Crypto Market Weekly Technical Analysis | 04 March 2024

In the past week, the crypto market has again become bullish with leading cryptocurrencies like Bitcoin, Ethereum, etc, showing tremendous gains by breaking major resistance levels.

The events of the previous week prompted positive sentiment in the crypto world, and we are eager to see what this month has in store. Before you get started, check out our Crypto Market Weekly Technical Analysis.

According to CoinMarketCap, the current market cap is  ₹197.52 Trillion on 04 March. In the past few months, even the top-performing coins were seen as moving bullish and were trying to continue their new market trend.

As of the past week, Bitcoin is priced at ₹5,270,542.69, reflecting a 2.57% jump within the last 24 hours and a significant surge of 21.72% over 7 days. Talking about Ethereum, ETH is currently valued at ₹288,757.00, showing a 1.35% jump in the past 24 hours, with a ground-breaking jump of 10.68% over 7 days.

Crypto Market Weekly Technical Analysis: Top Trending Coins

In the past week, three cryptocurrencies have remained the talk of the town because of some recent developments related to these cryptocurrencies: DogeCoin (DOGE), Filecoin (FIL), and Bitcoin Cash (BCH). 

In the past week, the price of DogeCoin (DOGE) showed an 82.02% jump. In addition, the token experienced a rise of 10.85% in the past 24 hours. The token is currently trading at the price of ₹13.08.

Talking about Filecoin (FIL), the token illustrated a 24.17% spike as compared to other major cryptocurrencies. Moreover, FIL has shown a 10.75% jump in the past 24 hours, trading at a price range of ₹844.56.

In addition, Bitcoin Cash (BCH) token jumped by 69.54% in the last 7 days. However, in the past 24 hours, the token dropped by more than 7.00%. In addition, the price of the BCH token is trading at ₹38,113.32. 

Top Crypto Gainers & Losers

The past week remains one of the most confusing weeks for the crypto market in 2024. So, let’s have a look at some of the top crypto gainers and losers from the past week:

Crypto Market Weekly Technical Analysis

How the Crypto Market Became Bullish?

The cryptocurrency market has again become bullish over the last week in anticipation of the upcoming Bitcoin Halving Event and with significant money inflows into Spot Bitcoin ETFs. Bitcoin will be halved by the end of April or the first week of May, boosting bullish sentiment among retail and institutional investors.

Furthermore, the Ethereum network’s Dencun Upgrade is a major update that will increase scalability and address security concerns on the Ethereum blockchain. This occurrence has also contributed to the current surge in Ethereum and Ethereum-affiliated coins. 

Crypto Market Weekly Technical Analysis: Trending News From the Last Week

▪️ On 29 Feb, SpaceX, Tesla, and X owner Elon Musk launched a legal battle against OpenAI and its CEO, Sam Altman, claiming a breach of their nonprofit agreement.

▪️ Bitcoin exchange-traded funds (ETFs) in the US have surpassed the previous daily trading volume record by more than 1.5 times. On February 28, trading for the ten ETFs was $7.69 billion, according to data uploaded to X by Bloomberg ETF analyst James Seyffart.

▪️ Telegram, an online messaging service, announced the debut of its ad platform on the Open Network (TON) blockchain on February 28th.

SunCrypto Views

The recent bullish trend in the cryptocurrency market demonstrates its dynamic evolution, which has included large gains and growing investor confidence. This development reflects increasing institutional interest and technological advancements.

Despite these growing developments, the market’s intrinsic volatility persists. To navigate potential risks, investors should exercise caution, perform extensive research, and apply a variety of tactics. While the recent bullish trend is encouraging, it’s critical to approach the cryptocurrency market with care and a long-term mindset.

For more crypto-related content like Crypto Market Weekly Technical Analysis, informational blogs, and crypto news, check out Suncrypto Academy.

 

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you do your own research or consult an expert before making any investment decision. You may write to us at [email protected].

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