Weekly Market Watch: Bitcoin and Ethereum’s Bullish Ride, Altcoin Shines

In the previous week, the cryptocurrency market showed promising signs as Bitcoin and Ethereum embarked on a bullish ride, reaching their highest levels in eight months. This bullish trend positively influenced the overall market sentiment.

Nonetheless, some lower market cap altcoins outperformed Bitcoin and Ethereum, recording significant gains in the weekly chart. These coins stood out in the crypto market with their impressive performances amidst the bullish trend of Bitcoin and Ethereum.

Some low-cap coins on the list of weekly gainers have shown substantial growth, with Conflux (CFX) leading the pack, followed by Stacks (STX), and third in line, is Mask Network (MASK).

Conflux (CFX) has surged by 200% in the past seven days, making it the top-performing coin among the top 100 tokens by market cap. Its success is largely attributed to its compliance with Chinese regulatory requirements and partnerships with big-name enterprises, such as Little Red Book and China Telecom.

The recent incorporation of Little Red Book into its ecosystem has enabled its 180 million+ users to display NFTs produced on Conflux on their page.

At present, CFX is trading at$0.4443demonstrating a 10% increase in the past 24 hours and a significant 9.95% surge in its marketcap. The token hit its peak of $0.48 after beginning the week at $0.1479, displaying a strong and remarkable performance.

Meanwhile, Stacks (STX) is also gaining attention from the community as a second top weekly performer. Over the past week, STX has experienced an impressive surge of approximately 112%. As of now, STX is trading at $1.18; in the last 24 hours, the token has experienced a 2.65% decrease.

The STX price surge was triggered by the DeGods NFT collection’s announcement of their very own Bitcoin Ordinals NFT collection. Unlike Yuga Labs, DeGods is using the auction method to sell 535 rare NFTs from its OG collection inscribed on the Bitcoin block 776408. The first auction sold for 3.2 BTC or around $84,000, which is over 700% higher than the original price.

Mask Network (MASK), which is currently trading at $6.04 with a 100% rise in the weekly chart, is also gaining attention. 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 thedatafrom 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 towards the end of last year, the world’s largest cryptocurrency has managed to mark its key resistance at $28,000 this past week.

Bitcoin bulls initiated a rally on March 17th with the goal of reaching its major resistance level of $28,000. They were able to breach the key resistance at $27,000, which marked the highest level since June. Today, on March 19th, BTC succeeded in surpassing its major resistance level.

However, the past week has been bullish for Bitcoin, as it gained momentum and moved towards its next significant resistance level at $30,000. 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 $1,800 since August 2022.

According to the data fromCoinMarketCapBitcoin is currently trading at$28,125.55with a 31.21% growth over the past seven days but a 2.83% increase in the past 24 hours. While ETH is trading at$1,801.79experiencing a 0.51% increase in the past 24 hours and a 16.22% over the past seven days.