Crypto Market Treads Bullish Lanes Spotting Huge Gains; Bitcoin Hits $46K
The past week has been mostly positive for the crypto community as several cryptocurrencies rallied. Bitcoin broke the $45,000 mark, up 15 percent since March 11. Notably, as of the early hours of Monday, the world’s largest cryptocurrency is trading at $46,901.53.
Zilliqa, the Biggest Gainer
Today’s global cryptocurrency market capitalization is $2.12 trillion, a 5.0% increase in the last 24 hours. On the previous day, the total cryptocurrency trading volume was at $96.2 billion, a 54.95% increase. Meanwhile, Bitcoin dominance is at 40.6% and Ethereum dominance at 18%, according to CoinGecko.
This week’s greatest gainer was Zilliqa (ZIL), which surged 149 percent. Zilliqa’s price skyrocketed over the weekend as the struggling cryptocurrency regained its swagger. The ZIL token reached a high of $0.1238, its highest level since October 20, 2021. Its market capitalization has risen to more than $1.4 billion, making it the world’s 79th largest coin.
The price of Zilliqa spiked over the weekend after the company announced that it was partnering with the global talent awards app, Agora. This move will allow the company to power the Metapolis project, an example of an engine built using the Unity framework.
As a result, analysts anticipate that Zilliqa will expand more in the following months due to the network’s impending enhancements.
Convex Finance (CVX)
CVX has reached its highest point in almost three weeks due to Saturday’s price rise, with the token currently trading more than 57.85 percent higher in the previous week.
CVX/USD rose to a high of $32.11 during yesterday’s session after falling to $28.16 less than 24 hours earlier. It is currently trading at $30.62, up 8% from yesterday. CVX has now climbed for 11 of the previous 13 trading days, a run that began at its support level of $15.40.
VeChain (VET) is an eco-friendly blockchain network with the primary purpose of delivering specialized business solutions. With a price of $0.07959 at the time of writing, the network has significant development potential. The price has risen by 22.1 percent over the previous day. Notably, the cryptocurrency has increased by 57.72 percent during the last seven days.
The Vechain (VET) price estimate from analysts ranges between $0.12 and $0.18, with an all-time high of $0.28 as a target for the future.
Filecoin is currently priced at $24.69, up 26.68 percent from Sunday. The cryptocurrency has been tearing up over the last week, recording a 40 percent raise.
The technical analysis of the FIL/USD price chart reveals that the price of Filecoin has already bottomed out. Shortly if the FIL coin crosses the $21 mark, a significant bullish surge might be in the cards.
Fib retracement levels are obtained by connecting the September 2021 high of $120 to the March 2022 lows of $16.50. By the end of the year, the most reasonable price goal appears to be $80, which corresponds to the 0.618 Fib level. However, less than $16.50 might render my FIL price forecast useless.
The Crypto Market Bullish Trend
Other top coins rose as well over the last week. Ethereum is up 15%, Algorand (ALGO) is up $28.34%, ApeCoin (APE) is up 39.50% and Solana (SOL) is up 24.05%. In addition, Dogecoin (DOGE) is up 23.75%, Axie Infinity(AXS) is up 33.3%, and Cardano (ADA) is up 34.04%.
The crypto market reached a total cap of nearly $3 trillion at its peak. However, we have made a lot of progress in the past week, despite being still 30% below that high. Bitcoin could soon reach new all-time highs if it can break the $50.5k-51.5k range. At the moment, it is pretty clear that the market has already turned bullish.