Weekly Crypto Market Analysis March 6-13: Stellar Rises, Tron Falters

The crypto markets are finally behaving in a very matured manner. After every major increase, there is a round of correction and each of these correction rounds is getting shorter and shorter. Additionally, the correction has not resulted in such a huge decrease in value of cryptocurrencies; thus, hinting an upcoming bullish trend.

However, just like every other week, there are a bunch of cryptocurrencies that have gained a lot of value as well as some that have lost considerable value. So, without any further ado, let’s get straight to it.

Biggest Winners of the Week

Since there was a minor correction in the prices of cryptocurrencies this week, there weren’t many cryptocurrencies that entered a double-digit percent gain since last week. However, there were a few amongst the top twenty cryptocurrencies that did manage to attain a double-digit percent gain.

Stellar (XLM) has been the biggest gainer of the week. By gaining over 20% in the last 7 days, Stellar has managed to outperform several popular digital coins such as Bitcoin(BTC)trade and Ethereum (ETH)trade. With its rapidly increasing value, Stellar will soon test the eighth position of Tether (USDT) at the top largest cryptocurrencies on CoinMarketcap.

Binance Coin (BNB) has continued its bullish trend even through the last week. This virtual coin has by far been the best performer of the year 2019 so far, and has nearly tripled its value since the start of this year. From being valued at just $5 in January to nearly reaching $16 now, anyone who had invested in this coin has enjoyed its massive rise.

The possible trigger for this increase in value was the ‘Coin Burn’ event that took place in January 2019; ever since this event, the value of the coin has not seen any considerable drop. With the decrease in its supply and the increase in the usage of the Binance exchange, the BNB coin has been on a bullish run for over 2 months. Last week alone saw the coin increase over 13% in value, gaining over $1.5. Looking at the current trend, there is still room for further increase in the value of the BNB coin. So, if you are considering to make an investment, make sure to consider including the BNB coin in your portfolio.

Cardano (ADA) is yet another cryptocurrency that has gained more than 11% in value over the last week alone. Even though the coin lost most of its value in the bear market, it has managed to gain nearly $12 million worth of market cap in the past week.

Just like any other week, there are a few lesser-known digital coins that have been pumped to exorbitant levels. One such coin is the Electrumdark (ELD) coin that has experienced a gain of over 9,000% in just a week. However, this gain is probably only temporary and the coin just might soon return to its former value.

Biggest Losers of the Week

As discussed earlier, the crypto market corrections keep getting more and more minimal. Thus, none of the popular virtual coins have lost a lot of value. Amongst the top twenty cryptocurrencies, Tron (TRX) has lost the most value. Tron lost a little over 5% in value over the last 7 days. However, it is still ranked number 10 on CoinMarketcap and one can treat this decrease in value as a much needed healthy correction.

Other cryptocurrencies such as Ethereum and Ripple (XRP)trade experienced a decrease in value by a mere 2%. Looking at the ongoing market trend, one can reasonably expect all these cryptocurrencies to bounce right back in the next 7 days.

What’s in line for the upcoming week?

With a slight correction in market value, one can expect another bullish push in all the reputed cryptocurrencies. However, the crypto market is highly speculative. If any news that portrays crypto in a wrong way comes out from a trusted source, then we can expect to see another round of decrease in value.

Yet, with most cryptocurrencies already having addressed their past issues, it would be possible to see an increase in the value of cryptocurrencies over the next week.

What do you think about the article?

Sharing Is Caring: