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Bitcoin price is hovering near $69,000 at the time of writing, having recently reached $69,216. Bulls are reflecting their appetite for new peaks earlier in the day. So, what’s the current situation in the cryptocurrency markets? Which altcoins have doubled in price this week?
Current Bitcoin Status?
Throughout the week, volumes in spot Bitcoin ETFs remained strong. BTC reached a new all-time high of $69,990 on the Binance exchange. After a rapid drop following the previous $69,000 test, the price is now pregnant with new peaks and continues to linger around the $69,000 region. This could further increase optimism across the market.
For now, the $67,800 level has taken on the role of support, but BTC has not yet started strong closures above the critical $69,000 region. Perhaps the new week will see volumes increase again, initiating this movement.
In a possible pullback, the price could dip to the $61,340 and $59,000 region, and closures below this could bring the risk of a drop to $48,500. However, the latest macroeconomic data is relatively positive, and Federal Reserve members strongly believe in the continuation of the inflation decline.
This suggests that upcoming data could be supportive for the price. Experts expect a new peak in the range of $76,000-$80,000 if the $70,000 mark is permanently surpassed.
This Week’s Altcoins
Among the top 100 cryptocurrencies, PEPE Coin saw the largest increase over the past 7 days (with its current price). Many cryptocurrencies experienced gains of over 40%, and considering rallies over a few weeks, some have increased in value by more than five times. For example, FET Coin is currently at the $3 level mentioned earlier, which is a remarkable 1000% increase from a few months ago when it lingered at $0.3-$0.4.
Meme coins and artificial intelligence altcoins have been the flag bearers of the recent surge. PEPE, FLOKI, FET, RNDR, AR, SHIB, GRT, AGIX, RUN, FTM, and WLD are among the altcoins that rose over 40% in just 7 days. WIF has recently become one of the most notable altcoins.
On the other hand, BCH, KAS, FLR, BSV, SNX, and LINK experienced a drop of around 5%. BCH, which turned back from the $500 peak, was the least declining altcoin (in the top 100).
