WEEKLY ANALYSIS - BTC and ETH Experience Significant Price Increase in Strong Cryptocurrency Market Growth
The broader cryptocurrency market has added more than $100 billion to investors' wealth.
In the last week, the cryptocurrency market has experienced substantial growth, with prices going up due to increased demand and renewed confidence in the industry.
Bitcoin (BTC) has seen a significant surge this week, rising +15.19% over the last 7 days. At the beginning of the week, the largest cryptocurrency by market capitalization was trading around $21,500, and it gradually increased throughout the week, reaching a weekly-high of $25,122 on February 16th. BTC has since traded within a narrow range and its $24,908.20 at the time of writing, gaining 1.07% in the last 24 hours with a 24-hour trading volume of $30,481,445,306, a live market cap of $480,646,604,795 and a circulating supply of 19,296,725 BTC.
Ethereum (ETH) also had a strong week, rising +15.58% over the last 7 days. The second-largest cryptocurrency by market capitalization started the week trading around $1,470 and has since increased to a weekly-high of $1,720 on February 16th. It has since dropped down below the $1,700 level at the time of writing and its price today is $1,714,41 with a 24-hour trading volume of $8,173,926,064 (+53.75%), gaining 1.01% in the last 24 hours, with a live market cap of $209,799,428,729 and a circulating supply of 122,373,866 ETH coins.
Altcoins offered strong support to the market and delivered good gains. Solana (SOL) started the week trading around $23 and has since increased to $26.43 today, gaining up to 29% in the last 7 days. Polygon (MATIC) and Polkadot (DOT) are also among the top performers of the last 7 days, gaining respectively 30.10% and 24.75%, while the 22nd largest cryptocurrency by market capitalization, Filecoin (FIL), has seen a 72% price pump in the past seven days. Blur (-77%), Tether (-0.21%) and UNUS SED LEO (-0.65%) are the only exceptions to this trend.
Over the last week, the broader cryptocurrency market has seen a significant recovery, resulting in an increase of more than $100 billion in the wealth of investors. The global crypto market cap is $1.13T, a 1.12% increase over the last day and a volume over $68.64B, which makes a 60.52% increase.