ETC is seeing more price action compared to the coin it forked from. The last 24 hours saw it continue its spree of volatility. Looking at the asset, many will conclude that other cryptocurrencies are volatile at this time.
This is not the case as the global cryptocurrency market cap barely moved in the last 24 hours. This paints a different picture from what transpired during the previous week. The sector kicked off the session at $1.64 trillion and surged as it progressed. As a result, it peaked at $1.77 trillion following the hype around BTC EFT. In the end, it closed with no significant changes in value as it dropped to a close at $1.68 trillion.
In what many will describe as a poor reception to a milestone for the apex coin and the crypto market, major assets are short of volatility. Nonetheless, one of the top gainers is ENS. This comes as a shock to many as this comes after the 30% gas fee increase in ETH ecosystem.
With a focus on the new week, the sector under consideration is seeing a very slow start. Will that change?
Top Three Cryptocurrencies to Watch
BTC/USD
BTC was the main subject of focus during the previous intraweek session. This comes as the much-anticipated exchange-traded fund garnered a lot of attention. Following dramas like the hacking of the SEC’s X account, the approval finally came. Price action during the session was filled with volatility. This comes as the asset under consideration attained a new high.
This happened on Friday. The apex coin opened trading at $46,678. As the day progressed, it continued upward and broke $48k after two failed attempts. The uptrend continued as it tested $49k and briefly broke it. Due to this, it peaked at $4948. It faced massive rejections at the mark and retraced to a low of $46,500 before recovering and closing at its opening price.
Another key event took place on Monday. BTC opened trading at $43,936 but recovered after it dropped to a low of $43,213. As a result, it surged and broke through the $47k barrier. However, it faced small rejections at $47,281 and dropped to a close at $46,955. This means the top coin closed with gains of almost 7% which is the biggest move during the session.
With a focus on the new week, Bitcoin is off to a slow start. During the previous intraday session, it surged to a high of $43,321 but closed at $42,943 which means it failed to record any gain. This is changing as the market is picking up.
Currently up by more than 2%, BTC is gearing up to test several key levels. One such is the $44,500 resistance. Being a major level, the top coin may struggle to flip it. However, if the current trend continues, a flip is guaranteed.
One indicator supporting this claim is the Relative Strength Index. Due to the most recent uptrend, the metric is at 50. This shows that the asset is seeing an increase in buying volume.
ETC/USD
A look at the weekly performance shows that Ethereum Classic saw an increase in trading activity last week. This comes after several positive events at the time. In the end, the chart indicates a more than 37% positive change.
One of the main events took place on Wednesday when the asset had its biggest surge for the session. It opened trading at $21.2 and dropped to a low of $20.3. It rebounded and broke its fourteen-day high at $24. Afterward, it continued forward as it broke through the $26 barrier. It peaked at $26.6 before closing with an increase of 24%.
Friday was another memorable day for the asset. This comes after it surged to its highest in more than a year. It started trading at $29.6 but hit a peak at $32.4, breaking the $32 barrier for the second time. After hitting its highest, it dropped to a low of $27.3 but closed at $28.9 which meant it lost 2%.
As with most cryptocurrencies, ETC is having a slow start to the new week. It barely registered any notable changes in value during the previous intraday session. This trend is coming to an end as the asset is seeing more volatility at this time.
Currently up by more than 3%, the alt may be gearing for more increases. However, following the massive increase it had during the previous week, it may struggle to continue the trend. Nonetheless, it may test $30 if the current trend continues. On the other hand, it may break the $26.
FTT/USD
The previous week was one of the most bullish for the FTT. This comes after two weeks of consistent downtrends that left many wondering if the asset is returning to its lowest. A closer look at the candle suggests that the altcoin coin experienced significant volatility. Due to this, it peaked and also had a low.
Following its opening at $2.69 on Friday, FTT went on to register its biggest single-day surge. It broke the $3 resistance and continued to a high of $3.46. It soon hit a wall and dropped to a close at $3.15 which meant a more than 17% increase.
With a focus on the new week, it is important to watch the general trading sentiment. Currently flat, it is hard to predict how price will play out. However, the alt might drop to below $3. On the other hand, it might continue its surge and retest $3.50.
