Cryptocurrency markets continue to rise this week. The market value, which hung below 1 trillion dollars in the first days of the week, increased to over 1 trillion dollars again with the increase in demand in the remaining days and saw a growth of close to 5 percent on a weekly basis. Total cryptocurrency value continues to recover more than 20 percent after starting July at $890 billion, while it stands at $1.08 trillion today.

After the Fed's 75 basis point rate hike, we saw relief rallies in the markets. Meanwhile, Bitcoin rose as high as $24400. Currently, Bitcoin, which is at the channel resistance, continues to be traded at the $24,000 limit.


As long as we stay within the channel, the $24500-24700 region can be followed as resistance and the $21200-21400 region as support. As long as the Bitcoin (BTC) price stays above its 20-day average, we will continue to look at the market positively. The 20-day MA is currently crossing $21850.

While the eyes are turned to the monthly closing in Bitcoin, we see that the activity in Ethereum reflects positively on the altcoin market and there is a sign of recovery in altcoins. Although the losses of the investors staying inside seem difficult to cover in the short term, the signs of a return in Bitcoin have started to increase the risk appetite.

When we look at which altcoin the relief rally in Bitcoin works for the most, we see that Optimism (OP) comes to the fore in the first percent. OP, which has risen by 101% in the last 7 days, has also increased by 50% in the last 24 hours. Among the top 100 coins, the ones that have risen the most in the last 7 days are as follows: