Which Altcoins Experienced the Highest and Lowest Gains This Week Amidst the Recovery of Bitcoin and Ethereum?
The past week has brought about a positive shift for Bitcoin, leaving behind the difficult days. Bitcoin witnessed a steady recovery driven by positive US inflation data and optimistic statements made by FED Chairman Jerome Powell. Furthermore, with expectations of the FED’s first interest rate cut in September increasing, analysts suggest a horizontal market until September, followed by a period of rise. As a result, the greed index, previously reaching around 80%, dropped to an extreme fear level of 25.
During this recovery, Bitcoin’s price increased by 4.6% on a weekly basis. Similarly, the largest altcoin, Ethereum (ETH), demonstrated a more positive performance compared to Bitcoin, experiencing a 6.4% weekly increase. The recovery in Bitcoin and Ethereum also had a ripple effect on altcoins, with some experiencing gains while others continued to decline.
According to CoinmarketCap data, the top five most profitable altcoins of the week among the top 100 coins were Mog Coin (MOG), Maker (MKR), AAVE, XRP, and VeChain (VET).
On the other hand, the top three altcoins that experienced the largest losses this week among the top 100 coins were Render (RNDR), Akash Network (AKT), and Ethena (ENA).
Please note that this information does not serve as investment advice.