The cryptocurrency market endured a week of extreme volatility, with Bitcoin experiencing three major price swings. Despite the chaos, the aggregate altcoin market outside of Ethereum was largely flat. Polkadot, NEAR Protocol, and Internet Computer emerged as notable gainers, while Bitcoin Cash and Cosmos were among the week’s most significant losers.
Bitcoin saw intense volatility, with an 11.96% rally followed by a 9.94% drop and another 8.19% rally in swift succession. This whipsaw action sidelined many traders, though the broader altcoin market excluding Ethereum declined only 0.57%.
Polkadot rallied 18.4%, buoyed by expectations around its upcoming halving event now just 12 days away. The asset’s short-term strength was noted, though analysts cautioned the longer-term trend remained bearish with a key supply zone near $1.80.
The AI token sector advanced, with NEAR Protocol and Internet Computer posting weekly gains of 15.94% and 11.35% respectively. This movement coincided with record revenue reports from NVIDIA, whose CEO Jensen Huang stated that AI is only getting better.
Other winners included Memecore, Uniswap, and Monero, which gained 8.81%, 6.54%, and 8.22% respectively. Their performance ran counter to the general memecoin trend for the week.
Bitcoin Cash was a prominent loser, falling 21.1% to test a long-term demand zone between $440 and $460. While technical indicators were bearish, some analysis suggested this presented a potential buying opportunity for a rally toward $580.
Cosmos plummeted 19.18%, returning to the $1.85 support level last tested in early February. ZCash also declined 11.47%, slipping below its key $250 support level and risking further downside.
Popular memecoins Dogecoin and Shiba Inu posted losses of 2.74% and 7.29%. Pepe recorded the largest drop in the category, with an 11.43% decrease in price over the past week.
