In the week ending March 6, crypto investors experienced remarkable resilience in the face of worldwide economic havoc with ETH gaining 3% additional value. Nonetheless, the 2nd biggest cryptocurrency still underperformed compared to its previous highs of up to $280 in Feb. 2020.
It’s worth noting that ETH was trading down at $125 on January 1, so the fact that it is now worth almost double demonstrates how significant the rally was at the turn of the year.
Let us examine how some top cryptocurrencies performed in the week ending 3/6/2020 and some key factors that may have impacted their prices.
ETH Investors Start to Accumulate Higher Percentages
The price of ETH is being held up by optimism over planned upgrades, and network statistics show that big investors are beginning to accumulate the cryptocurrency.
ETH 2.0 is now firmly slated for later this year, and the debate over consensus algorithm change ProgPow has come to the forefront.
This appears to have inspired some of the biggest holders of ETH. In fact, data from Santiment shows that those with the highest stake are beginning to accumulate more of the total token supply.
In order for ETH to carry on with its bullish start to 2020, it needs to break the $238 level before closing daily candles beyond the psychological mark of resistance at $250. The cryptocurrency is currently trading at $230.12.
Bitcoin Forms Bullish Pattern
Regardless of BTC dropping by nearly 6% in the past weeks, it was able to retain support at the $8,700 level in the early days of weekly trading.
Investors and crypto speculators rallied behind that resilience, to push BTC to its current trading price of $9,115.
In essence, some of the factors behind this price surge have been the excitement generated by the imminent halving in May 2020 and the republic of South Korea seemingly coming up with revolutionary legalization and regulation laws for crypto.
The BTC uptrend could also be linked to recent good news for the crypto community that confirmed India removed its previous ban on cryptocurrency trading.
Moreover, in other bullish events, Jack Dorsey’s Square Crypto startup officially launched a grant program to support the development of the BTC network.
As of the time of writing, a technical pattern is forming on the trading chart, which suggests we could see BTC test $9,500 and then attempt once again to break through the key $10,000 level.
Litecoin Holds Strong on Privacy Progress
Litecoin has continued a period of consolidation around the $60 level of support following its 28% descent to the downside over the past three weeks.
The bullish trend is supported by news of developer David Burkett sharing on Twitter a pilot date for the testnet launch of MimbleWimble, the much-anticipated privacy protocol for LTC.
Chainlink Gains RealITPlatform Partnership
Chainlink digital token surged by an impressive 20% to close trading at $4.69 at the end of this week.
In other bullish news for Chainlink, RealITPlatform, a real estate company utilizing blockchain tech, announced on twitter that it had launched a new platform on the LINK ecosystem.
With this new partnership, LINK oracles will reportedly be deployed to offer immutable property valuations for RealIT holdings.
Will March Be a Good Month for Crypto Investors?
LTC has, in the course of last week, had a period of relative calm in the markets after its drastic drop to the $60 level over the past several weeks.
Meanwhile, ETH experienced significant gains this past week thanks to bullish news on impending developmental upgrades to its ecosystems.
On the other hand, Bitcoin continues to be lifted by the bullish narrative around the halving and grants for the enhancement of its Lightning Network.
A fresh retest of BTC at the $9,000 level shows there is strong support for BTC below, suggesting that if the price moves down in the coming week, it will be quickly pushed back up.
Unfortunately, XRP is currently trading at $0.244 after falling dramatically over the past fortnight as coronavirus fears begin to haunt global markets.
Things weren’t all gloom and doom for altcoins, however, with LINK managing to rally on the back of a new partnership with a major real estate holdings firm.