While Bitcoin bulls struggle to gather momentum for a complete rebound from Tuesday’s significant price plunge, Tezos is this week’s rags-to-riches narrative.
On Friday, Bitcoin fluctuated under a crucial weekly closing target as analysis showed the multi-week rise might be in jeopardy.
BTC Price Falls $1,500 Below Milestone
According to Cointelegraph Markets Pro and TradingView data, BTC/USD traded at about $46,000 on Friday after declining to about $47,450 the day before.
On the weekly chart, that level represents the lower limit of the upward trend for Bitcoin, which has been ongoing since the middle of July.
Now, to maintain that trend, trader and analyst Rekt Capital stated that BTC/USD needs to recapture it.
At the time of writing, Bitcoin was approaching the higher low objective by $1,500, so there was still much work to be done over the weekend to ensure a more optimistic close by the end of Sunday.
Tezos Outperforms Competition
As investors inexplicably flooded into Tezos on Friday, a strange picture was emerging concerning altcoins.
XTZ/USD unexpectedly started to break out, rising 24% on the day to become the best-performing cryptocurrency after making normal fluctuations consistent with the majority of prominent altcoins. The pair’s peak since mid-May was reached at $6.53.
Due to music artist Doja Cat, nonfungible token interest on Tezos is growing, and this week saw the first time that its blockchain processed 400,000 daily transactions.
While this was happening, Michal van de Poppe, a contributor to Cointelegraph, was excited to see Ether, the biggest altcoin, jump off of established support against BTC.
After the price of ETH/BTC turned upward at 0.071, he predicted further highs.