This week witnessed a remarkable surge in the total market capitalization of cryptocurrencies, which crossed $1.3 trillion due to significant price hikes of various coins. The overall market sentiment also saw a considerable improvement.
Bitcoin’s price managed to reach the $30K milestone, which hadn’t been seen in 10 months. Although the week started quietly amid the anticipation of the Consumer Price Index release to measure inflation in the US, the price unexpectedly soared to $30K and sustained it for a while.
The CPI for March was announced at 5%, indicating a continual decline in inflation for six consecutive months. This boosted investor confidence, and the market remained seemingly strong. But this was not the only major event of the week.
On April 12th, Ethereum upgraded to the Shanghai or Shapella upgrade, which allowed validators to unstake the ETH they had locked up to secure the network for years. Several speculators expected this move to flood the market with a massive supply of ETH, but that wasn’t the case.
The cryptocurrency market reacted positively, and Ethereum’s price surged to $2,100, surpassing the crucial $2K mark, triggering a fresh rally and stopping the bear market in its tracks.
Many altcoins followed suit and charted impressive gains, such as Radix (XRD) – up around 65%, Injective (INJ) – up about 34%, Render (RNDR) – up 32%, and Arbitrum (ARB) – up around 26.5%.
Additionally, FTX had some major developments, where attorneys and bankruptcy experts managed to recover $7.3 billion from the company’s assets. Furthermore, a potential restart of the exchange was announced, which received a mixed response from the community.
The week was undoubtedly bullish, and it’s intriguing to see if the momentum will carry on in the coming days. The prevailing question is whether Bitcoin and Ethereum will continue their rally or if the market will start correcting. Only time will tell.
Market Data
Market Cap: $1,331B | 24H Vol: $61B | BTC Dominance: 44.6%
BTC: $30,710 (+9.5%) | ETH: $2,105 (+12.5%) | BNB: $332 (+6.7%)
This Week’s Crypto Headlines You Better Not Miss
What is the Ethereum Shanghai (Shapella) Upgrade? Everything You Need to Know. The Shanghai upgrade or Shapella upgrade, which Ethereum successfully underwent this week, allowed validators to finally unstake the ETH they had been locking up for years to secure the proof-of-stake network.
London Stock Exchange Taps Digital Trading Platform to Launch Bitcoin Futures, Options Trading. The London Stock Exchange Group has partnered with Global Futures Options to launch the first regulated trading clearing in bitcoin index futures and options derivatives in the UK.
Montana Bill Classifying Crypto as Personal Property Approved by House of Reps. The Bill (no. 178) aims to classify cryptocurrencies, stablecoins, and non-fungible tokens (NFTs) under personal property and promote the operations of local crypto miners.
Twitter Partners With eToro to Enable Users Access to Financial Instruments. Twitter has partnered with eToro to allow users to buy and sell stocks, crypto, and other financial assets through the popular retail-oriented financial app.
FTX’s Recovered Assets Surge to $7.3 Billion, May Restart Exchange in 2024. FTX executives and attorneys have managed to recover around $7.3 billion from the company’s assets, and a “potential restart or recapitalization” of the exchange is under consideration.
El Salvador Grants its First Crypto Licence to Bitfinex. El Salvador’s regulators have registered Bitfinex as the first Digital Asset Service Provider (DASP), as the overall crypto market continues to recover from a slump.
Charts
For this week, we have analyzed Ethereum, Ripple, Cardano, Dogecoin, and Arbitrum’s charts – click here for the complete price analysis.
