Bitcoin, Ethereum Hold Fast as Meme Coins Rally
Over the past week, there was a wave of optimism in the cryptocurrency market, with Bitcoin and Ethereum maintaining stability and resisting the bears. In addition, meme coins rallied, adding to the bullish trend and improving overall market sentiment.
Two meme coins with smaller market caps outperformed Bitcoin and Ethereum and showed remarkable growth in the weekly chart. These coins distinguished themselves in the crypto market by demonstrating impressive performance.
Some low-cap coins on the weekly winners list have shown significant growth, with Pepe (PEPE) leading the pack, followed by FLOKI.
Over the past seven days, the cryptocurrency Pepe (PEPE) has experienced an astounding 300% increase. Despite being relatively new, PEPE has seen a remarkable increase in spot trading volume in the last 24 hours, surpassing $2.9 billion and ending up in fifth place among USDT, BTC, ETH and USDC.
Binance, among the largest cryptocurrency exchanges globally, recently added this new coin on May 5, and it is expected to be responsible for the most significant trading volume going forward.
In the last 24 hours, Binance recorded a trading volume of $1.4 billion, positioning it as the third most significant cryptocurrency by trading volume, behind only BTC and ETH. Also, OKX contributed the highest trading volume for this coin in the last 24 hours, amounting to an impressive $650 million.
Currently, Pepe is trading at $0.000002778, showing a 17.43% increase in the last 24 hours and a significant 15.45% increase in its market value, with a 45.12% decrease in its 24-hour trading volume. The token peaked at $0.000004354 after starting the week at $0.0000004577, showing a strong and remarkable weekly performance.
Meanwhile, FLOKI is also gaining attention from the community as a second top weekly performer. Over the past week, FLOKI has experienced an impressive increase of approximately 2%. As of now, FLOKI is trading at $0.00004036; in the last 24 hours, the token has experienced a significant increase of 3.08%.
The price increase of FLOKI was initiated by various cryptocurrency exchange platforms announcing their decision to list the coin, including Binance and GEN 3.0 Crypto Exchange ixfi. Bitfinex, a prominent digital asset trading platform, also announced its support for FLOKI.
The cryptocurrency community has reacted positively to the news of FLOKI’s addition to several trading platforms, with investors hoping for potential gains in the near future.
Also, some popular coins are experiencing weekly chart gains, including TRON up 4%, STX up 3% and Rocket Pool up 6%, according to data from CoinMarketcap.
Bitcoin (BTC) and Ethereum (ETH) Weekly Review.
The world’s largest cryptocurrency, Bitcoin, maintained a stable position within its crucial resistance area of $28,178.39 to $29,952.03 in the past week. Meanwhile, the second most valuable cryptocurrency, Ethereum, faced a comparable scenario, reaching a 15-day high of $2k while trading within its key resistance levels.
On May 4, Ethereum’s active deposits hit an 8-month high, which Santiment predicts will increase volatility. On May 5, exchange addresses interacting on the network hit a high, indicating signs of disconnection and a potential price point of $2,000. ERC20 token transfers also hit a high, indicating strong activity in the Ethereum ecosystem.
According to the data from CoinMarketCap, Bitcoin is currently trading at $28,771.36, down 0.32% in the last seven days and 0.32% in the last 24 hours. While trading at $1,912.19, ETH experienced an increase of 0.72% in the last 24 hours and 1.22% in the last seven days.
Related Reading | Bitcoin transactions break records: Activity on the chain rises to unprecedented heights
