Altcoins Surge as Bitcoin Dips, Ethereum Leads with 13% Weekly Rise

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Why might ETH and SOL rise when the altcoin market capitalization reaches this level?

In recent days, the altcoin market has experienced a notable rally, with ETH, SOL, and XRP recording price increases. While the past week was not the best for Bitcoin investors, as the price of the king coin fell sharply, things were different for altcoin holders like Ethereum [ETH], Ripple [XRP], and Solana [SOL], as their prices rose.

Altcoins benefit from Bitcoin’s losses

The ETF approval proved to be somewhat of a disaster for Bitcoin, as the price fell below the $43,000 mark. However, for altcoins, there was more good news as their altcoin market capitalization chart reached a critical level. Moustache, a popular crypto influencer, recently pointed out a long-term trend line. According to the tweet, altcoins will continuously rise against BTC and could experience massive growth of over 30 times.

Ethereum’s chart is already green

Let’s start the analysis with the king of altcoins, Ethereum. According to CoinMarketCap, ETH rose by more than 13% over the past seven days, which looks remarkable. At the time of writing, ETH was trading at $2,504.65 with a market capitalization of over $301 billion. Our analysis revealed that the ETH price was in a high volatility zone according to the Bollinger Bands. Its MACD continued to show a bullish advantage in the market.

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What are Solana and XRP doing?

While the king of altcoins recorded double-digit growth in the past week, the prices of Solana and XRP followed a similar increase. Data from CoinMarketCap showed that the price of SOL rose by 6% over the past week, while the value of XRP increased by over 3%. Despite the recent price increases, sentiments around SOL and XRP remained bearish.

Meme coins are bleeding

While the aforementioned altcoins recorded price gains in the past week, the daily charts of the top meme coins were red. For example, Dogecoin [DOGE], the largest meme coin, recorded a decline of over 2.3% in the last 24 hours.

Given all these metrics and market trends, it will be exciting to watch whether history repeats itself and an altcoin rally ensues.

Source: AMBCrypto

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