After a recovery year for cryptocurrencies in 2023, 2024 began on a shaky note, especially for Bitcoin, which failed to maintain its impressive rise from $15,000 in 2022 to $45,000 by year-end. In contrast, altcoins have shown remarkable gains at the start of 2024, with some registering over 40% increases, hinting at a potential bullish market shift.
Despite a 2% drop in the past 24 hours, Flare (FLR) has seen a 26% gain over the week, with its price at $0.02264. However, its 24-hour trading volume declined by 7.6%, and the overall market volume decreased by nearly 2% to $737 million.
Siacoin (SC) experienced a noteworthy 17% surge over the week, reaching a price of $0.01097. SC’s 24-hour trading volume astonishingly increased by 284%, surpassing $53 million, despite a general volume decline of over 7% to just above $600 million.
Celestia (TIA) and Chiliz (CHZ) also stood out with 14% and 10% respective weekly gains. Celestia’s recent airdrop announcement has drawn attention to the coin, while Chiliz benefited from increased whale transactions, as previously reported.
Despite altcoins’ success, Bitcoin continues to struggle, sliding from $49,000 to below $41,000. Expected to rally following ETF news, Bitcoin instead lost ground, dropping to $41,300 with a market cap decrease of over 2% to $810 billion. However, a 32% increase in 24-hour trading volume to $27 billion suggests mixed market sentiment.