WEEKLY CRYPTOCURRENCY MARKET ANALYSIS

Hello, welcome to this week’s 280th edition of Cryptonaire Weekly Magazine. The global crypto market cap is $1.23 Trillion, up $60 Billion since the last week. The total crypto market trading volume over the last 24 hours is at 46.88 billion. The DeFi volume is $4.43 Billion, 9.54% of the entire crypto market’s 24-hour trading volume. The volume of all stable coins is $41.87 Billion, which is 89.31% share of the total crypto market volume the last 24 hours. The largest gainers in the industry right now are Artificial Intelligence (AI) and Polkadot Ecosystem cryptocurrencies.

Bitcoin’s price has increased by 7.32% from $28,000 last week to around $30,050 and Ether’s price has increased by 6.08% from $1,810 last week to $1,920 Bitcoin's market cap is $582 Billion and the altcoin market cap is $648 Billion.

After days of indecisive price action, Bitcoin broke above the psychologically important level of $30,000 on April 11. Even though Bitcoin has rallied above 80% year-to-date, some analysts remain in denial mode.

Bloomberg Intelligence senior macro strategist Mike McGlone highlighted that “risk assets typically rise and fall on the back of liquidity.” The central banks have been withdrawing liquidity to control surging inflation, which has resulted in a fall in money supply and commercial bank deposits. Therefore Bloomberg Intelligence believes it is “illogical” to expect the stock market, crude oil and cryptocurrencies to sustain recent bounces.

Percentage of Total Market Capitalization (Dominance)

Polygon Others

SkyBridge Capital founder

Usually, rallies from bear market lows continue until the last bearish trader throws in the towel and turns bullish. Until that happens, the rally in Bitcoin may continue to frustrate traders who expect the price to turn down once again.

Anthony Scaramucci said in an interview with Yahoo Finance that Bitcoin may be through its bear market but added that it was a guess. He however highlighted that investors who buy and hold Bitcoin for a period of four years outperform every other asset class.

While several retail investors are waiting for a dip to buy, American business intelligence firm MicroStrategy continued its Bitcoin buying. The firm’s executive chairman Michael Saylor tweeted on April 5 that the company purchased an additional 1,045 Bitcoin to take its total treasury holding to 140,000 Bitcoin, acquired at an average price of $29,803 per Bitcoin.

Although Bitcoin is the engine that drives other cryptocurrencies, this week, the focus will also be on the largest altcoin Ether, which will undergo the Shanghai upgrade on April 12. That will conclude its transition to proof-of-stake. Analysts are uncertain about the short-term impact on Ether’s price but most expect it to be bullish in the long term.