Bitcoin & Ethereum Stabilize Amidst Altcoin Shine

The cryptocurrency market witnessed a downturn spearheaded by Bitcoin and Ethereum during the past week. Both Bitcoin and Ethereum faced challenges in sustaining their support levels. Conversely, a number of altcoins were tried to surpass their upper resistance thresholds, indicating the potential for a substantial resurgence.

Loom Network (LOOM) is at the top of the list of 80 altcoins experiencing a significant gain in value this week, followed by Trust Wallet Token (TWT) and Bitcoin SV (BSV), second and third place, respectively. 

Loom Network (LOOM) experienced a notable increase of 119% over the past seven days; however, it has made a strong recovery of about 700% in the past month. As of now, LOOM is being traded at 0.3707, reflecting a 2.83% increase within the last 24 hours, with a boost of about 27.57% in trading volume. 

Meanwhile, Trust Wallet Token (TWT) is also experiencing a significant gain. Even the monthly chart shows almost a 39.30% recovery in value. Over the past week, TWT has experienced a significant increase of approximately 15.56%. 

Currently, TWT is trading at $1.12. In the last 24 hours, the token has experienced a 4.35% increase, while its trading volume decreased by 55.47% in the same period.

Additionally, Bitcoin SV (BSV) has also gained significant attention due to its weekly performance, with a notable increase of about 8.96%. BSV is currently trading at $36.96, with a rise of 9.61% in the last 24 hours.

Moreover, some popular coins are experiencing gains in weekly charts, including CRO at 6%, STX at 5%, and EGLD at 5%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Temporarily deviating from the October spirit, last week witnessed a modest correction phase in the price action of BTC. Beginning its reversal around the $28,000 mark, this correction culminated in a bottom formation near $26,700. However, Bitcoin’s price experienced a sudden and significant overnight surge, maintaining its upward momentum to surpass the $28,000 threshold.

Nonetheless, there is a glimmer of hope for optimistic investors. They managed to secure a favorable monthly closure in September, a remarkable achievement not seen since 2016. This positive momentum carries over into October, a month traditionally associated with bullish trends.

As a new week, month, and quarter dawns, Bitcoin has made a remarkable leap, surpassing the $28,000 mark. The primary cryptocurrency is inaugurating “Uptober” in grand fashion, securing its most robust weekly closure since the middle of August. Presently, the anticipation is palpable as everyone ponders what the future holds.

After a month of fluctuating price movements in September, market participants were bracing themselves for a potentially turbulent end to the month. To their delight, the closing month favored the bulls. With October historically linked to notable Bitcoin price gains, there is growing anticipation for what the upcoming weeks may hold.

Similarly, the price of Ethereum (ETH) has maintained a trading range between $1,540 and $1,600 in the last week, even in the face of the prevailing bearish sentiment. An important on-chain indicator has uncovered a recent surge in new users acquiring Ethereum.

As per data from IntoTheBlock, the New Adoption Rate on the Ethereum network surged to a one-month high of 34% on October 14, significantly surpassing the 30-day average of 24%. Despite the considerable selling pressure Ethereum (ETH) endured, it becomes evident that the increased activity from new participants’ transactions played a pivotal role in supporting the ETH price at the $1,500 level throughout the past week.

According to CoinMarketCap, Bitcoin is trading at $27,700.40, with a 2.94% increase over the past 24 hours and a 0.30%% decrease over the past seven days. On the other hand, ETH is being traded at $1,577.12, experiencing a 1.23% increase in the past 24 hours and a 2.44% decrease over the past seven days.

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