What Happened: The apex coin rose 3.35% to $58,199.23 over 24 hours. For the week, BTC has risen 6.36%.
Ethereum (CRYPTO: ETH) was up 2.88% at $3,622.38 over 24 hours. Over a seven-day period, the second-largest cryptocurrency has appreciated 2.49%.
Shiba Inu-themed Dogecoin (CRYPTO: DOGE) gained 3.2% to $0.24; for the week, it has fallen 4.05%.
Telcoin was the top 24-hour gainer at press time. As per CoinMarketCap data, the coin shot up 18.62% to $0.02088. Over a seven-day period, TEL has risen 19.18%.
TEL gained 14.89% and 15.21% against BTC and ETH, respectively.
Another notable gainer was Polkadot, which rose 14.61% over 24 hours to $40.75. For the week, DOT appreciated 31.18%.
See Also: How To Buy Polkadot (DOT)
Why It Matters: Bitcoin charted a recovery on Wednesday after touching an intraday low of $54,370.97.
Ki Young Ju, CEO of analytics platform CryptoQuant, said on Twitter that despite a ban on BTC and other cryptocurrencies by China “miners including those who were in China are holding $BTC in mining wallets.”
Ki noted that there was no “significant miner outflow” compared with earlier this year.
$BTC miners are on the bull side now.
Despite China’s Crypto Ban, miners including those who were in China are holding $BTC in mining wallets.
— Ki Young Ju 주기영 (@ki_young_ju) October 13, 2021
On the altcoin side, analyst Michaël van de Poppe noted that DOT was on fire. The coin was observed as trending among retail investors at press time.
— Michaël van de Poppe (@CryptoMichNL) October 13, 2021
Van de Poppe tweeted that the “real altcoin party begins when [ETH] breaks above $4,000.”
Meanwhile, DOGE-focused YouTuber Matt Wallace said altcoins are “starting to trend.”
#altcoins is starting to trend. Dogecoin is currently by far the most underrated Altcoin!
— Matt Wallace (@MattWallace888) October 12, 2021
Notably, it is not yet altcoin season, as per Blockchaincenter.net.