Crypto Market To Hit $5T?
Voice of Crypto
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Happy Friday ??
With less than a week remaining before Bitcoin Halving, we have witnessed a bit of volatility in the markets. Altcoin corrections, Bitcoin facing resistance at $70k, and a few others. However, it seems all of that is finally gone.
Yesterday, Bitcoin decisively crossed $70k and now hovers around $71k. Also, the Crypto Market cap seems to have recovered above $2.5 trillion.
Capturing the Crypto Market Pulse?
The crypto markets have finally shown signs of recovery in the last week after the decent correction. Overall, the market cap has again reached above $2.5 trillion with major cryptocurrencies like Bitcoin and Ethereum regaining higher price levels.
Top Gainers of the Week:
1. Nervos Network ($0.03) +78.38%
Nervos Network is an open-source blockchain and a peer-to-peer network similar to Bitcoin.?
2. Ethena ($1.46) +57.33%
Ethena, a provider of crypto-native solutions for digital bonds enabling tradfi users to transition to defi seamlessly, continues to rank among the top 5 gainers for the third consecutive week
3. NEO ($22.14) +48.8%
Previously known as Antshares, NEO is a smart contract and DeFi development platform. It is also one of the pioneers in decentralized finance, having been established in 2014, very close to Ethereum’s inception
4. Toncoin ($7.03) +35.87%
Toncoin is the cryptocurrency initially established by Telegram but is now operated by the TON Foundation. The crypto has been experiencing significant price gains, driven by Telegram's $30 billion valuation sought for its IPO
5. Jasmycoin ($0.023) +26.3%
Jasmycoin is the cryptocurrency of Japan-based Jasmy Inc. which deals primarily in IoT and AI.?
Top Losers of the Week:?
1. Wormhole ($0.77) - 20.48%:
Wormhole is a Solana-based cross-chain transfer protocol facilitating the connection and asset transfer among different blockchains. The cryptocurrency has faced pressure in the last two weeks following a $320 million heist by hackers.
2. Uniswap ($9.10) - 14.08%:
Uniswap is a Layer-3 decentralized exchange utilizing smart contracts for crypto swaps, bridging, and staking. Its cryptocurrency has seen a decline since the SEC-registered a case against Uniswap this month.
3. Maker ($3345) - 12.55%:
Maker is the governance token of MakerDAO, operating the renowned Maker Protocol. Its price dropped in the last 7 days after a strong rally to $4059, possibly due to profit booking.
4. Bitcoin Cash ($609) - 11.54%:
Bitcoin Cash, a hard fork of Bitcoin, was created to enhance blockchain transaction speed. Its price decline correlates with a 47% decrease in open interest in Bitcoin Cash futures and options.
5. Core ($2.17) - 9.72%:
Core is an EVM-based Layer-1 blockchain featuring a unique consensus mechanism called Satoshi Plus, combining Proof of Work and Proof of Stake. The cryptocurrency has been declining since last month after reaching a 52-week high of $4.1.
Global Market Overview
The bullish sentiment persists in the current markets, as evidenced by the Crypto Fear and Greed Index remaining above 76 for nearly a month.?
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Despite recent volatility and market corrections, the index remains firm at 79, matching last week's position.?
Likewise, the Crypto Market Cap has surpassed $2.5 trillion once again and now appears to stabilize at $2.63 trillion
Market Watch
Now that Bitcoin Halving is less than a week, various crypto experts have expressed their targets for Bitcoin post the halving period. These targets range from a conservative $88k to a super bullish $200k. Strong ETF inflows, greater Bitcoin adoption, and the new regulations have ensured that Bitcoin remains on a bullish trend.
Memecoins have deeply corrected and now most of them are struggling to maintain the gains that were made in March 2024. Top memecoins like Dogecoin, PEPE, BONK, dogwifhat, and Shiba Inu struggle to hold their prices. However, there is a positive rally expected after Bitcoin halving.
Crypto analyst Peter Brandt says that if Solana can conquer the next resistance in the SOL/ETH charts, there is a possibility that Sol’s price might cross $400. The rally could however start only from $200. Solana now rests at $175.
Top Crypto News
Ripple might soon launch a stablecoin for its ledger that could help increase liquidity on its network. The cryptocurrency stands to benefit its users who are using the cross-border payment facility. s.
On the back of a huge $30 billion market cap and with the support of over 900 million users, Telegram has been going wild. The TON cryptocurrency, established by the same company has now crossed $24.9 billion in market cap and has also overtaken Avalanche as well as Cardano.
On 11 April 2024, the SEC served a notice to Uniswap regarding alleged sales of unregistered securities and operating an exchange in the US without approval. CEO Hayden Adams shared the news. Shortly after the announcement, Uniswap’s price dropped 10% within a few hours.
Expert Opinion
Ripple’s CEO Brad Garlinghouse expects the Crypto Market Cap to double from this point and reach $5 trillion by year-end. He cites ETFs, benefits of halving, and regulation as the major factors that could push the crypto prices upwards.
Top Featured Crypto Events?
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Top Video of the Week?
Bitcoin Halving is a pivotal event in the Bitcoin network, occurring approximately every four years. But what exactly does it entail? Join us as we break down the complexities into digestible bits, providing clarity on how Bitcoin Halving impacts miners, investors, and the broader crypto ecosystem.?
That’s a wrap for today!