After a disappointing start to the week, Bitcoin managed to offset some of its weekly losses, while the altcoin market reacted positively to the rebound with QNT, OM, and FTM leading weekly gains.
Starting the week below the $54,000 mark BTC steadily climbed above $57,000 before dipping to $55,000 on Wednesday.
However, since then, the leading cryptocurrency has shown no signs of stopping and has reached a weekly high of $58,386 as of September 13.
Bitcoin’s 24-hour trading volume was also up at presstime suggesting that traders were entering the weekend on a positive note.
The subtle shift in sentiment coincided with business intelligence firm MicroStrategy announcing that it had acquired 18,300 BTC in between Aug. 6 and September 12.
Earlier in the week, Metaplanet, which is often referred to as Asia’s MicroStrategy, had also made a notable BTC purchase, further cementing the fact that institutions were betting on Bitcoin’s long-term value.
On social media platform X, analysts were equally optimistic about BTC’s future trajectory.
According to Crypto Vikings, Bitcoin was teetering on the edge of a potentially massive breakout above the 200-period Exponential Moving Average (EMA) on the 4-hour chart.
The previous attempt resulted in a “fakeout,” a false upward movement that quickly reversed, trapping bullish traders.
However, with the current price action flirting once again with the 200 EMA, there are hopes for a “real breakout” this time, with the analyst suggesting that BTC might finally breach this significant technical barrier and surge higher.
On a similar note, crypto analyst Inmortal was expecting a short squeeze, predicting that Bitcoin’s breakout above resistance could force short sellers to cover positions, driving a rapid rally toward $61,000 or higher in the near term.
Amid renewed optimism, Bitcoin had recorded a weekly gain of over 7% as of presstime, a rally that also intensified gains across the altcoin market.
Quant (QNT)
QNT, the native token of open-source communication protocol Quant caught the highest gains over the past week, hitting a weekly high of $77.59, on Sep. 13.
At the time of writing, the altcoin’s weekly gains stood at 28.7% with its price range bound between $56.5 and $77.6.
QNT’s weekly price surge appears to be driven by the recent announcement of new staking capabilities on the Overledger Network, as confirmed by Quant’s CEO, Gilbert Verdian.
The revised Terms and Conditions now incorporate staking provisions, aimed at increasing the token’s utility by encouraging long-term holding and limiting its circulating supply.
In addition to offering potential rewards for token holders, this strategic update strengthens QNT’s intrinsic value by deepening its integration with the network’s functionality.
Investors have responded positively to this development, viewing it as a catalyst for both increased demand and reduced supply, which could further drive the token’s price upward.
Fantom (FTM)
FTM is the native token for Fantom which is set to rebrand as Sonic, a layer 1 solution that will be featuring a built-in layer-2 bridge that connects directly to Ethereum.
FTM, which will soon be replaced with the brand new S token, was up 28.6% over the past seven days at the time of writing, with a trading range of $0.368 – $0.5033.
The token has steadily posted gains since starting the week at $0.38.
The recent surge in FTM’s price can be primarily attributed to the successful launch of the Sonic testnet, which has achieved a record-breaking transaction finality of 720 milliseconds.
With such speeds, Sonic is being touted as the fastest among Ethereum Virtual Machine (EVM) compatible blockchains by eliminating the need for multiple block confirmations, and as a result, drawing in a lot of attention from traders.
Mantra (OM)
OM, the native token of DeFi solutions platform Mantra stood at the third spot after reaching a weekly high of $1.17 on Sep. 13.
As of this report, the token has posted weekly gains of 28.2%, trading within a range of $0.84 to $1.16 over the past seven days.
The weekly surge in MANTRA’s price coincides with the final phase of DuKong, a project integrating tokenization efforts between Dubai and Hong Kong, ahead of its Mainnet launch.
MANTRA’s expansion in these two critical regions is driving growth, further supported by the introduction of a Dirham-pegged Tether, which is expected to strengthen the real-world asset (RWA) ecosystem in the area.
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