Top cryptocurrencies to watch this week include bitcoin (btc), ethereum (eth), and Pepe (PEPE).
bitcoin whales make profits
bitcoin has seen a decline in whale activity since March 14. However, an increase in whale transactions could potentially boost btc prices.
In particular, crypto analyst Lookonchain recently highlighted a significant move of 1,200 bitcoin, worth $77.67 million, by a whale on the Kraken exchange.
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According to the analyst, the same whale had accumulated 24,755 btc valued at $1.68 billion between March 1 and April 15, with an average purchase price of $68,051 per bitcoin.
Besides, data of CryptoQuant shows that currency inflows from bitcoin whales have reached their highest level in five months, indicating a possible profit-taking trend among major holders, which analysts believe could lead to a significant correction of prices in the next week.
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Large-scale transactions can exert substantial influence on the crypto market, and bitcoin whales have greater influence given the coin's enormous influence on the broader crypto market, where it has over 50% dominance.
On the market front, bitcoin's price recovery attempts have slowed, with the asset gaining 1% in the last 24 hours to trade at $63,520 after days of being in the red.
ethereum stays green
Altcoins are also facing downward pressure, contributing to a $150 billion decline in the total cryptocurrency market capitalization over the weekend.
ethereum, after trading near its support trend line within a symmetrical triangle pattern, appears to be generating bullish sentiment in the market.
While the eth token price action has corrected by 32% from its yearly high of $4,094, it maintains a year-to-date positive outlook of over 75%. Furthermore, it was practically the only large-cap cryptocurrency that remained in the green over the weekend.
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As of now, the coin has continued its good streak and is 5.5% higher than it was 24 hours ago. eth is currently at the highest point in the last 7 days, and x analysts including Satoshi Flipper are hinting at an incoming bull run given the coin's underlying indicators.
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PEPE closes the week in style
Another token that might deserve a closer look in the new week is Pepe. The third-largest meme coin by market capitalization has had a relatively strong performance since its launch in 2023 and is currently priced at $0.000007459. This is an increase of 7.1% in 24 hours and an increase of almost 28% this week, which places it among those who have gained the most in the last 7 days. However, the current price is still a 4.8% decline from the previous month.
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With a market capitalization of $3.1 billion and a 24-hour trading volume of $648 million, Pepe's market strength positions it among the top cryptocurrencies to watch. Despite experiencing pullbacks, the meme coin has shown resilience and could continue its upward trend in the coming weeks, supported by its strong trading volume and market interest.
In summary, bitcoin, ethereum and Pepe are key cryptocurrencies to monitor this week as they navigate through market fluctuations and potential price movements driven by whale activity and market sentiment.
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