Immutable (IMX)

Cryptocurrency markets have witnessed a significant surge in both Bitcoin (BTC) and Ethereum (ETH) prices, sparking a broader momentum across various altcoins. Out of a wide digital asset portfolio, the top performers could be seen in several, such as Kaspa (KAS) outperforming within the top 40 cryptocurrencies.

According to data provided by Santiment, the total market capitalization in cryptocurrencies saw some upswing, as last week posted a 5.9% hike. The trading volume, in addition, went up by 65.4% as compared to last week, indicating increased interest in altcoins. A period of high investor greed is often marked by a spike in market activity and a subsequent rise in prices.

Kaspa (KAS) had clocked about 40% in value over the previous seven days, at its highest point of $0.147 before correcting a bit lower. At the time of this writing, KAS exchanges hands around $0.1396. Although, with the fact that over the last 24 hours, Kaspa trading performance has registered a 3.80% price drop and 8% decrease in trading volume, the momentum is still bullish.

Following closely behind, Immutable (IMX) has also witnessed substantial gains, securing the second position respectively. Immutable (IMX) recorded a remarkable 39% increase in value over the past week. IMX is currently trading at $2.98, with a 9% gain in the last 24 hours.

Similarly, Stacks (STX) garnered significant attention, securing the third position with a weekly surge of over 27%. Currently, STX is trading at $1.87 with a 1.81% price decrease and a 4.56% increase in trading volume within the last 24 hours.

Several other altcoins have also reported notable gains. Thorchain (RUNE), Sui (SUI), and Optimism (OP) saw increases in their weekly charts, with RUNE up by 20%, SUI by 16%, and OP showing a 15% increase, according to data from CoinMarketCap.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

A recent analysis by Santiment noted that Bitcoin’s price observed an upsurge over the past week, with the cryptocurrency adding around 13% in value. Importantly, such upticks in price have seen traders speculate on the new support and resistance levels that may have been in place. Specifically, the expectation was that Bitcoin may soon break the barrier of $50,000. The price dynamics, however, over the weekend have started to shift as Bitcoin has broken those thresholds that were expected.

Altcoins, which had previously played secondary roles, started to capture the attention of investors as Bitcoin’s dominance momentarily waned. This trend reflects a pattern observed throughout the ongoing bull cycle, which commenced in October.

During the bull cycle, the typical sequence of events unfolds in three distinct phases. First of all, there is a topping of the dominance in the market that is experienced by an unprecedented pump in the price of Bitcoin. Following this, investor confidence in the future value of Bitcoin is usually increased.

Subsequently, as profits from the Bitcoin surge slowly diversify into other cryptocurrencies, commonly referred to as altcoins, this kind of diversification usually results in some degree of greed that fuels more speculation in the market.

Although, altcoin season usually ends after the first thrust, with Bitcoin retracing mildly. What it does reflect, though, is the cyclicality within the cryptocurrency market, and more precisely, what it underpins is the necessity for awareness of investor sentiment and market mechanics.

Reaction from market participants to the second half of this weekend cycle will be important to observe. For one, if more speculative interest IN the altcoins is seen, that in itself might be a sign of moving to the third phase. The speculative activity may in itself have the potential to be explosive and could be yet another sign that this could be the final phase of the cycle, the one in which volatility and market dynamics soar.

Turning to Bitcoin’s current status, the price reads at $48,115, and trading volume stood at $35.70 billion over 24 hours, with a market capitalization of $944.27 billion. With a slight dip of -0.12% in the last 24 hours, Bitcoin has rallied by almost 13% over the previous week.

Further, Santiment indicated that the recent spike in Bitcoin’s trading volume has surged to a four-week high. This surge in trading volume coincided with the recent price frenzy, further underscoring the heightened activity and interest surrounding Bitcoin in the market.

In contrast, the enormous surge of trading volume in Bitcoin has left most other cryptocurrencies largely dormant. Cryptocurrency analysts have also indicated that such a demand shift is likely to be one of the general points driving Ethereum’s price at this point and its market outlook.

For instance, one analyst, Dann Crypto, revealed an observation that the performance of Ethereum could be influenced by the performance of Bitcoin after the launch of the ETF. Moreover, market sentiments towards Bitcoin are expected to reverberate through to the performance of Grayscale’s ETHE holdings. Hence a successful performance by Bitcoin is expected to positively reverberate across the market dynamics of Ethereum.

According to the analysis by Bitunix, a crypto derivatives exchange, Ethereum, recently skyrocketed to reach a crucial high price, breaking the huge resistance barrier set at $2,456. This may open the way for a re-test on this level in return, confirmation opportunities before the digital asset goes to the upside towards the target range indicated.

Moreover, the prevailing market pattern has undergone a notable transformation, transitioning to a fully bullish stance. This shift is further substantiated by the impending culmination of an Elliott Wave cycle, suggesting a favorable environment for Ethereum’s continued upward momentum.

Currently, the price of Ethereum stands at $2,500.58, with a 24-hour trading volume of $11.04 billion and a market capitalization of $300.49 billion. While Ethereum experienced a decrease of -1.44% in the last 24 hours, it is up by 9% on the weekly chart.

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