BTC, ETH, and WLD among the top cryptocurrencies to keep an eye on this week
The market capitalization of the top cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), experienced a remarkable growth of $270 billion in the past week. This 11.3% increase pushed the sector’s market cap to $2.64 trillion. Worldcoin (WLD) also made a significant contribution to this commendable growth.
BTC, ETH, and WLD Prices – March 10 | Source: Santiment
BTC achieves a new all-time high
The upward trend in the crypto market continued this week, enabling several assets to reach new heights. As the leading cryptocurrency, Bitcoin was not left behind as it experienced massive price surges, mainly driven by the increasing demand from the spot Bitcoin ETF market.
Data from K33 Research confirmed that these spot Bitcoin ETFs have attracted over 300,000 BTC valued at $17 billion as of March 4. On Monday, these products received $562 million in inflows, indicating significant demand from traditional investors seeking exposure to BTC.
With this sustained demand, BTC rallied by over 8.5% on March 4, reaching a high of $68,529. Despite facing resistance at this level, Bitcoin managed to hold above $68,000, using it as a launching pad for further growth the following day.
On March 5, Bitcoin surpassed its previous all-time high, surging to a new record of $69,098. However, this price level triggered a massive retracement that caused BTC to drop below $60,000 for the first time since February.
BTC recovered from this correction and continued to regain its lost gains, ultimately setting a new all-time high by surpassing the psychological threshold of $70,000. Although the token experienced a milder correction at this level, it currently remains above $69,000, trading at $69,461 at the time of reporting.
During the periodic upswing, Bitcoin recorded a 10% increase this week, adding $130 billion to its market cap. As the asset continues to surpass expectations, several bullish price projections emerged, with Bitget’s managing director, Gracy Chen, projecting a rise to $200,000.
Ethereum breaches $4,000
As discussions surrounding spot ETH ETFs gained momentum, QCP Capital analysts explored the possibility of Ethereum outperforming BTC in the ongoing bull run. On March 6, ETH closed above $3,800, experiencing a 7.46% rise as the gains continued.
March 8 also witnessed a series of price surges as Ethereum aimed to achieve its third consecutive day of positive performance. The cryptocurrency breached the $4,000 mark for the first time since December 2021 on March 8 before facing rejection.
Currently, ETH is still hovering around this level, trading at $3,956.
WLD achieves a new all-time high above $11
Despite facing multiple regulatory setbacks this week, the Worldcoin project saw its token, WLD, experience an upward trend, surging by over 24% in the past week. However, WLD initially faced price declines, dropping by 6.86% on March 4 to $7.36.
This decline occurred amid reports of a potential investigation into Worldcoin’s operations by the South Korean Personal Information Commission. On March 5, WLD experienced a steeper 12% decline due to bearish sentiments and the broader retracement in the crypto market.
Nevertheless, WLD managed to recover from the losses on March 5, even in the face of the project’s ban in Spain. The token consolidated after a 13% rise on March 6 until reports of new board members at OpenAI made headlines.
Notably, the company announced the appointment of new board members on the evening of March 8, revealing that CEO Sam Altman had joined the board. In response to this news, WLD spiked by 42% to reach new all-time highs above $11 on March 9. The asset ended the day with an impressive 55% gain.
Despite experiencing a major correction today, WLD still trades above its previous highs, currently at $9.78, with a 16% decline. Worldcoin has also outperformed BTC, ETH, and Solana (SOL) this month, recording a 33% increase.
Read more: Shiba Inu market cap on track to surpass Dogecoin.
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