In the past week, the cryptocurrency market has witnessed a modest increase in optimism. However, both Bitcoin and Ethereum have remained relatively stable, trading within narrow ranges.
Additionally, several alternative cryptocurrencies, commonly known as altcoins, have observed significant growth on the weekly chart. However, towards the end of the week, some of these gains were reversed, although a few altcoins still managed to maintain their gains on the weekly charts.
Terra Classic (LUNC) is at the top of the list of altcoins experiencing significant gains this week, followed by XRP and Lido DAO (LDO), second and third place, respectively.
Terra Classic (LUNC) has witnessed a remarkable surge of 30% in the last seven days, which was then reversed and is now at 15%. In just 14 days, the token gained 14.2% and reached a market capitalization of $635.9 million. The surge was driven by increased buying pressure, with over $138 million flowing into the token in a single day.
This success can be attributed to the v2.1.0 upgrade proposal, generating significant attention. Scheduled for June 14th, this upgrade is the third major one for the Terra Classic blockchain. Its goal is to align Terra Classic with other blockchains like Terra 2.0 and Cosmos chains, allowing projects and developers to leverage it effectively.
The upgrade brings improvements, including a minimum 5% commission for validators, enhanced reliability and security through Cosmwasm integration, and two security updates. Additionally, it introduces multichain capability and strengthens interoperability across different Cosmos chains.
At present, LUNC is trading at $0.0001001, demonstrating a 12.26% increase in the past 24 hours and a 638.32% surge in the 24-hour trading volume. The token daily high of $0.0001141 after beginning the week at $0.00008826, displaying a strong and remarkable performance.
Meanwhile, XRP is also gaining attention from the community as a second-top weekly performer. Over the past week, XRP has experienced a significant surge of approximately 12%.
The token’s exceptional performance is attributed to recent developments in the Ripple vs. SEC lawsuit. Pro-XRP lawyer John Deaton predicts less than a 3% chance of the SEC winning, indicating a high probability of Ripple emerging victorious or receiving a favorable ruling.
Currently, XRP is trading at $0.5365, reaching a peak at $0.54 and closing the week at $0.5359 after starting the week at $0.5359. These figures indicate a noteworthy performance. In the last 24 hours, the token has experienced a 2.08% increase, while its trading volume has increased by 120.01% in the same time period.
Additionally, Lido DAO has also gained significant attention due to its weekly performance and notable gain of about 10%.
The exceptional performance of the token can be attributed to the most recent update implemented. Effectively marking the commencement of the second phase of the upgrade for the Lido on the Kusama network, a significant development has taken place.
As a result, users are currently unable to redeem their stKSM. However, there is no cause for concern as the redemption process has been automatically initiated today for all users.
Moreover, some popular coins are experiencing gains in weekly charts, including SOL at 4%, TRX at 6%, and APT, with an increase of 4.84%, according to the data from CoinMarketcap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
In the previous week, Bitcoin, the prominent cryptocurrency, experienced a remarkable resurgence, nearing a crucial resistance level. After a span of 17 days, the currency achieved a successful surge to $28,000.
However, it was unable to sustain this momentum and subsequently declined to find support at $26,500. Throughout the week, Bitcoin underwent a phase of constrained range trading, fluctuating between approximately $27,800 and $26,500.
During the preceding week, Ethereum exhibited a slightly divergent path. The cryptocurrency successfully maintained a stable trading range, fluctuating between the values of $1,900 and $1,850.
Meanwhile, Santiment tweeted that Ethereum has witnessed a significant increase in profit-taking transactions following a modest price surge of 5% over the past week. The ideal scenario is to observe a substantial number of traders “hodling” their positions.
However, if this ratio returns to more reasonable levels, it could potentially indicate that Ethereum ($ETH) is headed toward the $2,000 mark.
According to CoinMarketCap, Bitcoin is currently trading at $26,797.00, with a 4.95% decrease over the past seven days and 1.51% in the past 24 hours. On the other hand, ETH is being traded at $1,870.40, experiencing a 1.83% decrease in the past 24 hours and 1.79% over the past seven days.
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