Following the cryptocurrency crash in 2022, 2023 has been a year of recovery, with Bitcoin rebounding from $15,000 to $45,000. Altcoins also experienced a prosperous year, especially with significant price surges in the last quarter. The approval of a spot Bitcoin ETF at the beginning of 2024 has caught the attention of investors.
At the start of 2024, altcoins outperformed Bitcoin with sharp increases. Despite a disappointing previous week, some altcoins saw gains exceeding 40%, hinting at a potential halving event and a transition into a bull market. SUI topped the list with a 60% gain over seven days, despite a 3.53% drop today, bringing its price to $1.25. Its 24-hour trading volume decreased by 2%, totaling $443 million.
Ethereum Name Service (ENS) also stood out, gaining over 47% in the past week to reach $22.20, following a positive comment from Vitalik Buterin. ENS’s 24-hour trading volume increased by 13%, with a total value exceeding $186 million.
Blur and CHZ had a remarkable week as well, with respective gains of 45% and 44% over the last seven days. CHZ experienced significant whale activity, sparking discussions about potential preparation for a bull market.
While altcoins surged, Bitcoin struggled to sustain its value, failing to maintain stability above the $43,000 level after a drop from $49,000 to $41,500. At the time of writing, BTC’s price had decreased by 0.5% to $42,600, leaving investors uncertain about the short-term positive impact of ETFs and the future of the market.