This week was entirely positive in the cryptocurrency market as almost everything is trading well in the green. It wasn’t without its hurdles, so let’s jump straight to it.
Bitcoin managed to push towards $48K last Friday, but the week was filled with choppy price action and a somewhat expected downturn. By Thursday, BTC’s price was in the low $44,000’s, and that’s when the bulls stepped in.
On that day, the price shot up and tested $47K – a level that got left behind in the dust today. At the time of this writing, BTC is testing $49K for a total of 7% daily increase, bringing the weekly gains to just shy of 10%. It’s important to keep monitoring the price action and whether or not we can see a daily candle closing above the important resistance of $48.1K and flip it into support. If that happens, it might be a positive sign for a potential push to $50K and above.
The rest of the market is even greener. Most notably, the center stage was occupied by Cardano. ADA is up a whopping 40% in the past seven days and even managed to break its former all-time high. Other considerable gains were charted by XRP (32%), DOGE (24%), DOT (35%), and so forth.
Solidifying its stage in the top 10 was also Solana’s SOL. It’s up by a staggering 78% in the past seven days on the back of many developments in its ecosystem and a booming community.