There was quite a bit of action this week, which ultimately did not result in substantial gains or losses in the total cryptocurrency market cap. The figure stands at $2.057 trillion, according to CoinGecko, a slight increase compared to this day last week.
bitcoin price recorded a 2.8% drop in the last seven days as the bulls failed to hold above the important technical level of $52,000. And it wasn't for lack of trying. In fact, btc was trading above or very close to $52,000 for quite some time over the past week, but the bears finally took control and managed to push the asset lower.
Now, the cryptocurrency is trading below $51,000, recording a drop of approximately 0.7% on the day and 2.8% on the week.
Perhaps it's safe to say that it was another cryptocurrency that everyone was eyeing at the moment.
ethereum is currently trading at $2,940, up 3.6% over the last seven days. It attempted to solidify above $3,000 on a few occasions, but the bulls could not maintain the buying pressure and eventually gave up. However, eth remains the best performer in the top 10 as almost all other coins are in the red apart from BNB which is also up 3.2%.
Elsewhere: Solana is struggling to stay above $100 and is down almost 10% for the week. Ripple's XRP also failed to maintain bullish momentum and fell 6%. Avalanche is down almost 12%. It's worth noting that you experienced some serious network issues this Friday.
It's also worth noting that Uniswap (UNI) saw a massive move on Friday, exploding by a whopping 50% in minutes. This follows a proposal to improve governance in a way that rewards UNI token holders who stake or delegate with fees generated by the protocol.
In short, the market continues its positive trajectory, although slowing down a bit. bitcoin ETF inflows continue, showing considerable institutional demand.
It is interesting to see how the market will develop in the coming weeks, especially as we approach the bitcoin halving in April.
Market data
Market capitalization: $2.057 trillion | Vol. 24H: 81 billion dollars | btc dominance: 48.8%
btc: $50,920 (-2.8%) | eth: $2,937 (+3.6%) | BNB: $375 (+3.2%)
This Week's crypto Headlines You Can't Miss
bitcoin miners move 700,000 btc to OTC desks in 3 weeks, here's what it means. bitcoin miners have sent a total of over 700,000 btc to over-the-counter (OTC) trading desks in just a few weeks. This could suggest that miners are preparing to sell some of it on the open market.
Andreessen Horowitz invests $100 million in eth recovery platform EigenLayer. Andreessen Horowitz, a leading technology-oriented venture capital firm, has invested a whopping $100 million in EigenLayer. This is a blockchain protocol intended for the recovery of ethereum (eth).
Vitalik Buterin advocates for advanced L1 features. ethereum co-founder Vitalik Buterin has been advocating for the development of more advanced features for layer one blockchains. He also expressed skepticism about the prevailing notion of prioritizing L1 simplicity over L2.
Massive bitcoin price prediction by Pantera, but btc Maxis won't like it. Pantera Capital, a well-known hedge fund, has stated that there is a significant opportunity for bitcoin DeFi to capture huge untapped capital of around $225 billion. This is unlikely to appeal to bitcoin maximalists.
Ripple CEO says the company is open to welcoming an XRP Spot ETF. The possible application and approval of a Ripple ETF (XRP) in the United States is a rumor that has been circulating for quite some time in the cryptocurrency field. Brad Garlinghouse, the company's CEO, said they would be open to welcoming such a product.
Top 7 Avalanche (AVAX) Wallets – The Complete Guide for 2024. Avalanche has been expanding its ecosystem rapidly in recent months, gaining more and more popularity. Here are the seven best Avalanche wallets you should consider when venturing into the field of decentralized finance.
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This week, we have a chart analysis of ethereum, Ripple, Cardano, Solana and Binance Coin; Click here to see the full price analysis.
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Cryptocurrency charts by TradingView.
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