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Investors starting the day will feel the excitement of over 20% gains to their core. It’s finally happening. We’ve seen many mornings with significant drops this year, and it was painful to witness prices suddenly losing over 20%. Now, the opposite is occurring. The king cryptocurrency is maintaining $43,500, but what’s the current situation in the markets?
Bitcoin (BTC) Current Status
The largest cryptocurrency by market value is now finding buyers at $43,822. The weekend passed relatively calmly for BTC as expected. However, this calmness benefited altcoins. In the last week of December and thus 2023, our investors’ appetite for risk, fueled by the anticipation of the January 10 ETF, is pushing the markets up.
As we’ve mentioned before, if the price, which has been maintaining the $40,400 region on the daily chart, can achieve closures above $44,500, we might see a swift move towards $48,800. Perhaps we’ll see a spike to this level when the ETF approval is officially announced.
In the next 7 days, investors may witness a sudden surge in the BTC price.
Cryptocurrencies Current Status
The biggest winner of the past week was Solana (SOL). While we were questioning whether the price could exceed $40 a few weeks ago, we discussed that $96 and $120 would be targeted in the rally’s continuation. And so it happened. In just the last 7 days, SOL Coin’s price increased by 58%. The altcoin, whose market value is approaching $5 billion, is ranked above BNB, XRP, and USDC.
The second-highest gainer among the top 10 cryptocurrencies was Avalanche (AVAX), with an 11% increase on a weekly basis.
However, beyond all this, we saw cryptocurrencies among the top 100 that reminded us of bull days with their rallies. NEAR and OP Coin achieved over 60% increases, even surpassing SOL Coin. The unfortunate ones of the week were SATS, BONK, ICP, and BTT Coin. If you notice, there is a reversal in altcoins that had massive gains the previous week.
Such reversals are related to the circulation of capital within the market. Investors who lost interest in the fading altcoins shifted their profits to SOL and others.
