Last week, the crypto market experienced a surge in bullish activity that presented a challenge to the bears’ efforts to counter the bulls’ momentum. Bitcoin and Ethereum both showed an upward trend and had a stronger hold in preventing the bears from taking over. This surge had a positive impact on the overall market outlook.
Several alternative cryptocurrencies have demonstrated gains in the weekly chart, distinguishing themselves in the cryptocurrency market for their superior performance during the bullish trend of the top currencies.
Some low-cap coins on the list of weekly gainers have shown substantial growth, with WOO Network (WOO) leading the pack, followed by Injective (INJ), and third in line is Arbitrum (ARB).
WOO Network (WOO) has experienced a significant surge of 60% 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 Q1 performance. WOO Network has seen growth in its community and brand awareness due to its ambassador program, including Satsdart and Cevo. They work closely with the team to improve products, increase brand awareness and grow the user base.
Additionally, WOO Force’s community empowerment program has expanded to cover over 20 regions globally. Localized Twitter accounts have garnered over 250,000 impressions in Q1. The network plans to continue working with high-quality individuals to bring its products to a wider audience.
Currently, WOO is trading at $0.3285, demonstrating a $0.3285 increase in the past 24 hours and 0.97% in its marketcap. The token hit its peak of $0.3462 after beginning the week at $0.2063, displaying a strong and remarkable performance.
Meanwhile, Injective (INJ) is also gaining attention from the community as a second top weekly performer. Over the past week, INJ has experienced a surge of approximately 52%. Currently, INJ is trading at $8.66; in the last 24 hours, the token has experienced a 6% rise.
Arbitrum (ARB), which is currently trading at $1.64 with a 39.75% rise in the weekly chart, is also gaining attention. This surge can be attributed to the latest announcement.
It was revealed that Bluefin had launched its first trading competition on Arbitrum with new markets. The contest, open to everyone, will run in two phases from April 13th to 20th and April 24th to May 1st. Participants must maintain $1,000 in account value and execute at least one trade in the ARB-PERP market.
Moreover, some popular coins are experiencing gains in weekly charts, including ROSE at 32.07%, CSPR at 37.32%, and RPL, with an increase of 36%, according to the data from CoinMarketcap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
Bitcoin, the largest cryptocurrency, has surged above $30,000 for the first time in ten months, reaching a significant resistance level. According to Santiment, there have been 82% more mentions of this milestone compared to when Bitcoin crossed $25,000 four weeks ago. This achievement has generated much hype in the cryptocurrency world.
Bitcoin’s surge past $30,000 has been attributed to spot trading, as the ratio of spot trading volume to derivatives has declined since March 26th. However, this could increase the risk for new buyers.
The Estimated Leverate Ratio indicator suggests 30K is a psychological resistance line. Some market participants respond with high leverage to limit losses and maximize profits in the event of a decline.
Ethereum (ETH) hit a new yearly high in the last week, crossing $2,000 for the first time in 9 months. The successful implementation of the highly anticipated Shanghai upgrade played a significant role in this achievement. The upgrade acted as a positive catalyst for Ethereum, propelling it to a new peak of $2,100.
According to the data from CoinMarketCap, Bitcoin is currently trading at $30,320.45, with a 7.64% growth over the past seven days and a 0.18% increase in the past 24 hours. While ETH is trading at $2,122.05, experiencing a 14.01% increase in the last seven days and a 1.58% increase in 24 hours.
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