Investors starting the day are experiencing the thrill of over 20% gains, a stark contrast to the painful drops seen earlier this year. Bitcoin, the leading cryptocurrency, is now maintaining a value of $43,500, raising questions about the current market situation.
Bitcoin (BTC) is currently trading at $43,822, with the weekend passing as expected—quiet for BTC but beneficial for altcoins. The market is being driven up by the anticipation of a January 10 ETF and a rising appetite for risk in the final week of December and thus 2023.
As previously mentioned, if the price, which has been holding the $40,400 region on the daily chart, can achieve closing above $44,500, a swift move towards $48,800 could be seen. This level might be reached upon the official announcement of the ETF approval.
In the next seven days, investors may witness a sudden surge in BTC prices.
The biggest gainer of the past week has been Solana (SOL), which saw a 58% increase in price within just seven days. SOL’s market value is nearing $5 billion, surpassing BNB, XRP, and USDC in the rankings.
The second-largest rise among the top 10 cryptocurrencies was Avalanche (AVAX), with an 11% increase over the week. However, beyond these, NEAR and OP Coin outperformed with over 60% gains, overshadowing SOL. Conversely, SATS, BONK, ICP, and BTT Coin were the week’s losers, indicating a reversal in fortune for the previous week’s high-gaining altcoins. This reversal reflects the shifting of capital within the market, as investors move their profits to coins like SOL and others.
