The past seven days saw the broader cryptocurrency market cool down a bit, with some of the previous week’s leaders also taking a breather. Namely, Ripple’s XRP was unable to sustain the major gains it posted seven days ago and is lost around 5% throughout this week. It could just be setting itself up for another leg up, though. Let’s dive in.
The total cryptocurrency market cap is down about $15 billion in the past seven days, which is indicative of it cooling down. BTC was unable to conveniently pass above $28,000 (where it’s currently trading) and is still battling with that level, which seems quite important.
The Bitcoin dominance is down about 0.5% throughout the period, which shows that altcoins were able to outperform. This doesn’t come as a surprise. Ethereum managed to pull ahead, posting gains of slightly less than 4%, while Dogecoin (DOGE) exploded by 11%. This came on the back of an interesting development. Elon Musk stayed true to his promise, to the dismay of many, and changed the actual Twitter logo to one of Dogecoin. That’s right – the world’s second-largest social media had a Dogecoin logo for a couple of days.
Needless to say, DOGE’s price exploded, posting gains to an extent of some 30% before retracing and losing most of them – as it typically happens.
Some other altcoins also managed to increase a bit. LDO is up around 3.5%, same as SHIB and others. On the other end of the spectrum, XRP was unable to maintain its upward momentum and lost around 5% over the week. This has its price currently at around $0.5 – an important psychological and technical level, so it’s very interesting to see how things will develop over the next week.
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At the same time, MicroStrategy – the world’s largest corporate holder of BTC – increased its stack even further, taking it to a whopping 140,000 bitcoins. Earlier in the week, the company’s CEO – Michael Saylor, broke the news that they bought BTC worth almost $30 million. A comfy bag.
That said, the market remains somewhat tense, and many are expecting the Shapella upgrade on Ethereum’s network that will see the staked ETH unlocked. It’s interesting to see if this will increase the selling pressure or if it will be a non-event. In any case, the upgrade is supposed to take place on April 12th.
Market Data
Market Cap: $1,224B BTC Dominance: 44.1%
BTC: $27,946 (-0.1%)
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