Bitcoin has now surpassed $60,000, and is still above this level on August 23. Altcoins also showed steady growth, as FTM, AVAX and AAVE posted gains over the last week.
Bitcoin traded in a narrow range between $57,918.46 to $61,524.47.
The apex cryptocurrency, which started the week with $59,563, dropped to its weekly low on August 19 of $57 918. Since then, it has climbed above $60,000, and is holding its position since August 22.
It was worth $61,490 at the time this article was written.
On social media, the general mood among crypto analysts stayed positive.
Analyst ‘cousin cryptocurrency’ believes that BTC may be headed for a rise to $72,000. This would represent a modest rise of over 17% from the current price.
ShardiB2, a crypto analyst, suggests that recent optimism on the cryptocurrency market has been largely driven by news of a pending interest rate reduction by the United States Federal Reserve.
Some analysts suggest that a slight dip will occur before the rally continues upward.
Bitcoin had risen 7% in the last week as of the date this article was written, however altcoins were a little more resilient.
Sonic (formerly Fantom)
FTM is Fantom’s native token. Fantom is a platform for high-performance, smart contracts that will soon be rebranded as Sonic.
A 1:1 migration will replace the FTM token with a S token.
Sonic will be a layer-1 blockchain with a layer-2 built-in bridge connecting directly to Ethereum.
FTM is benefiting from the renewed enthusiasm amongst the community.
FTM had gained 31.7% in the last seven days as of the writing of this article, trading between $0.3592 and $0.4962. Since starting out the week, at $0.39, FTM has been steadily gaining value.
The four-hour FTM/USDT chart suggested, at the time of press, that FTM was in an uptrend.
The Relative Strength Index at 78.41 suggests that the market may need a correction, or consolidation on a shorter time frame before it can continue its upward trend.
Avalanche (AVAX)
AVAX (the native token for layer-1 Avalanche blockchain) traded from $20.19 to $26.71 in the last seven days. The weekly high was reached on the 23rd of August.
The token, which began the week with a value of $21.08, dropped to $20.51 by Monday. Since then it has risen. Over the last seven days, tokens were up by 30.6%.
Franklin Templeton launched a tokenized Avalanche Blockchain money market fund, which allows institutional investors to access the funds.
The minting over $20,000,000 in Agora AUSD – a stablecoin open to all on Avalanche – has been seen as positive, along with Grayscale’s announcement of an AVAX investment trust.
Aave
AAVE, the native coin for Aave’s decentralized lending platform, has been on the list of top gainers two weeks running. The token’s weekly gain was 11.6%, according to the report from last week. By August 23, altcoins had gained 28.2% over the last seven days. This was a significant increase from the token’s previous gains.
AAVE was traded between $107.41 and $142.16, reaching its highest weekly price on 22 August. As of press time it stood at $136.13.
This week the token has been a favourite among whales. One whale purchased $10.4 million of AAVE on August 22.
The surge of whale activity was accompanied by key proposals to enhance Aave’s tokenomics. These included the “Umbrella” proposal, which aims to lower sell pressures through the use of various assets to cover bad debts. Another plan aims to distribute revenue among stakers as well as initiate token buybacks.
This bullish trend was also boosted by the integration of Aave V3 into Ethereum’s layer-2, ZKsync Era network and the “Aavenomics upgrade”.
The post FTM, AVAX and AAVE leads weekly altcoin gain as Bitcoin remains above $60k can be updated as new information becomes available.
