Bitcoin has finally broken through the $65k barrier and is now moving closer to the all-time high. This strengthens the bullish trend that helped to fuel the recovery of Bitcoin over the last week.
As of September 27, the altcoin markets responded positively, as many of the top 99 coins were in an uptrend. Memecoins were the biggest beneficiaries of the bullish sentiment, but SHIB was the only one to make it into the top 3, leading the weekly gains along with W and SEI.
The week for BTC was volatile as bulls tried to repeatedly breach the psychological barrier at $65,000. On September 26, Bitcoin finally surpassed this level, the first since August.
Bitcoin was trading in the range of $62,340.32 to $66,000 at the time this article was written. It is now on its way up towards an even higher weekly high.
As global markets responded to the events that took place in China where the People’s Bank of China released a $140 billion stimulus program and lowered the reserve ratio requirement by 50 basis points to try to boost China’s economic growth, the flagship cryptocurrency received a significant boost.
Over $610 Million in Bitcoin ETFs was pumped into US-based spot Bitcoin by institutional investors this week.
On the weekly chart of Bitcoin, one analyst at X noted that it was forming a “cup-and-handle” pattern. This is often viewed as a positive indicator.
According to the chart provided by the analyst, Bitcoin has already reached the “cup portion” – a period of long accumulation that was followed by an upward trend.
Bitcoin has entered the “handle phase”, which is usually a short-term, smaller consolidation, that occurs before a big breakout.
He said that if Bitcoin could hold above $65,545 and break free of the handle it would surge towards a target higher than $72,969 with loftier targets like $127.980 on the long term.
The analyst warned, however, that the bullish forecast could fade if Bitcoin drops below $56,681 at a close of the week, invalidating the set-up.
Bitcoin hovered just above $66,000 at the time of publication. The overall cryptocurrency market has risen 1.36% over the past 24 hours, to $2.43 trillion.
Top Earners
Shiba Inu
Shiba (SHIB), the biggest cryptocurrency, was the best performer on the 27th of September.
Its market capitalization soared to $12.4 billion, the highest since June.
Coinmarketcap
SHIB’s price surge came after its burn rate soared to an astonishing 33,818% in just one day. This resulted in more than 1.88 billion SHIB Tokens being consumed.
The highest burn rate in a single day was recorded during the quarter.
SHIB community sentiment was bullish, with most traders anticipating the rally will continue. This is due to the expectation of an upcoming bull season driven by Bitcoin.
Wormhole
The price of Wormhole W (W) reached a two-month high at $0.3223, a 36% increase over the past seven days.
Market capitalization of the multi-chain tokens has risen to $831,000,000.
Coinmarketcap
Securitize, the official provider of interoperability for existing tokenized assets and those to come in future, has chosen Wormhole.
This collaboration will allow tokenized assets to be seamlessly transferred between different blockchain networks. It will improve liquidity and access for users in various blockchain ecosystems.
The Sky, formerly MakerDAO announced that it would deploy USDS and sUSDS tokens on multiple blockchains by using Wormhole NTT.
You can also read about Sei
SEI ranked third on the list, having gained over 31% over the last week. However, the token had fallen a bit over 7% over the previous 24 hours at the time of writing.
The price of the layer-1 token has risen from $0.34 at the beginning of the week, all the way up to $0.49.
Coinmarketcap
A recent partnership between the Web3 simulation game MemePet and its altcoin, MemeCoin, has increased awareness of this ecosystem.
Sei has also recently integrated with XION using Chain Abstraction to improve cross-chain interaction, making it simpler for users and developers to communicate seamlessly between multiple blockchains.
This week, another notable event was the integration of Sei with PlayToEarn. PlayToEarn is a Web3 data aggregator.
Vortex, the algorithmic market-maker, has also joined the Sei Liquidity Alliance. This move is expected to boost liquidity significantly and enhance the Sei ecosystem’s strategic capabilities.
The altcoin has seen double-digit gains this week.
The post SHIB W SEI was the top gainer of the week, as Bitcoin shot over $65,000, may be updated as new information becomes available.
This site is for entertainment only. Click here to read more
