Weekly Market Watch: Bitcoin and Ethereum Rally, Altcoins Shine
Over the past week, the cryptocurrency market has experienced a surge in optimism as both Bitcoin and Ethereum rallied, pushing back against the bears. This bullish trend had a positive impact on the overall market sentiment.
Despite this, many altcoins with lower market caps have managed to outperform both Bitcoin and Ethereum, posting significant gains on the weekly charts. These coins stood out from the crowd in the crypto market, showing impressive performance in the face of the bullish momentum of Bitcoin and Ethereum.
Some low-cap coins have shown substantial growth in the list of weekly gainers, with Render Token (RNDR) leading the pack, followed by Casper (CSPR), and FLOKI third in line.
Rendar Token (RNDR) has gained 45% in the past seven days, making it the top performing coin among the top 110 tokens by market cap. Its success is largely attributed to community acceptance for the expansion of the Render Network on the Solana (SOL) blockchain.
Source: Coinmarketcap
This comes after the approval of two proposals, RNP-002 and RNP-003, by the render community on 26 April. Final snapshot vote results for both resolutions showed approval of 99.26% and 99.9% respectively, meeting the minimum quorum for a final vote and passing of both resolutions.
This modified approach to the allocation of network resources has resulted in positive feedback from the community and an increase in the value of the RNDR token.
Currently, RNDR is trading at $2.41, showing a growth of 2.19% in the last 24-hours and a significant increase of 2.67% in its marketcap with a 40% increase in 24-hour trading volume. After starting the week at $1.8146 the token displayed a strong and remarkable performance reaching its peak of $2.5758.
Meanwhile, Casper (CSPR) is also garnering attention from the community as the second top weekly performer. During the last week, CSPR has experienced an impressive growth of around 25.08%. As of now, CSPR is trading at $0.06319; In the last 24 hours, the token has gained a significant 9.40%.
Source: Coinmarketcap
The CSPR price hike was triggered by the network’s announcement that Casperpunks recently introduced a new collection of digital collectibles exclusively on Casper. The chain comes with several features, including the advantage of early project launch.
The collectibles also allow users to attach their NFTs to Ghost Town and create personalized merchandise. This latest development is expected to attract the attention of NFT collectors and enthusiasts.
FLOKI, which is currently trading at $0.00003457 with a 20% increase on the weekly charts, is also gaining attention. In a recent announcement, it was revealed that Floki is now officially live on BinanceUS, a significant development that hopefully further legitimizes #memecoin. This news is especially noteworthy as it firmly completes the #memecoin trilogy with DOGE and SHIB.
Source: Coinmarketcap
In addition, according to data from Coinmarketcap, some popular coins are experiencing gains on the weekly charts, including CFX up 14%, InternetComputer up 18% and Solana (SOL) up 8%.
Bitcoin (BTC) and Ethereum (ETH) Weekly Review
Bitcoin’s recent bearish momentum has come to an abrupt end. With its strong performance, the world’s largest cryptocurrency has managed to mark its key resistance near $30,000 in the past week.
Source: Coinmarketcap
according to recent do By Sentiment, the trading volume of bitcoin has exceeded $30 billion per day. This increase in trading volume comes at a time when the cryptocurrency experienced large fluctuations in its price, with its values ranging between $27,400 and $30,200. These fluctuations have resulted in huge fluctuations in the prices in the market.
However, the second most valuable cryptocurrency, Ethereum, has also suffered a similar fate, having experienced a sharp increase in price last week and marking its key resistance at $1,962.57.
Emotion do It also highlights that the number of Ethereum sharks and whales has increased over the past year. The tweet compared the current number of addresses holding 1,000 or more ETH from last year, which revealed an increase of 380 addresses (an increase of 5.7%).
This increase in the number of large holders comes at a time when ETH price has declined significantly by 34.8%. The reduction in price has made it easier for these large holders to accumulate more ETH.
Source: Coinmarketcap
According to CoinMarketCap data, bitcoin is currently trading at $29,406.86, up 6.46% over the past seven days and 0.76% over the past 24 hours. While ETH is trading at $1,890.68, down 0.67% over the past 24 hours and down 1.44% over the past seven days.
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Source: www.tronweekly.com
