Over the past week, the cryptocurrency market has experienced a surge of optimism as both Bitcoin and Ethereum rallied, pushing back against the bears. This bullish trend had a positive effect on overall market sentiment.
In spite of this, a number of altcoins with lower market caps managed to outperform both Bitcoin and Ethereum and achieved significant gains in the weekly chart. These coins stood out from the crowd in the crypto market, showcasing impressive performances in the face of Bitcoin and Ethereum’s bullish momentum.
Some low-cap coins on the list of weekly gainers have shown substantial growth, with Render Token (RNDR) leading the pack, followed by Casper (CSPR), and third in line is FLOKI.
Render Token (RNDR) has surged by 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 the community’s approval of Render Network’s expansion onto the Solana (SOL) blockchain.
It comes after the approval of two proposals, RNP-002 and RNP-003, on April 26th by the Render community. The final Snapshot vote results for both proposals showed approvals of 99.26% and 99.9%, respectively, meeting the minimum quorum for a final vote and passing both proposals.
This revised approach to allocating network resources has resulted in a positive response from the community and boosted the value of the RNDR token.
At present, RNDR is trading at $2.41, demonstrating a 2.19% increase in the past 24 hours and a significant 2.67% surge in its marketcap, with a 40% surge in the 24 hours trading volume. The token hit its peak of $2.5758 after beginning the week at $1.8146, displaying a strong and remarkable performance.
Meanwhile, Casper (CSPR) is also gaining attention from the community as a second top weekly performer. Over the past week, CSPR has experienced an impressive surge of approximately 25.08%. As of now, CSPR is trading at $0.06319; in the last 24 hours, the token has experienced a significant 9.40% increase.
The CSPR price surge was triggered by the network’s announcement that CasperPunks has recently unveiled a fresh collection of digital collectibles exclusively on Casper. The series comes with a range of features, including the benefit of accessing project launches ahead of time.
The collectibles also allow users to engage their NFT in the Ghost Town and create personalized merchandise. This latest development is expected to draw the attention of NFT collectors and enthusiasts.
FLOKI, which is currently trading at $0.00003457 with a 20% rise in the weekly chart, is also gaining attention. In a recent announcement, it has been revealed that Floki is now officially live on BinanceUS, a significant development that is expected to legitimize the #memecoin further. This news is particularly noteworthy as it firmly completes the #memecoin trilogy with DOGE and SHIB.
Moreover, some popular coins are experiencing gains in weekly charts, including CFX at 14%, Internet Computer at 18%, and Solana (SOL), with an increase of 8%, according to the data from CoinMarketcap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
Bitcoin’s recent run of bearish momentum seems to have come to an abrupt end. With its strong performance, the world’s largest cryptocurrency has managed to mark its key resistance near $30,000 this past week.
According to a recent tweet by Santiment, Bitcoin’s trading volume has surged back above $30 billion per day. This increase in trading volume comes as the cryptocurrency’s price has experienced major fluctuations, with its value oscillating between $27,400 and $30,200. These fluctuations have led to significant price swings in the market.
However, Ethereum, the second most valuable cryptocurrency, has also suffered a similar fate, experiencing a sharp increase in value in the past week and marking its key resistance at $1,962.57.
Santiment tweet also highlights that the number of Ethereum sharks and whales has increased over the past year. The tweet compares the current number of addresses holding 1,000 or more ETH to the number from last year, revealing an increase of 380 addresses (a 5.7% rise).
This rise in the number of large holders comes at a time when ETH prices have experienced a significant drop of 34.8%. The decrease in price has made it easier for these large holders to accumulate more ETH.
According to the data from CoinMarketCap, Bitcoin is currently trading at $29,406.86, with a 6.46% growth over the past seven days and a 0.76% increase in the past 24 hours. While ETH is trading at $1,890.68, experiencing a 0.67% decrease in the past 24 hours and a 1.44% over the past seven days.
Related Reading | Aptos (APT) Soars 8% as Aptos Labs Joins Forces with Mastercard for Crypto Credential Innovation