Weekly Market Watch: Ethereum Bullish Surge Boosts Altcoins’ Performance

You are here: Home / News / Weekly Market Watch: Ethereum Bullish Surge Boosts Altcoins’ Performance The previous week witnessed a bulli...

You are here: Home/ News/ Weekly Market Watch: Ethereum Bullish Surge Boosts Altcoins’ Performance

The previous week witnessed a bullish surge in the crypto market that posed a challenge to the bears in their bid to counter the momentum of the bulls. While both Bitcoin and Ethereum were affected by this upward trend, Ethereum appeared to have a better grip on restraining the bears. Nonetheless, this surge had a favourable influence on the general market outlook. 

While some altcoins experience gains in the weekly chart, standing out in the crypto market for their batter performances amidst the bullish trend in the leading currencies.

Some low-cap coins on the list of weekly gainers have shown substantial growth, with Chiliz (CHZ) leading the pack, followed by Curve DAO Token (CRV), and third, in line is Enjin Coin(ENJ).

Chiliz (CHZ) has experienced a significant surge of 12.57% 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 announcement. Chiliz (CHZ), a prominent player in the blockchain industry, has unveiled a collaboration with Blockasset, a sports token firm. 

Blockasset has pledged to develop its offerings on the new Chiliz Blockchain, and the partnership will allow it to leverage Chiliz Labs, a $50 million accelerator and incubator initiative, to support its innovative project. 

CHZ 7D graph coinmarketcap
Source: CoinMarketcap

Currently, CHZ is trading at $0.1304, demonstrating a 5.85% decrease in the past 24 hours and 5.83% in its marketcap. The token hit its peak of $0.141 after beginning the week at $0.1219, displaying a strong and remarkable performance. 

Meanwhile, Curve DAO Token (CRV) is also gaining attention from the community as a second top weekly performer. Over the past week, CRV has experienced a surge of approximately 12.56%. As of now, CRV is trading at $0.9903; in the last 24 hours, the token has experienced a 4.18% decrease.

CRV 7D graph coinmarketcap
Source: CoinMarketcap

Enjin Coin (ENJ), which is currently trading at $0.4394 with a 12.46% rise in the weekly chart, is also gaining attention. This surge can be attributed to the latest announcement. 

ENJ 7D graph coinmarketcap
Source: CoinMarketcap

Recently, Enjin teased its upcoming platform on Twitter, giving users the ability to create collections, tokens, and beams while developers can approve and destroy assets. The new platform will include a marketplace, nft.io, with basic features and the potential to work with Efinity.

Moreover, some popular coins are experiencing gains in weekly charts, including INJ at 11%, CSPR at 8%, and RUNE, with an increase of 10%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Bitcoin, the largest cryptocurrency, hit a major resistance level of $29,159.90 in the previous week, sparking excitement amongst traders as it inches closer to the coveted $30,000 threshold. 

BTC 7D graph coinmarketcap
Source: CoinMarketcap

Despite facing remarkable resilience in recent weeks, BTC’s price has remained in a tight range this past week. However, Santiment reported that there appears to be an increasing number of individuals holding onto their Bitcoin investments for extended periods of time. 

This trend has been noted as traders appear to have become more satisfied with maintaining their holdings for the long haul. Interestingly, a comparable pattern emerged earlier this year from January to April 2021, when the value of BTC surged past $64k for the very first time.

Ethereum surged to an 8-month high last week, reaching a key resistance level of $1,937.50. Ethereum is currently trading above $1,850 but is facing resistance near $1,880, with the next major resistance zone near $1,900. 

But failing to clear $1,880 may lead to a decline toward $1,800. Additionally, Ethereum’s upcoming Shanghai upgrade launching on April 12, 2023, could potentially push its price above $2,000.

ETH 7D graph coinmarketcap
Source: CoinMarketcap

According to the data from CoinMarketCap, Bitcoin is currently trading at $28,198.24, with a 0.27% growth over the past seven days but a 0.93% increase in the past 24 hours. While Ethereum is trading at $1,860.84, experiencing a 3.88% increase in the last seven days and a 0.26% increase in 24 hours.

Related Reading | Chiliz (CHZ) 24 Hours Trading Volume Boosted By 195% Following New Partnership


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