FTM, AVAX, and AAVE lead weekly altcoin gains as Bitcoin stays above $60k

Bitcoin broke past $60,000 and held above that level as of August 23. The altcoin market also turned green, with FTM, AVAX, and AAVE posting steady gains throughout the past week.

Bitcoin continued to trade between a tight range of $57,918.46 and $61,524.47.

Starting the week at $59,563, on August 19, the apex crypto dropped to a weekly low of $57,918 but has since made its way above $60,000 and held its place since August 22.

At the time of writing, it was exchanging hands at $61,490.

The general sentiment among cryptocurrency analysts on social media platform X remained positive.

According to analyst ‘cousin crypto’, BTC could be looking at a run up to $72,000. That would constitute a modest rally of more than 17% from current prices.

Crypto analyst ShardiB2 suggests that the recent optimism in the cryptocurrency market is largely driven by reports of an upcoming interest rate cut by the United States Federal Reserve.

However, some analysis points to a dip before continuing an upward rally.

Bitcoin was up 7% over the past week at the time of writing, but altcoins showed a bit more resilience.

Sonic – formerly Fantom (FTM)

FTM is the native token for Fantom, a high-performance smart contract platform that is rebranding as Sonic.

The rebranding will see a new native token, the S token, replace the existing FTM token through a 1:1 migration.

The Sonic blockchain will operate as a new layer-1 solution, featuring a built-in layer-2 bridge that connects directly to Ethereum.

The upcoming upgrade has sparked renewed optimism among the community, and the FTM token is reaping the gains. 

FTM was up 31.7% over the past seven days at the time of writing, with a trading range of $0.3592 – $0.4962. The token has steadily posted gains since starting the week at $0.39. 

At press time, the four-hour FTM/USDT Chart suggested that FTM is in a strong uptrend.

However, the Relative Strength Index (RSI) at 78.41 indicates that it may be due for a short-term correction or consolidation before potentially continuing its upward movement.

Avalanche (AVAX)

AVAX, the native token of layer-1 blockchain Avalanche, traded between $20.19 – $26.71 over the past seven days, hitting the weekly high on August 23. 

Starting the week at $21.08, the token dipped to a low of $20.51 on Monday and has since moved higher. The token was up 30.6% over the past seven days.

Some of the key drivers behind the surge include Franklin Templeton’s launch of a tokenized money market fund on the Avalanche blockchain, which expands access to institutional investors.

Additionally, the minting of over $20 million in Agora AUSD, a new open stablecoin model on Avalanche, has also been viewed as a positive development, alongside Grayscale’s unveiling of an investment trust for AVAX.

Aave (AAVE)

AAVE, the native token for the decentralized lending platform Aave,  made the top gainers list two weeks in a row. Last week’s report showed that the token had posted weekly gains of 11.6%. As of August 23, the altcoin was up 28.2% in the past seven days, eclipsing its last week’s gains.

AAVE traded in a range of $107.41 – $142.16, hitting its weekly high on August 22. At press time, it was standing at $136.13.

The token was a favorite among whales this week, with a significant purchase of $10.4 million worth of AAVE by one whale on August 22, following earlier large transactions of $3.92 million and $6.65 million. 

This surge in whale activity coincided with key proposals aimed at enhancing Aave’s tokenomics, such as the “Umbrella” proposal to reduce sell pressure by covering bad debt with various assets and another plan to redistribute revenue to stakers and initiate token buybacks.

Further, the recent integration of Aave V3 on Ethereum’s layer-2 network, ZKsync Era, and the proposed “Aavenomics” upgrade also contributed to this bullish momentum.

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