Bitcoin [BTC] experienced a tumultuous beginning to the year. Since the commencement on January 1st, it surged by 9.93% from $93.4k to $102.7k before experiencing a 7% drop in the past 24 hours. Currently, BTC is trading at $95.5k.
Several major altcoins that demonstrated strong performance over the past week include Cardano [ADA], Stellar Lumens [XLM], and Injective [INJ].
Although ADA fell below the psychological level of $1 once more, the increase in its Total Value Locked (TVL) provided a positive outlook. Similarly, Injective observed a rise in new addresses and active addresses, indicating growing participation and demand.
Cardano, Injective, and Stellar Maintain Their Ground
A recent Santiment Insights report highlighted the top-performing assets of the previous week, focusing on the more well-known assets within the top 100 in the cryptocurrency market. The analysis revealed that ADA, XLM, and INJ stood out as the top performers of the week.
Render [RNDR] also received recognition, exhibiting a growth of 16.55% over seven days.
During this period, ADA increased by 19%, XLM by 29%, and INJ by 22%, showcasing a strong bullish trend in the short term.
Looking at the 2-hour chart, it is evident that these altcoins exhibited similar performances over the past week. In the short term, these are the key support levels to monitor for the aforementioned altcoins.
Cardano supporters would strive to maintain the $0.94-$0.95 range, while Stellar could present a favorable buying opportunity in the $0.41-$0.42 range. Injective has a robust short-term support range between $22.67 and $22.95, potentially triggering a bullish response.
The total altcoin market capitalization has demonstrated a solid upward trajectory, and the promising performance of Cardano and other altcoins is likely to persist in the upcoming weeks.
These three alternative coins have displayed notable robustness compared to the wider market, signaling a resolute bullish stance from market participants in terms of price performance.