BTC Blasts Off!
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So, finally Bitcoin reached a new all time high. This feat would not have been possible if Bitcoin ETFs had not been approved. Now that Bitcoin has touched a new ATH, it's time to decode what its further journey could look like.
Meanwhile, Shiba Inu, one of the laggards of 2023 has suddenly sprung into action and has increased by 200% within a few weeks. It has now claimed back its position at #10 by market cap.
We also saw fantastic rallies in AI coins and Memecoins.
On the regulatory front, Binance continues to be in trouble, the latest of which stems from Nigeria.
Capturing the Crypto Market Pulse?
Bitcoin has finally reached a new ATH of $69.1k on the back of ETF inflows, upcoming Bitcoin Halving event
Bitcoin appears to move very close to its 52-week high of $70k (intraday basis) while increasing its market dominance to almost 53%. The overall market cap is also very close to its ATH.
Top Gainers of the Week?
The rise of Shiba Inu in the last three weeks has been phenomenal where it gained more than 200% in a single month.
Pepe is a deflationary coin on Ethereum. This means that the token supply would only decrease in the future, making it more rare and also valuable with time.
The main reason for the rally in Pepe was due to its listing on Binance three days ago.
Floki is a cryptocurrency of the Valhalla Metaverse. It is also a memecoin and was inspired by Shiba Inu. The crypto was once promoted by Elon Musk in a tweet.
Floki grew as a result of the meme coin rally that took place in February and March 2024.
Dogwifhat is a Solana meme coin and is among the top gainers in Solana in this bullish market.
Despite losing 12% today, the meme coin has managed to become a top performer this week. The rise of its prices has been due to the ongoing rally in meme coins.
Fetch.ai is the coin of Fetch.AI lab which builds machine learning components such as datasets and enables permissionless access through? blockchain technology.
Rally in Fetch.ai has been due to the overall rally in AI coins. The global AI market has been witnessing massive investments and the aim of Sam Altman to create a semiconductor manufacturing giant that could rival NVIDIA and Elon Musk’s Neuralink.
?Top Losers of the Week:?
Flare is a layer-1 blockchain that is designed to facilitate developers with high-quality data. It is an EVM compliant blockchain.
The price of Flare has been under correction after it reached a high of $0.54 on Feb 26, 2024.
Kaspa is a PoW blockchain that uses a unique protocol which does not create orphan blocks. Rather it allows all blocks to exist in consensus.?
Kaspa has been under correction after it reached a high of $0.19 on Feb 20, 2024.
SEI is a layer-1 blockchain that has been designed to help centralized exchanges.
The price of SEI continues to make volatile moves and after falling for a massive drop of 35% in a month, it has again picked up an uptrend in price.
Worldcoin is one of the primary AI altcoins that seeks to create a decentralized finance based economy where humans can easily establish their identity.
Worldcoin has been under continuous decline after the news of Sam Altman’s $7 trillion funding ask failed to gather further support.
Sui is a smart contract enabled L1 blockchain designed specifically for asset tokenization. It aims to create a fast, secure and private digital asset ownership experience.
Sui has fallen about 20% in the last 30 days. The cause of its falls seems mostly profit booking after the coin rose from $0.4 to $2 in a year.
Market Sentiment
The crypto Fear and Greed Index has inched even higher and now is at 82 which is an extreme end. Though the markets are poised to rise again, the level of high greed in the index shows that a small correction or sideways movement might happen soon.
It gained 2 points since last week because of Bitcoin touching all time high and also because the markets are showing no signs of weakness as of now.
Global Market Overview
Crypto Market Cap has crossed $2.54 trillion as Bitcoin rose higher and made a new ATH.
Global markets continue to be dominated by Bitcoin and Ethereum who still command a combined 70% of market value.?
However, there has been a marginal decrease in the market domination of both cryptocurrencies due to a rally in wider markets.
Market Watch
Bitcoin has yet again made a new all-time high but with a twist. Since the halving event is approaching soon, the markets may witness further upside unlike the last time in 2021. The growth has been further fueled by the big inflows in the Bitcoin ETFs which are gaining around $300 million in AUM with each passing day.
The meme coin markets lead by Shiba Inu, Bonk, Pepe and Dog What has made massive gains in the recent past. Some of the top coins of this market include Ordi, Sats, Rats and Mubi.
BRC-20 cryptocurrencies have seen a great increase in their market cap since the last few months. Till date, the combined market cap of BRC-20 coins have reached $3.72 billion.
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Top Crypto News
In a matter of a few days, Terra founder Do Kwon has escaped his fate at the hands of US authorities after the Montenegrin High Court turned its earlier judgement. $LUNA is set to witness a massive rally in the event Do Kwon is extradited to South Korea.
Crypto expert Andrew Kang has expressed his expert opinion on Dogecoin. The analyst predicts a 30% chance of Dogecoin ETFs hitting the markets in the future.
Nigeria is set to take serious action on Binance after its new CEO Richard Teng skipped two summons to be present in front of Nigerian Parliament’s House Committee on Financial Crimes. The allegations seem to range from money laundering to terror finance. Earlier Nigeria tried to put a fine of $10 billion on Binance.
Top Video of the Week
In this video, Abhishek Singh Rajpurohit has a lengthy conversation with Green Labs founders Deshith and Hassan who have spearheaded a new green initiative with blockchain technology. Green Labs aims to create a collaborative platform for multiple parties like Governments, UN agencies and other climate action groups.
That’s a wrap for today!