Cryptocurrency markets were very prosperous last week, with the global cryptocurrency market capitalization surging 16% to $2.32 trillion. Amid this positive trend, altcoins like Ethereum (ETH), Dogecoin (DOGE), and Shiba Inu (SHIB) are among the top cryptocurrencies to watch on Monday.
ETH breached $3,400.
ETH is up 9.6% this week.
As Bitcoin (BTC) received significant attention from market participants this week, Ethereum took advantage of the rally to achieve a significant surge past a key psychological threshold that has historically posed tremendous challenges in previous rallies.
As the week began, Ethereum got off to a positive start, going on an impressive three-day winning streak from February 26th to February 28th. During this period, the cryptocurrency overcame the psychological resistance levels of $3,200 and $3,300.
Surprisingly, February 28 stood out as Ethereum’s most bullish day, with the asset surging 4.40% amid a rally that pushed Bitcoin past $63,000. However, ETH experienced a decline on February 29 after reaching a high of $3,521. The last time ETH saw the $3,500 level was in April 2022, before the Terra-induced price crash.
After retesting $3,500 on February 29 due to increased exchange outflows, Ethereum faced extreme bearish pressure and fell 1.33%. This marked Ethereum’s first intraday loss of the week. Nonetheless, ETH was outflowed during the recovery campaign on March 1st and held at $3,400.
Despite selling pressure due to increased exchange inflows and a potentially overbought RSI, Ethereum held above $3,400 and is currently trading at $3,411 at the time of reporting.
DOGE surged 55%.
Ethereum has been strong, but its gains have been minimal compared to Dogecoin. DOGE in particular emerged as one of the biggest beneficiaries of the market’s upward trend, despite starting the week at a modest price of $0.08611.
Before the recent rally, Dogecoin had been in a consolidation phase since the beginning of the year, hovering between $0.094 and $0.076, with $0.09438 acting as a strong resistance level. On February 27, DOGE successfully crossed this threshold and rose to a high of $0.10058.
After the $0.10 resistance adjustment, Dogecoin maintained its position above the $0.094 level, closing at $0.00766 on February 27, registering an impressive intraday gain of 9.45%. Building on this momentum, Meme Coin achieved a significant gain of 18.69%, surpassing the $0.11 and $0.12 levels on February 28.
DOGE maintained an upward trend until March 2 when it hit a 16-month high of $0.15074. This price represents a 75% increase from Dogecoin’s weekly opening price of $0.08611. The token was expected to face extreme resistance at $0.15, but ended the day well above $0.14, ending the day at $0.14206.
In a notable retracement from the March 2nd high, Dogecoin experienced a 6.07% decline today as the market corrected from a week-long upward trend. Despite this bearish development, DOGE is currently trading at $0.13335 and maintaining a significant 55% gain for the week.
SHIB topped the list of top gainers.
The cryptocurrency market has seen a resurgence of meme coins amidst the bullish trend, with Shiba Inu emerging as one of the biggest gainers. SHIB started the week at the $0.000009 level, a threshold it had continued to trade at during previous bear market consolidation phases.
Shiba Inu held above $0.000009 at the time, looking to utilize the threshold as a springboard for more substantial profits when a market uptrend emerged. The plan worked out well, as the asset took advantage of the Bitcoin rally to secure one of the most significant weekly gains in the market.
SHIB has recorded several significant intraday gains, hitting a low of 4.18% on February 26.
The month of March boded well for the token, with the biggest intraday gains of 34.33% and 33.93% on March 1 and March 2, respectively. SHIB eventually became the 12th largest asset by market capitalization, surpassing MATIC, DOT, and TRX.
Amid this price surge, SHIB broke out of the $0.00001 and $0.00002 areas and surged to a 22-month high of $0.00002390 on March 2 before witnessing a retracement. Despite the retracement, Shiba Inu maintained its spot among the top five gainers this week, changing hands at $0.00002176 with a weekly gain of 125%.