The past week witnessed significant volatility in the crypto market, with many altcoins rising while others fell due to weakened investment demand. According to CEO Ayotunde Alabi of Luno Nigeria, Ethereum (ETH) continues to maintain its upward trend even as Bitcoin stalls, providing significant returns in both the short and long term.
Some other altcoins have also followed ETH, recording impressive gains. Therefore, this article will analyze three altcoins that are attracting attention in Nigeria this week that investors should watch.
Ethereum (ETH)
Ethereum (ETH) has surpassed the recent volatility phase with strong backing from investors. As more companies accept Bitcoin as a store of value in corporate treasuries, ETH is also gradually attracting interest.
Alabi emphasized that the growth of ETH reflects an increasing interest in the acceptance of this coin and its market potential.
“Bit Digital – a Nasdaq-listed company has completely shifted its treasury strategy to ETH, selling all of its Bitcoin holdings and using the $172 million raised to buy over 100,000 ETH. CEO Sam Tabar stated that the company views Ethereum's programming design, its expanding adoption, and the staking yield model as factors that could reshape the financial system,” Alabi shared.
ETH price increased by 23% in the past week, reaching $3,618 and marking a six-month high. This rise became stronger after ETH formed a golden cross pattern last week.
With positive upward momentum, the top altcoin by market capitalization is currently aiming for the $4,000 mark in the coming days, supported by investor confidence and increasing institutional interest.
However, if the upward momentum of ETH weakens and investors decide to take profits, the price could slide down to $3,131. This would erase a significant portion of the recent gains and invalidate the current bullish outlook.
Ripple (XRP)
Ripple (XRP) has shown impressive performance this week, with a 24.1% increase and reached a new ATH at $3.66. This price surge has helped XRP become the third most traded coin on the Luno platform in Nigeria.
The rise reflects growing interest in XRP, particularly in regions like Nigeria, contributing to a positive market sentiment.
Currently, XRP is still holding above the support level of $3.38. Although the price is showing signs of slight correction, the Parabolic SAR indicator remains below the candles, indicating that the upward trend is still maintained.
If the upward trend continues, XRP could surpass the ATH of $3.66 and move towards the $3.8 mark, marking another new growth phase.
However, the risk of a price decline could still occur if this altcoin faces strong selling pressure. The new historical peak reached after six months of sideways movement.
If the price drops below the support level of $3.38, XRP could retreat to $3 or lower, invalidating the current bullish outlook and signaling a market correction scenario.
Hedera (HBAR)
Hedera (HBAR) increased by 33% in the past seven days and is currently trading at $0.268. This increase is mainly attributed to its close correlation with Bitcoin, with a correlation coefficient reaching 0.92 – indicating that HBAR's price volatility is greatly influenced by Bitcoin's performance in the market.
The rise of HBAR has been reflected in trading volumes on the Luno exchange in Nigeria, where HBAR has become one of the most traded altcoins.
“The latest catalyst comes from the RAISE 2025 Summit, where Hedera was chosen as the ledger layer for Verifiable Compute – an AI solution developed by EQTY Lab in collaboration with NVIDIA, SCAN UK, and Accenture. Support from major organizations has rekindled interest from investors and marks a significant step for Hedera in expanding into the combined field of AI and blockchain,” Alabi shared.
The upward trend of HBAR is expected to continue if Bitcoin maintains its rise, pushing HBAR's price to $0.3. However, if Bitcoin declines, HBAR may share the same fate and drop accordingly. In this scenario, this altcoin could fall to $0.22, invalidating the current bullish outlook.