The cryptocurrency market saw a significant recovery, starting around mid-week. Ethereum, XRP, and other altcoins surged higher, rallying to prices not seen in quite a long time. Most notable was, of course, Bitcoin, jumping more than 11%. Litecoin rallied as much as 13% over the course of a few hours. DASH, a huge underperformer in recent months, surged about 29% over the week.
This Week’s Highlights
- Bitcoin logs double-digit price gains
- Ethereum Classic successfully completes hard fork
- The Week Ahead
Bitcoin logs double-digit price gains
Bitcoin gained 11.2% last week, its biggest weekly gain since October, confirming a positive reversal from a six-month-long downtrend. The top cryptocurrency by market cap more than doubled trading volumes in a week to break through the $8,000 support level on Friday.
Ethereum Classic successfully completes hard fork
Ethereum Classic has completed the Agharta hard fork, with the same goal as the previous Atlantis update implemented in September — to increase the interoperability of Ethereum Classic with Ethereum. Although ETC registered a slight drop around the event, it is still following the general sentiment of the market, with an overall weekly gain of 18.50%.
The Week Ahead
The challenge for Bitcoin will be to surpass $8,200, a level that has held resistance these past few days. A failure to break above $8,200 could weaken recent positive sentiment and result in a temporary drop.
We can expect that if the Bitcoin rally continues, it will bode well for the entire crypto asset class. Typically, during these phases when Bitcoin either rises or stays relatively stable, altcoins also get a chance to regain some of their lost ground.