Last week, the crypto market experienced a bullish surge, which left bears struggling to counter the bulls’ momentum. Notably, both Bitcoin and Ethereum faced the brunt of this upward trend. However, the positive impact of this surge had a favorable effect on the overall market outlook.
Nevertheless, certain altcoins displayed considerable gains in the weekly chart, standing out in the crypto market for their exceptional performances amidst the bullish trend of Bitcoin and Ethereum.
Some low-cap coins on the list of weekly gainers have shown substantial growth, with Solar (SXP) leading the pack, followed by Hedera (HBAR), and third in line is Stellar (XLM).
Solar (SXP) has experienced a significant surge of 160% over the past week, making it the leading performer among the top 100 tokens by market capitalization.
This rise in value can be attributed mainly to its recent achievement of Binance, the leading global crypto exchange, which has announced its support for the mainnet swap and rebranding plan of Swipe (SXP) to Solar (SXP).
As per the plan, all ERC20, BEP2, and BEP20 Swipe (SXP) tokens will be migrated to the Solar mainnet at a ratio of 1 Swipe (SXP) = 1 Solar (SXP):
After the mainnet swap is complete, deposits and withdrawals of ERC20, BEP2, and BEP20 Swipe (SXP) tokens will no longer be supported. Binance will only support deposits and withdrawals of Solar (SXP) tokens via its mainnet.
Currently, SXP is trading at $0.6933, demonstrating a 16% increase in the past 24 hours and a 14.14% surge in its marketcap. The token hit its peak of $0.736 after beginning the week at $0.2641, displaying a strong and remarkable performance.
Meanwhile, Hedera (HBAR) is also gaining attention from the community as a second top weekly performer. Over the past week, FLR has experienced a surge of approximately 18.24%. As of now, HBAR is trading at $0.07149; in the last 24 hours, the token has experienced a 1.66% decrease.
The HBAR price surged following the developers of HashPack announced the release of version 7.1.1. The latest update addresses several community-raised issues and includes improvements to token price accuracy.
In addition, the update addresses some community-raised issues, including fixing AR support in mobile apps and improving the transfer confirmation screen.
Stellar (XLM), which is currently trading at $0.108 with a 17.76% rise in the weekly chart, is also gaining attention. This surge can be attributed to the latest announcement that Coinme and Stellar Development Foundation have partnered to introduce Circle’s USDC on Stellar through the Coinme wallet.
The integration will improve the accessibility and user experience of USDC, promoting financial inclusion and providing a new option for unbanked or underbanked Americans to access digital finance.
Moreover, some popular coins are experiencing gains in weekly charts, including XRP at 16%, FXS at 8%, and DOGE, with an increase of 6%, according to the data from CoinMarketcap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
Bitcoin, the largest cryptocurrency, has hit a major resistance level of $29,159.90 in the past week, sparking excitement amongst traders as it inches closer to the coveted $30,000 threshold.
Despite facing multiple hurdles, Bitcoin has displayed remarkable resilience in recent times, consistently attempting to set new local all-time highs. This impressive performance was in sharp contrast to market predictions at the end of last year when many observers anticipated a steep drop to $10,000 following the collapse of FTX.
As it turns out, Bitcoin has defied expectations, closing out Q1 2023 with a remarkable surge of over 70%, marking its best quarter in two years. According to Santiment, there also has been a significant increase in the number of addresses holding ten or more Bitcoins, with a staggering rise of 10,279, or a 7.1% increase, since February 2022.
Although the overall percentage of available Bitcoin held by these wallets has remained relatively stagnant, the actual amount is quickly closing in on the all-time high recorded in September 2019.
Ethereum, the second most valuable cryptocurrency, has faced a similar fate to Bitcoin but has seen a slight increase in value over the past week. It recently reached a key resistance level of $1,844.68.
Lately, there has been a battle between buyers and sellers for Ethereum’s price, with buyers looking to surpass the significant resistance level of $2000 and sellers resisting.
Ethereum’s upcoming upgrade, the Shanghai upgrade, is set to launch on April 12, 2023, and is expected to significantly impact the cryptocurrency’s price, potentially pushing it above $2000.
According to the data from CoinMarketCap, Bitcoin is currently trading at $28,044.81, with a 1.02% growth over the past seven days but a 1.73% decrease in the past 24 hours. While ETH is trading at $1,786.93, experiencing an increase in the last seven days and a 2.03% decrease in 24 hours.