Top 5 cryptocurrencies to watch this week: BTC, ADA, AXS, LINK, FTT By Cointelegraph

(BTC) is attempting to notch its second successive weekly gains and end at the highest weekly closing price year-to-date. According to on-chain data from Glassnode, the recovery in Bitcoin’s price was driven by demand in the spot markets. This is likely to cheer the bulls because history suggests that spot market demand leads to the sustained upside.

Another positive sign is the strong demand for the ProShares Bitcoin Strategy exchange-traded fund (ETF) in the past two weeks, which pushed its exposure to a record high. Arcane Research said the strong inflows “suggest that Bitcoin appetite through traditional investment vehicles is increasing.”