Weekly Market Watch: Bitcoin, Ethereum Hold Steady As Meme Coins Rally

During the previous week, there was a surge of optimism in the cryptocurrency market, with Bitcoin and Ethereum maintaining stability and resisting the bears. Additionally, meme coins rallied, contributing to the bullish trend and improving the general market sentiment.

Two meme coins with smaller market caps surpassed Bitcoin and Ethereum and showed remarkable growth in the weekly chart. These coins distinguished themselves in the crypto market by demonstrating impressive performance.

Some low-cap coins on the list of weekly gainers have shown substantial growth, with Pepe (PEPE) leading the pack, followed by FLOKI. 

Over the last seven days, the Pepe (PEPE) cryptocurrency has experienced an astounding 300% surge. Despite being relatively new, PEPE has enjoyed a remarkable increase in spot trading volume in the last 24 hours, surpassing $2.9 billion and landing in fifth place among USDT, BTC, ETH, and USDC.

Binance, among the biggest cryptocurrency exchanges globally, recently added this new coin on May 5th, and it is anticipated that it will be responsible for the most substantial trading volume going forward. 

Within the last 24 hours, Binance has recorded a trading volume of $1.4 billion, positioning it as the third most significant cryptocurrency by trading volume, behind only BTC and ETH. Moreover, OKX has contributed the highest trading volume for this coin in the last 24 hours, amounting to an impressive $650 million.

At present, Pepe is trading at $0.000002778, demonstrating a 17.43% increase in the past 24 hours and a significant 15.45% surge in its marketcap, with a 45.12% decrease in the 24 hours trading volume. The token hit its peak of $0.000004354 after beginning the week at $0.0000004577, displaying a strong and remarkable weekly performance. 

Source: CoinMarketcap

Meanwhile, FLOKI is also gaining attention from the community as a second-top weekly performer. Over the past week, FLOKI has experienced an impressive surge of approximately 2%. As of now, FLOKI is trading at $0.00004036; in the last 24 hours, the token has experienced a significant 3.08% increase.

Source: CoinMarketcap

The price increase of FLOKI was initiated by various cryptocurrency exchange platforms announcing their decision to list the coin, including Binance and GEN 3.0 Crypto Exchange ixfi. Bitfinex, a prominent digital asset trading platform, also announced its support for FLOKI. 

The cryptocurrency community has responded positively to the news of FLOKI’s addition to multiple trading platforms, and investors are hopeful for potential gains in the near future.

Moreover, some popular coins are experiencing gains in weekly charts, including TRON at 4%, STX at 3%, and Rocket Pool, with an increase of 6%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

The world’s largest cryptocurrency, Bitcoin, maintained a steady position within its crucial resistance range of $28,178.39 to $29,952.03 over the last week. Meanwhile, the second most valuable cryptocurrency, Ethereum, encountered a comparable scenario, hitting a 15-day high of $2k while trading within its key resistance levels.

Source: CoinMarketcap

On May 4th, Ethereum’s active deposits hit an 8-month high, which Santiment predicts will increase volatility. On May 5th, exchange addresses interacting on the network reached a high point, indicating signs of decoupling and a potential $2,000 price point. ERC20 token transfers also hit a high point, indicating strong activity within the Ethereum ecosystem.

Source: CoinMarketcap

According to the data from CoinMarketCap, Bitcoin is currently trading at $28,771.36, with a 0.32% decrease over the past seven days and a 0.32% in the past 24 hours. While ETH is trading at $1,912.19, experiencing a 0.72% increase in the past 24 hours and 1.22% over the past seven days.

Related Reading | Bitcoin Transactions Break Records: On-Chain Activity Surges To Unprecedented Heights

Saeed Ul Hassan: Saeed Ul Hassan got into the crypto world since 2012. He, in fact, works as a data executor for big firms but finds cryptocurrencies very exciting and hence has been involved for an accountable time now. Saeed started traded digital assets amid the entrance to the crypto market and now writes, too. He specializes in technical analysis.