Last week the U.S. Bureau of Labor Statistics released encouraging data on the employment front, prompting a minor rally in both the traditional finance and crypto markets. Furthermore, the steady growth of cryptocurrencies was bolstered by the financial reports of Coinbase (NASDAQ:COIN) and Binance, and MicroStrategy’s (NASDAQ:MSTR) additional purchase of bitcoins.
Pepecoin (PEPE-USD) and Casper’s (CSPR-USD) were the two biggest gainers among the top 200 cryptocurrencies by market cap for the week. Universal Market Access (UMA-USD) saw a remarkable 179% increase in price over the week, while PEPE’s weekly gains were comparatively modest at 64%. CSPR completes a weekly list of the best-performing cryptos with a 22% value growth.
|UMA||Universal Market Access||$2.8337|
Best-Performing Cryptos: Pepecoin (PEPE)
Pepecoin emerged as the highlight of last week in the cryptocurrency market, experiencing an astonishing surge of 1,200% in just seven days. This upward trend was further amplified by Binance’s announcement to include it in its list of tradable assets.
Just a week ago, the unknown PEPE meme coin rapidly got to the top best-performing cryptos in terms of overall performance. The token has overpassed a market capitalization of $1 billion in two weeks. Notably, the rise in the price of PEPE is unique in the sense that it does not correlate with the performance of other memecoins, as is often the case in the crypto market. Popular meme cryptos such as Shiba Inu (SHIB-USD), Dogecoin (DOGE-USD), and Floki Inu (FLOKI-USD) haven’t seen any major gains recently.
While it brought big gains to some traders, those who bet on PEPE’s decline were dramatically affected by the coin’s price growth. According to Coinglass, the number of leveraged short positions taken by traders on PEPE has surged, resulting in a daily loss of over $10 million.
Although currently seeing a price correction, traded at $0.000002305, PEPE remains number one among best-performing cryptos, with a 30-day value increase of 3,961%, a weekly increase of 83%, and a 24-hour gain of 17%.
Casper’s price leads bullish altcoin gainers, having reached a new yearly high of $0.062 on May 1. Casper Network has been exhibiting a strong upward trend in the cryptocurrency market, registering higher lows and ranking among the top-performing cryptos of the day. Currently priced at $0.053, CSPR has experienced a daily increase of 20% in trading volumes and a weekly price growth of 22%.
The recent increase in the price of CSPR may have been due to the launch of Casper Casper Wallet, a new blockchain web wallet. This new wallet promises to enhance user experience by providing full desktop browser support, better security, and native notification delivery. The improved features of Casper Wallet are likely to contribute to the growing interest and adoption of CSPR in the cryptocurrency market.
However, despite its recent success, traders should be wary of a potential price correction as technical indicators point towards a bearish divergence that may lead to a retracement. As the coin failed to break the resistance level of $0.06, the upcoming week will likely turn bearish.
Universal Market Access (UMA)
Universal Market Access witnessed a significant surge in price last week, reaching its highest point of $3.17 since August 2022. The token’s value escalated by over 117% from its lowest point during the same period, likely due to an increase in volume in the preceding days, hinting at potential upcoming developments. CoinMarketCap reported a staggering 1,200% surge in volume to $260 million in just 24 hours. Additionally, shorts’ liquidations rose sharply to over $400,000, outpacing bulls’ liquidations of $7,000. This figure is noteworthy, considering the shorts and longs liquidations on Thursday were only $3,500 and $154,000, respectively.
Although UMA is presently above resistance at $2.73, it is potentially in a volatile position if the current rally fades, with support set at $1.98 and resistance at $2.11. Despite the recent surge in volume, UMA has traded on low volume lately, with today’s volume falling below its average volume over the past seven days.
On the date of publication, Julia Magas did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.