BTC, ETH, TIA: The Top Cryptocurrencies to Keep an Eye on This Week
This week witnessed a remarkable surge in the global cryptocurrency market cap, reaching $1.49 trillion, the highest since the collapse caused by Terra last May. Notably, Bitcoin (BTC), Ethereum (ETH), and Celestia (TIA) all experienced significant gains.
Bitcoin Approaches $40,000
Bitcoin has been on a relentless rally since breaking out of consolidation in early October. The leading cryptocurrency has consistently closed in a bullish manner, and this week was no exception. With a 5.41% increase over the past seven days, Bitcoin is now on track to record its seventh consecutive week of bullish performance.
This streak of bullish closes began in mid-October when Bitcoin was trading around the $27,000 mark. With the sustained discussions around ETFs, optimism has grown, resulting in Bitcoin’s impressive performance for seven straight weeks.
Unlike previous weeks, this week was relatively less challenging for Bitcoin, as it only experienced mild intraday declines on two days: November 27 (0.56%) and November 30 (0.37%). The other days saw bullish gains, with December 1 standing out with a surge of 2.54%, marking its highest intraday gain for the week.
On December 1, Bitcoin came close to reaching the $39,000 territory, hitting $38,983 before facing bearish resistance. However, Bitcoin showed resilience and closed at $38,688, ready for another shot at $39,000 the following day.
The second attempt was successful, as Bitcoin reclaimed the $39,000 mark for the first time since the Terra collapse in May. Bitcoin has continued to rally and is currently trading at $39,489, with $40,000 as its next target.
Ethereum Hits 17-Month High
Bitcoin’s upward trend has had a favorable impact on Ethereum’s price, as both cryptocurrencies maintained a close correlation this week. Ethereum had a mixed start, dropping 1.71% on November 27 but rising by 0.99% the next day. November 29 saw another decline of 0.90%.
However, Ethereum’s bullish story began on November 30, despite Bitcoin’s 0.37% drop. Ethereum rallied by 1.12% that day, extending its bullish run into the new month. The asset gained 1.72% on December 1, with its largest intraday gain of 3.75% occurring on December 2.
The rally on December 2 propelled Ethereum to a 17-month high of $2,184. Although it faced resistance at this new yearly peak, the bulls remained strong, keeping Ethereum above $2,100 at the end of the day. Currently trading at $2,164, Ethereum has gained 4.97% this week.
Celestia Sets New All-Time High with a 60% Weekly Gain
Celestia also experienced an uptrend in the market this week. While Bitcoin and Ethereum showed mixed signals at the beginning of the week, Celestia exhibited full-on bullishness, surging by 8.17% on November 27 and 6.06% on November 28. The following day saw a slight decline of 3.53%.
However, these drops did not hinder the ongoing uptrend. From November 30 to December 2, Celestia rallied by an impressive 42%, recording three consecutive days of bullish momentum. Amidst this surge, Celestia reached new all-time highs on December 2, with the latest ATH being $9.31.
Celestia’s significant uptrend placed it among the top gainers of the week, with a 61% increase. It currently ranks third among the largest gainers. Although Celestia has experienced a 0.48% decline today, it has remained above $8.5 and is currently trading at $8.81.
Read more: Grayscale Hires Invesco Executive Ahead of Potential Bitcoin ETF
