Last week witnessed an impressive 16% surge in the global cryptocurrency market cap, reaching a staggering $2.32 trillion. Ethereum (ETH), Dogecoin (DOGE), and Shiba Inu (SHIB) emerged as standout performers, capturing attention as top cryptocurrencies to watch heading into the new week.
Ethereum (ETH) Breaks Through $3,400 Mark
ETH saw a substantial 9.6% increase in value throughout the week, capitalizing on the heightened interest in Bitcoin (BTC). Ethereum overcame psychological resistance levels at $3,200 and $3,300 during an encouraging three-day winning streak from Feb. 26 to Feb. 28. Feb. 28 marked Ethereum’s most bullish day, with a 4.40% surge, though a pullback on Feb. 29 saw ETH briefly hit $3,521 before experiencing a 1.33% decline. Despite facing bearish pressure, Ethereum successfully breached and maintained the $3,400 level on March 1, currently trading at $3,411.
Dogecoin (DOGE) Soars by 55%
While Ethereum experienced gains, Dogecoin outshone its counterparts with a remarkable 55% surge. Starting the week at $0.08611, DOGE overcame a consolidation phase and breached the formidable $0.09438 resistance level on Feb. 27, reaching a peak of $0.10058. Sustaining momentum, Dogecoin achieved an 18.69% gain on Feb. 28, surpassing the $0.11 and $0.12 levels. Hitting a 16-month high of $0.15074 on March 2, DOGE faced resistance at $0.15 but held strong above $0.14, closing the day at $0.14206. Despite a 6.07% retracement today, Dogecoin maintains an impressive 55% gain for the week, currently trading at $0.13335.
Shiba Inu (SHIB) Surges with 125% Weekly Gain
Shiba Inu emerged as one of the biggest gainers among meme coins, starting the week at the $0.000009 level. Leveraging the market uptrend, SHIB recorded multiple substantial intraday gains, flipping MATIC, DOT, and TRX to become the 12th largest asset by market cap. On March 2, SHIB reached a 22-month high of $0.00002390 before a retracement. Despite the pullback, Shiba Inu retains a spot among the top 5 gainers this week, changing hands at $0.00002176, reflecting an impressive 125% weekly gain.
The cryptocurrency market’s robust performance, fueled by the success of these altcoins, sets the stage for an exciting week ahead. Investors and enthusiasts are keenly watching these dynamic market movements as the crypto landscape continues to evolve.
