Weekly Crypto Market Analysis Feb 28 – March 7: Binance Coin Continues to Climb

The true nature of cryptocurrencies has finally been revealed after a very long time. After the healthy correction that was seen in the previous weeks, the crypto market has stabilized and returned to trading in green once again. With most cryptocurrencies gaining small percentages of their value, this week has been a great one for anyone who believes in the future of the crypto world.

While the popular virtual coins have managed to gain a lot of value, the lesser known virtual coins that were pumped the previous week have undergone a steep descent as expected. So, without wasting any more time, let us have a look at the best and the worst performers of the week.

The best performers of the week

This whole week screams Binance Coin (BNB). This digital utility coin on the Binance exchange has truly come to show its worth this year. Ever since the beginning of 2019, Binance Coin has been showing signs of a bullish move on several different occasions. By gaining over 100% of its value since the start of 2019, the BNB coin has once again managed to gain over 48% in just a week.

With its market cap going over $2 Billion, BNB has managed to outdo Tether (USDT), which was previously at the number 7 position according to CoinMarketCap. With the usage of Binance crypto exchange increasing at a rapid rate, the price of the BNB coin is likely set to increase a little more through this week as well.

Another digital coin that has been consistently performing well in the market is Litecoin (LTC)trade. Just like BNB, Litecoin has also been displaying bullish trends since the start of the year. A major reason for this bullish trend is the new partnerships that Litecoin has managed to acquire in recent times. Its partnership with Glory in February seems to have kicked in and driven the price up this week. Gaining over 23% in the past 7 days, Litecoin currently sits at the number 5 position on CoinMarketcap.

Other reputable cryptocurrencies such as Bitcoin, Ethereum, EOS, etc. have all seen their share of increase in value. Even though it is nowhere close to the increase experienced by BNB and Litecoin, this rise is definitely hinting towards the upcoming crypto bull run.

The worst performers of the week

While most cryptocurrencies did trade in green the entire week, there are a few cryptocurrencies that actually ended up losing some of their value. Among the popular cryptocurrencies, IOTA (MIOTA) was the biggest loser of the week. By losing over 5% in the past 7 days, IOTA sits at the number 14 crypto ranking.

Bitcoin SV too has lost 1.97% of its value over the past week. Even though the reasons for this loss are still quite unclear, such low percentage losses might indicate that they are going to begin a strong downward movement if they crypto market would even just slightly begin to trend in the red.

Most of the lesser known cryptocurrencies that were pumped last week have lost significant trading volumes to the more reputable cryptocurrencies. Hence, we can see several lesser-known coins have lost almost 100% of their value in just a week.

What is in store for this week?

Predicting future crypto trends has been nerve-wracking and many of the time it does not go as expected. However, looking at the healthy correction and the very quick recovery, we can suspect that the market is gearing up for a weighty push this week, and we might also finally see Bitcoin break the $4,000 resistance level. Once this happens, all other cryptocurrencies will probably also follow this trend and we will be able to see another increase in value in the upcoming week.

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