Weekly Market Watch: Ethereum Bullish Surge Boosts Altcoins’ Performance
Last week saw a bull run in the crypto market that challenged the bears in their bid to match the momentum of the bulls. While both Bitcoin and Ethereum were affected by this uptrend, Ethereum showed better hold on the bear halving. However, this rally had a favorable impact on the general market outlook.
While some altcoins experienced gains in the weekly charts, the crypto market stood out for its outperformance amid a bullish trend in major currencies.
Some low-cap coins have shown substantial growth in the list of weekly gainers, with Chiliz (CHZ) leading the list, followed by Curve DAO Token (CRV) and Engine Coin (ENJ) at number three.
Chiliz (CHZ) has experienced significant growth of 12.57% over the past week, making it the leading performer among the top 100 tokens by market capitalization.
This increase in price can be mainly attributed to its recent announcement. Chiliz (CHZ), a major player in the blockchain industry, has revealed a collaboration with sports token firm Blockset.
Blockset has promised to develop its products on the new Chiliz blockchain, and the partnership will allow it to leverage Chiliz Labs, a $50 million accelerator and incubator initiative, to support its innovative project.
Source: Coinmarketcap
Currently, CHZ is trading at $0.1304, showing a decrease of 5.85% in the last 24 hours and a decrease of 5.83% in its marketcap. After starting the week at $0.1219, the coin displayed a strong and remarkable performance reaching its peak at $0.141.
Meanwhile, the Curve DAO token (CRV) is also gaining attention from the community as the second top weekly performer. During the last week, the CRV has increased by around 12.56%. As of now, CRV is trading at $0.9903; In the last 24 hours, the token has lost 4.18%.
Source: Coinmarketcap
Enjin Coin (ENJ), which is currently trading at $0.4394 with an increase of 12.46% on the weekly chart, is also attracting attention. This surge can be attributed to the latest announcement.
Source: Coinmarketcap
Recently, Enjin teased its upcoming platform on Twitter, giving users the ability to create collections, tokens, and beams, while developers can approve and destroy assets. The new platform will include a marketplace, nft.io, with infrastructure and the ability to work with Efinity.
Furthermore, according to CoinMarketcap data, some popular coins are experiencing gains on the weekly charts, including INJ with an increase of 11%, CSPR with an increase of 8%, and RUNE with a gain of 10%.
Bitcoin (BTC) and Ethereum (ETH) Weekly Review
Bitcoin, the largest cryptocurrency, hit a key resistance level of $29,159.90 over the past week, fueling enthusiasm among traders as it inched closer to the coveted $30,000 threshold.
Source: Coinmarketcap
The price of BTC has remained in a tight range this past week, despite experiencing notable volatility in recent weeks. However, the sentiment informed of There appears to be an increasing number of individuals looking to hold onto their bitcoin investments for extended periods of time.
This trend has been noticed as traders have become more satisfied with maintaining their holdings for the long term. Interestingly, a comparable pattern emerged earlier this year from January to April 2021, when BTC’s value crossed $64,000 for the first time.
Ethereum climbed to an 8-month high last week, reaching the key resistance level of $1,937.50. Ethereum is currently trading above the $1,850 level, but the next major resistance area is facing the $1,900 level near the $1,880 level.
But a failure to clear $1,880 could spark a decline towards $1,800. Additionally, Ethereum’s upcoming Shanghai upgrade will be launched on April 12, 2023, which could potentially push its price above $2,000.
Source: Coinmarketcap
According to CoinMarketCap data, bitcoin is currently trading at $28,198.24, up 0.27% over the past seven days, but up 0.93% over the past 24 hours. While Ethereum is trading at $1,860.84, experiencing an increase of 3.88% over the past seven days and 0.26% over 24 hours.
Related Reading | Chiliz (CHZ) 24-hour trading volume surges 195% following new partnership
Source: www.tronweekly.com