Last week, the cryptocurrency market witnessed a bullish surge, with Bitcoin and Ethereum leading the charge, hitting their highest marks in nine months. This uptrend had a favorable impact 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 XRP leading the pack, followed by Flare (FLR), and third, in line is NEXO.
XRP has experienced a significant surge of 20% 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 the highest trading volume on South Korea’s two major exchanges.
Its trading volume on Upbit and Bithumb in South Korea reached nearly $348 million in the last 24 hours, surpassing even Binance’s volume by almost 100 million tokens.
Currently, XRP is trading at $0.4539, demonstrating a 1.14% increase in the past 24 hours and a 1.15% surge in its marketcap. The token hit its peak of $0.4914 after beginning the week at $0.3884, displaying a strong and remarkable performance.
Meanwhile, Flare (FLR) is also gaining attention from the community as a second top weekly performer. Over the past week, FLR has experienced a surge of approximately 15%. As of now, FLR is trading at $0.03526; in the last 24 hours, the token has experienced a 1.40% decrease.
The FLR price saw a surge following the announcement of FlareDrop.01, which went live on March 17th. It is the first of 36 monthly FlareDrops, and wallets holding Wrapped FLR can claim up to 676 million FLR.
Across all drops, a total of 24.2 billion FLR will be claimable. Recently, the Wrap-delegate-claim-repeat process was announced. As the next FlareDrop isn’t until April 16th, now is a good time for Flare holders to familiarize themselves with the process.
NEXO, which is currently trading at $0.7337 with a 14% rise in the weekly chart, is also gaining attention. This surge can be attributed to the latest announcement that Nexo Pro and TheTieIO have partnered to provide highly customizable institutional-grade tools to advanced traders.
Moreover, some popular coins are experiencing gains in weekly charts, including SingularityNET(AGIX) at 49%, Fantom (FTM) at 38%, and WBTC, with an increase of 30%, according to the data from CoinMarketcap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
Bitcoin, the world’s largest crypto, has reached a key resistance level of $28,803.34 this past week. The bullish trend started on March 17th as Bitcoin bulls rallied with the goal of surpassing the $28,000 mark. Since then, Bitcoin has traded between $27,000 and $28,700, indicating a slight stall at the $28,000 level.
This double-digit rally has astounded investors, but the liquidity in crypto markets has remained dry. According to Conor Ryder from Kaiko, a metric used to assess Bitcoin’s liquidity – the bids and asks placed within a 2% range on both sides of market maker order books – has dropped to its lowest point in 10 months.
The decrease in liquidity is a result of companies that engage in buying and selling cryptocurrencies being unable to access dollar-payment systems.
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 $1,853.89.
According to the data from CoinMarketCap, Bitcoin is currently trading at $27,754.80, with a 0.33% growth over the past seven days but a 0.74% increase in the past 24 hours. While ETH is trading at $1,752.47, experiencing a significant increase in the 24-hour trading volume of about 15%.
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