Weekly Crypto Market Analysis | 11 March 2024

The crypto market has continued its bullish trend over the last week, with top cryptocurrencies such as Bitcoin, Binance, and Solana posting massive gains by breaking important resistance levels. 

The events of the previous week sparked optimism in the crypto community, and we’re excited to see what this month has in store. Before you get started, check out our Weekly Crypto Market Analysis.

On March 11, CoinMarketCap reported a market capitalization of ₹214.64 Trillion. In recent months, even the top-performing coins were considered bullish and attempting to maintain their current market trend.

As of the past week, Bitcoin is priced at ₹5,669,457.88, reflecting a 0.75% drop within the last 24 hours and a significant surge of 6.67% over 7 days. Talking about Ethereum, ETH is currently valued at ₹319,492.07, showing a marginal drop of 1.93% in the past 24 hours, with a ground-breaking jump of 9.86% over 7 days.

Weekly Crypto Market 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: Binance (BNB), Shiba Inu (SHIB), and Near Protocol (NEAR). 

In the past week, the price of Binance (BNB) showed a 24.44% jump. In addition, the token experienced a rise of 7.73% in the past 24 hours. The token is currently trading at the price of ₹43,243.64.

Talking about Shiba Inu (SHIB), the token illustrated a 38.88% spike as compared to other major cryptocurrencies. However, SHIB has shown a 7.45% drop in the past 24 hours, trading at a price range of ₹0.002638.

In addition, the Near Protocol (NEAR) token jumped by 44.38% in the last 7 days. Moreover, in the past 24 hours, the token also jumped by more than 9.73%. In addition, the price of the NEAR token is trading at ₹549.90. 

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:

Weekly Crypto Market Analysis

How the Crypto Market Became Bullish?

The cryptocurrency market has continued its bullish trend over the last week in anticipation of the upcoming Bitcoin Halving Event and with significant developments happenings related to 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 on March 13 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. 

Weekly Crypto Market Analysis: Trending News From the Last Week

▪️ On March 08, the Union Cabinet, India’s highest decision-making body, authorized the “IndiaAI Mission” with an initial budget of 10,300 crore rupees ($1.24 billion). The initiative intends to encourage AI startups and developments over the next five years. 

▪️ Tether, a major stablecoin issuer, launched a recovery tool to relocate its Tether stablecoin between different blockchains, as USDT reaches a $100 billion market capitalization.

▪️ On March 4, a rare alien nonfungible token (NFT) sold for 4,500 Ether, valued at $16,032,959 at the time of sale, setting the second-highest CryptoPunk selling price ever. 

SunCrypto Views

The recent continuous 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 Weekly Crypto Market 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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