This Week’s Crypto Market Overview
This week, the crypto market has been generally bullish, with Bitcoin (BTC), Solana (SOL), and THORChain (RUNE) standing out by hitting new yearly peaks amid significant gains.
Bitcoin (BTC)
Bitcoin made a strong attempt to reclaim $38,000 for the first time since May 2022. The uptrend led to a surge of 8.2%, reaching a new yearly high of $37,972 on Nov. 9. Despite facing opposition, this marked Bitcoin’s fourth weekly gain, with a 32.94% increase during this time frame.
Bitcoin currently trades for $37,112 and is comfortably above the 50-day MA ($30,331) and the 200-day MA ($28,604), indicating bullish momentum in both the short and long terms.
Solana (SOL)
Solana experienced several spikes this week, culminating in a new yearly peak and recouping all losses from last December. Market participants are responding positively to Solana’s strong performance despite concerns about the ongoing FTX estate sale.
SOL currently trades for $59.91 with a 42% increase this week.
THORChain (RUNE)
THORChain also experienced an upward trend this week, with a significant increase of 51% in just one week. The asset currently trades for $5.173 after recovering the $5 price point.
Hot Take
Crypto investors are closely monitoring Bitcoin (BTC), Solana (SOL), and THORChain (RUNE) as they continue to demonstrate impressive gains and reach new yearly peaks. These assets are attracting significant attention from market participants due to their strong performance and resilience against bearish pressures.
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