This week saw the cryptocurrency market go through some serious turbulence, as the prices for the largest coins by means of total capitalization went on a rollercoaster. The tumultuous market dynamics ultimately resulted in a slight gain of about $15 billion added to the cap.
Leading the market was, of course, Bitcoin. The price was sitting at around $40K this time last week, and it remained there for a few days. On April 18th, we saw BTC crashing below $39K to a monthly low, but the bulls were quick to recover. A day later – on Tuesday – the price had surpassed $41K. On Thursday, BTC surged towards $43K, which was a 10-day high but was unable to close above it and collapsed.
At the time of this writing, bitcoin is exchanging hands at more or less the same price it was last week – $40,000.
The rest of the market followed suit, and it’s evident from the weekly change in price as most altcoins chart insignificant gains or losses. ETH is down 1.7%, whereas SOL is up 0.6%. There are, of course, certain exceptions. LUNA is up 17% in the last week, eyeing the coveted $100 once again. Memecoins in the face of DOGE and SHIB are the most significant losers of the week, charting a decline of 5.2% and 6%, respectively.
Meanwhile, Australia became the next country that will launch a Bitcoin ETF. A collaboration between 21Shares and ETF Securities has resulted in two products that would provide investors with direct, regulated exposure to both Bitcoin and Ethereum. the exchange-traded funds are called ETFS 21Shares Bitcoin ETF (EBTC) and ETFS 21Shares Ethereum ETF (EETH) and are scheduled to start trading on April 27th.
Last Saturday – April 16th, also saw the launch of the Moonbirds NFT collection. It turned out to be one of the most-heavily anticipated drops as it garnered massive attention and generated over $300 million in volume in six short days.
Market Data
Market Cap: $1,951B | 24H Vol: $122B | BTC Dominance: 38.9%
BTC: $40,400 (-0.1%) |…
