Cryptocurrencies Soar in a Bullish Week

Cryptocurrencies are experiencing a remarkable rise as Bitcoin reaches an all-time high of over $118,000 and Ethereum (ETH) breaks through a significant resistance level at $4,100. Throughout the weekend, the cryptocurrency market has seen positive momentum, favoring traders. This surge prompts the question: what is spurring such growth and which cryptocurrencies are gaining the most attention?

What is the Current Situation in the Crypto Market?

The crypto landscape is currently robust, with a daily trading volume exceeding $170 billion. While Bitcoin’s dominance slightly wanes, the total market cap is nearing the $4 trillion milestone. Ethereum’s recent breakthrough past its $4,100 resistance—a feat some didn’t foresee—signals strong bullish sentiment. Many had anticipated a prolonged struggle at this threshold, yet buyers have driven prices past this point.

On the technical side, Ethereum’s current movements mirror a significant shift. Despite hitting resistance at 0.037 BTC, maintaining support at 0.034 BTC suggests stability. The $4,100 level against the USD and 0.034 BTC are critical for ETH’s performance.

If ETH sustains its support between $4,000 and $3,960, further growth is expected. Investors are showing increased interest in altcoins as ETH demonstrates resilience.

Which Altcoins Are Leading the Gains?

Prominent altcoins are riding this wave of optimism. RAY Coin has surged by over 15% daily and 36% over the week, topping the gains among the top 100 cryptocurrencies. Meanwhile, AERO Coin continues its upward trajectory with a 56% weekly increase. KCS has risen 12%, and LDO has crossed the $1.3 mark.

The SEC’s approval of liquid staking combined with Ethereum’s gains has notably boosted LDO, conferring it additional growth potential.

LDO was highlighted for its potential in last Friday’s analysis, specifically targeting $1.3 due to SEC’s recent regulatory support.

Other altcoins, such as ENA, PI, IMZ, and XTZ, are also seeing positive outcomes. With anticipated developments on the horizon potentially affecting global dynamics, further crypto advancements may be forthcoming.

Certain imminent global political and economic developments could catalyze additional interest in digital currencies.