Crypto Market Sees Wild Week with Velvet Soaring 235%

This week was marked by a rollercoaster of price movements in the crypto market. Bitcoin (BTC) and Ethereum (ETH) continued their weak performance, while major cryptocurrencies struggled to gain traction.

However, capital rotated into low-cap altcoins, resulting in triple-digit rallies for select tokens. Velvet (VELVET) emerged as the biggest weekly gainer with a 235% rally, pushing it closer to its $1.80 all-time high.

The token's RSI has pushed deep into overbought territory, suggesting profit-taking could kick in. Yet, price history suggests the rally may not be over yet, as Velvet continued pushing higher after a 157% rally in early June.

DeXe (DEXE) came in as the second-biggest weekly gainer with a 60% climb, reclaiming the $22 level for the first time since Q4 2021. This move suggests the bulls are still in control, and if momentum continues, a break above $25 could trigger another leg higher.

Audiera (BEAT) rounded out this week's top three gainers with a 45% rally. The token crashed nearly 70% last week, but has since rebounded sharply, indicating buyers have stepped back in aggressively after an oversold move.