The past week showcased significant prosperity in the cryptocurrency market, marked by a remarkable 16% surge in the global crypto market cap, reaching $2.32 trillion. Notably, altcoins like Ethereum (ETH), Dogecoin (DOGE), and Shiba Inu (SHIB) emerged as focal points for investors heading into the new week.
Ethereum (ETH) demonstrated notable strength, breaching the $3,400 mark and registering a 9.6% increase in value over the week. Ethereum’s performance was particularly noteworthy as it capitalized on the positive momentum generated by Bitcoin’s rally.
Starting the week on a positive note, Ethereum sustained a three-day winning streak, overcoming psychological resistance levels at $3,200 and $3,300. However, after reaching a peak of $3,521 on February 29, Ethereum faced some bearish pressure but managed to recover, maintaining levels above $3,400.
Dogecoin (DOGE) outperformed Ethereum, recording a remarkable 55% surge for the week. Despite starting at a modest price of $0.08611, DOGE surpassed significant resistance levels, rallying to a peak of $0.15074 on March 2. Despite a slight retracement, Dogecoin held strong, currently trading at $0.13335.
Shiba Inu (SHIB) also emerged as a significant gainer, leveraging the market uptrend to secure substantial gains. Starting the week at $0.000009, SHIB experienced multiple intraday gains, reaching a 22-month high of $0.00002390 on March 2. Despite a retracement, Shiba Inu maintained its position among the top gainers, currently trading at $0.00002176 with a 125% weekly gain.
Overall, Ethereum, Dogecoin, and Shiba Inu remain key cryptocurrencies to watch, each demonstrating unique strengths and opportunities amid the ongoing market trends.