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It’s great news for every crypto investor out there that the crypto market has been trading towards the green end for the past two weeks. It looks like the market is gearing up for another massive bull run very soon. Almost every single cryptocurrency amongst the top 100 ranked cryptocurrencies has been trading in green throughout the past week.
With a surge of demand for these virtual currencies, this trend in the crypto market is probably going to last for a while now. There are some lesser known cryptocurrencies that are still trading in the red, though; however, even their decrease in percentage is very minimal.
Weekly Best Performers
In a week where almost all cryptocurrencies have performed well, it is hard to pick out the best performers. However, when the top 20 ranked cryptocurrencies are taken into consideration, EOS has outperformed every other cryptocurrency. By gaining over 30% in value, especially in the last day or so, EOS has managed to climb up in rank as well, after defeating the likes of Litecoin and Bitcoin Cash.
Ethereum has been continuously performing well over the past couple of weeks. After dethroning XRP for the second spot of largest cryptocurrency by market capitalization last week, Ethereum has managed to retain its rank this week as well. By increasing the market cap difference between itself and Ripple to nearly $2 billion, Ethereum seems to be in a very strong place to continue on this bullish trend. Currently valued at $147, this virtual asset has experienced an increase in its price by over 21%.
To all the Bitcoin Cash followers out there, this week has been the best in so many months. Bitcoin Cash has managed to outperform several other cryptocurrencies, earning it a spot amongst the best performers of this week. Currently priced at $115, Bitcoin Cash has seen an increase in value by over 20%.
Bitcoin too has seen an increase in demand. With the Chinese new year passing by, it seems like many investors are looking to capitalize on the low prices of all cryptocurrencies. The price of Bitcoin is nearing the $4,000 mark, and looking at the current demand, it will certainly break this resistance level over this week.
Litecoin has also continued on its path of a price increase. By gaining over 9% over the last week, Litecoin is still hovering over the $47 mark. All in all, this week has certainly paid off for everyone who did not sell out during the crypto bloodbath in January.
The Worst Performers
Some of the lesser known digital coins are currently trading in the red. However, these coins are the ones that are easily affected by the pump and dump of cryptocurrencies. Most probably, the people who invested in these coins have decided to shift to more known cryptocurrencies such as Bitcoin and Ethereum.
Even though there isn’t any cryptocurrency in the top 20 ranked cryptocurrencies that has lost value, there are some that have gained very little over the last week, which is still an indicator for trending down. Tron, which was losing value the week before, has managed to gain just 1% in value in a week that has been the best week for cryptocurrencies in a very long time.
Binance coin’s incredible pump seems to have ended as the coin has seen under 1% gain in value over the last week. Other than these two cryptocurrencies, all others have experienced quite a bullish sign.
What Can You Expect for This Week?
Predicting the market trend in the crypto world is extremely difficult. However, looking back at the performance of all the reputed cryptocurrencies, it would be reasonable to conclude that the bullish trend will continue throughout this week as well. The value of the lesser known virtual coins might decrease as the investors look to trade them in for a position in a more popular cryptocurrency.