Following a couple of weeks of consolidation and correction, the cryptocurrency market is starting to heat up again. Most of the coins are trading well in the green, pushing the total capitalization to just shy of $2.8 trillion.
Bitcoin’s price recorded an impressive performance, increasing by around 10% in the past seven days. It is currently trading at around $70,000, where it seems to have solidified throughout the past few days.
The increase started at the beginning of the week when BTC started pushing toward $66K on Monday. It wasn’t long after that when it was able to increase above that level and reach $70K shortly after. The bulls attempted to push the price above $72K but fell short. Nonetheless, the primary cryptocurrency saw notable gains.
This also helped the rest of the market, most of which is trading well in the green. For example, Ethereum recorded an increase of more than 6%, while Binance Coin (BNB) even slightly outperformed Bitcoin – it’s up by 10.6%.
Hands down, however, the best performer from the large-cap cryptocurrencies was Dogecoin. The fun, dog-themed meme coin skyrocketed by a whopping 50% throughout the past seven days, outperforming most of the market, including the majority of competing meme coins. Shiba Inu, for instance, which is its closest rival and the second-largest coin of the kind, is up 18%.
It’s worth noting, though, that Dogwifhat – another dog-themed meme coin based on a, well, a picture of a dog wearing a hat, exploded by some 75%.
Market developments aside, this week also saw Sam Bankman-Fried receiving his jail sentence of 25 years. The court decision was polarizing. Many of the crypto community thought it wasn’t enough, while others pointed out that 25 years is, indeed, a long time.
In any case, the cryptocurrency market remains incredibly interesting to monitor, especially as we approach April – the month of this cycle’s Bitcoin halving. It’s exciting to see how it will impact the market and if it will catalyze even further increases, as many expect.
Market Data
Market Cap: $2.77T | 24H Vol: $99B | BTC Dominance: 49.6%
BTC: $70,030 (+10%) | ETH: $3,537 (+6.2%) | BNB: $614 (+10.6%)
This Week’s Headlines You Can’t Miss
Former FTX Chief Sam Bankman-Fried Sentenced to 25 Years in Prison. It’s been a big week in the cryptocurrency world as Sam Bankman-Fried, the man who was once behind the failed FTX crypto exchange, received his sentencing. The court decided on 25 years in prison.
Fifth Richest Bitcoin Address Transfers $6 Billion in BTC Amid Surge Past $70K. The fifth-richest Bitcoin address transferred a whopping $6 billion worth of BTC to three new wallets. There’s no information about the owner of the address, but the transfer happened when the BTC price surged past $70K this week.
Spot Bitcoin ETFs Record $183 Million Daily Net Inflow as BTC Taps $70K. Positive inflows in spot Bitcoin exchange-traded funds (ETFs) continue. As a matter of fact, today – March 29th, we saw the record $183 million daily net inflows into these products.
Ethereum Hits 1 Million Validators Prompting Community Concerns. The Ethereum network has hit 1 million validators. However, some experts have argued that there’s a downside to that, bringing up the point of saturation and an excess of staked ETH.
Vitalik Explains Ethereum’s Next Steps After Dencun Upgrade. The Dencun upgrade – a hard fork of Ethereum that took place earlier in March – was an important milestone in the network’s overall roadmap. Now, Vitalik Buterin has shared some thoughts on the next steps in the pipeline.
BlackRock CEO Remains Confident on Ethereum ETFs, Says IBIT Is The Fastest-Growing ETF. Larry Fink – head of the world’s largest asset manager, BlackRock – expressed his long-term optimism on Bitcoin. He also mentioned that there are no reasons for an Ethereum ETF to be disapproved.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin – click here for the complete price analysis.
Read the full article here
