The cryptocurrency market witnessed substantial gains in the first months of 2024, despite the previous year’s volatility and bearish trends. Early in 2024, Bitcoin‘s value shot up to $49,000, recovering from its 2022 dip to $15,000. However, the market remains tentative, with investors wary of the recent bear market’s impact.
Leading Altcoins Rally
The altcoin sector, particularly, showcased impressive growth with notable surges following a key ETF decision. Despite this initial spike, the market’s momentum appeared to wane shortly after. Altcoins, nonetheless, have managed to find support amid a drop in GBTC sales, which also provided stability to Bitcoin’s price.
Chainlink (LINK) leads the pack with a staggering 27.67% increase over the past week, boosted by news that resonated with the Asian markets. Even with daily fluctuations, LINK’s price hovers around the $18 mark. Its trading volume surged by 29%, hitting a value of over $1.5 billion.
Ronin (RON) grabbed the second spot with a 22% weekly gain, despite a slight 24-hour dip. The altcoin still provided a solid 26.48% return over seven days, trading at $2.83. Pyth Network (PYTH), with a 282% boost in daily trade volume, signaled a spike in investor interest.
Other notable performers included Pendle (PENDLE), with a 19.10% increase, and Render (RNDR), which jumped 18.57% over the week, marking its price at $4.65.
Bitcoin Displays Stability
While altcoins experience gains and losses, Bitcoin’s price remained relatively stable, floating around the $43,000 mark. Though still below its recent peak, Bitcoin’s trading volume exceeded $18.5 billion, albeit recording a 15% decline, with overall market volume slightly down by 0.09%.