Weekly Market Watch: Bitcoin And Ethereum’s Bullish Ride, Altcoin Shines

Weekly Market Watch: Bitcoin And Ethereum’s Bullish Ride, Altcoin Shines

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The previous week, the cryptocurrency market showed promising signs as Bitcoin and Ethereum embarked on a bullish ride, hitting their highest levels in eight months. This bullish trend positively influenced general market sentiment.

Nonetheless, some lower market cap altcoins outperformed Bitcoin and Ethereum, posting significant gains on the weekly chart. These coins stood out in the crypto market with their impressive performances amid the bullishness of Bitcoin and Ethereum.

Some small-cap coins on the weekly earnings chart have shown substantial growth, with Conflux (CFX) leading the way, followed by Stacks (STX), and third in line is Mask Network (MASK).

Conflux (CFX) is up 200% in the last seven days, making it the highest performing coin among the top 100 tokens by market cap. Its success is largely attributed to its compliance with Chinese regulatory requirements and partnerships with renowned companies such as Little Red Book and China Telecom.

The recent addition of Little Red Book to their ecosystem has allowed their more than 180 million users to display NFTs produced in Conflux on their page.

CFX 1D coinmarketcap 1 chart
Source: CoinMarketcap

CFX is currently trading at $0.4443, demonstrating an increase of 10% in the last 24 hours and a significant increase of 9.95% in its market capitalization. The token peaked at $0.48 after starting the week at $0.1479, showing strong and notable performance.

Meanwhile, Stacks (STX) is also garnering community attention as the second best weekly performer. Over the past week, STX has experienced an impressive increase of approximately 112%. As of now, STX is trading at $1.18; in the last 24 hours, the token has experienced a 2.65% decline.

STX 7D chart coinmarketcap 1
Source: CoinMarketcap

The STX price increase was triggered by the announcement of the DeGods NFT collection of its own Bitcoin Ordinals NFT collection. Unlike Yuga Labs, DeGods is using the auction method to sell 535 rare NFTs from his OG collection listed on Bitcoin block 776408. The first auction sold for 3.2 BTC or around $84,000, which is 700% higher than the original price.

The Mask Network (MASK), which is currently trading at $6.04 up 100% on the weekly chart, is also drawing attention. Additionally, some popular coins are seeing gains on the weekly charts, including SingularityNET (AGIX) up 49%, Fantom (FTM) up 38%, and WBTC, up 30%, according to the report. data from CoinMarketcap.

Bitcoin (BTC) and Ethereum (ETH) Weekly Review

Bitcoin’s recent streak of bearish momentum appears to have come to an abrupt end. With its strong performance towards the end of last year, the world’s largest cryptocurrency managed to mark its key resistance at $28,000 last week.

BTC 7D chart coinmarketcap 5
Source: CoinMarketcap

Bitcoin The bulls initiated a rally on March 17 with the aim of reaching its main resistance level of $28,000. They were able to break the key resistance at $27,000, which marked the highest level since June. Today, March 19, BTC managed to breach its main resistance level.

However, the past week has been bullish for Bitcoin as it gained momentum and inched towards its next significant resistance level at $30,000. Ethereum, the second most valuable cryptocurrency, has also suffered a similar fate, seeing a sharp rise in value in the past week and marking its key resistance at $1800 from August 2022.

ETH 7D chart coinmarketcap 6
Source: CoinMarketcap

According to data from CoinMarketCapBitcoin is currently trading at $28,125.55, with a growth of 31.21% in the last seven days but an increase of 2.83% in the last 24 hours. While ETH trades in $1,801.79experiencing an increase of 0.51% in the last 24 hours and 16.22% in the last seven days.

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