Following the crash of cryptocurrencies in 2022, the year 2023 was truly a year of recovery. Bitcoin did not disappoint its investors, rallying from the $15,000 levels to as high as $45,000. In addition, it was a bright year for altcoins as well. Especially in the last quarter of the year, altcoin prices saw incredible rises. With the approval of the spot Bitcoin ETF as of the first month of 2024, the events in the market are not escaping the attention of investors.
The Week’s Top Earning Altcoins
At the start of 2024, altcoins, unlike Bitcoin, saw sharp rises. Despite the disappointment of the previous week, some altcoins have already seen increases of over 40%, which could reach very different dimensions after a potential halving and the market’s transition to a bull season. So, which altcoins gained the most last week?
Firstly, we see that SUI has taken the top spot on the list with an incredible price performance. Despite a 3.53% drop today, its 7-day gains are over 60%, placing it at the top with a price of $1.25. The altcoin also saw a decrease in its 24-hour trading volume, with its value falling by 2% to $443 million. Additionally, the overall volume dropped to the level of $1.1 billion.
Another standout of the past week was the Ethereum Name Service (ENS). Following a statement by Vitalik Buterin in the previous weeks, the altcoin achieved its first rise in a long time, and the past week was also very successful. ENS saw an increase of over 47% in the past 7 days, reaching a price of $22.20.
ENS’s 24-hour trading volume saw an increase of about 13%, with its value exceeding $186 million. In addition, the overall volume saw an increase of 2%, surpassing $680 million.
Finally, it seems that Blur and CHZ also had a great week. Respectively, these altcoins pleased their investors with increases of 45% and 44% in the last 7 days.
In the past hours, as we mentioned, there was significant whale activity on the CHZ side, and whether this was a preparation for a potential bull season was being debated in crypto circles.
Bitcoin’s Current Situation
While all these increases were happening, it seemed that Bitcoin was still having troubles. Since the price dropped from the $49,000 level to $41,500, it has not fully recovered and has struggled to maintain above the $43,000 level.
As of the time of writing, the BTC price had fallen by 0.5% to $42,600. Investors who were expecting a short-term positive effect from ETFs were caught off guard during this period, and the entire crypto world is eagerly following how this will end.
