops today, experiencing losses of approximately 5-6%.

However, the weekly charts paint a different picture. Ethereum, Binance Coin, Ripple, Chainlink, and Tron have posted more modest gains, with ETH recording an increase of up to 9%.

Meanwhile, SOL, DOGE, MATIC, and DOT have exhibited double-digit growth. Additionally, Cardano, Polkadot, and Avalanche have soared by an impressive 30% to 50%. Consequently, AVAX now exceeds $32, while ADA approaches $0.6.

Even more striking weekly surges are observed in BitTorrent (170%) and Bonk (127%), both achieving new all-time highs recently.

The cumulative cryptocurrency market cap has expanded by over $160 billion in the past week, now reaching close to $1.640 trillion on CMC. Despite fluctuations and challenges, the market has demonstrated resilience and sustained growth.

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