Following the previous week’s bloodbath, high capitalization tokens are quickly recovering from earlier losses. At the same time, several altcoins have registered enormous gains, pushing the aggregate crypto market capitalization closer to the $2 trillion mark.
BTC Hits a 10-Day High
Bitcoin (BTC) remains stuck within a tight range after rebounding from the prior week’s losses despite the BTC/USD pair reaching nearly $43,000 this week – the highest price since April 10th, 2022.
Irrespective of its ongoing lackluster performance, some experts anticipate that Bitcoin prices are poised for a rally as several upcoming developments can help drive its value higher. This includes the forthcoming launch of Australia’s first Bitcoin ETF. Additionally, asset manager Simplify has applied to list shares of an ETF linked to Bitcoin futures, Treasury securities, and options with the United States Securities and Exchange Commission (SEC).
In the meantime, Google search data and crypto exchange activity over the past few weeks suggest a decline in retail investor interest in BTC as people continue to search for the next big coin. The latest data from Arcane Research underscores this point, as weekly average Bitcoin trading volumes match the same lows as July 2021.
Small-Cap Altcoins Defy the Downtrend
Several altcoins trimmed their losses over the past seven sessions, with Monero (XMR), Apecoin (APE), EOS (EOS), PancakeSwap (CAKE), and STEPN (GMT) registering double-digit gains.
Monero (XMR) is up by almost 20% week-over-week, and at the same time, 24-hour trading volume has surged 52% as the token forms a bullish technical pattern. This upward momentum comes at the heels of the recent surge in ransomware attacks, pushing users to opt for Monero as a preferred payment method. Since the beginning of March, XMR has gained around 60%, underlining its success in avoiding market-wide selling pressure.
Likewise, ApeCoin (APE) is up by almost 19% this week. This promising rally has been driven in part by a “rumored” upcoming Yuga Labs Metaverse land sale. EOS (EOS) and PancakeSwap (CAKE) are two other altcoins that have been able to sidestep the ongoing downtrend.
Both tokens registered gains over the last seven sessions, rising around 20% and 19%, respectively. EOS’s rally was triggered by its EOS Weekly Report, wherein the platform announced the upcoming EOSIO + Coalition partnership – a collaboration between EOS, UX Network, Telos, and Wax.
One of this week’s biggest gainers was STEPN (GMT), a Web3 lifestyle app with fun social elements and gamification design. The value of GMT has surged higher more than 38% this week as it hit a record high a few days ago, now up more than 400% in just a month.
This latest upward movement is on the back of the news that the platform has amassed more than 300,000 active users and unveiled a new partnership with ASICS to release its next set of branded NFTs.
Prominent Altcoins Stuck in a Tight Range
Most of the leading altcoins by market capitalization underperformed this week. Ethereum (ETH), the second-largest crypto by market capitalization, continues to face resistance at the $3,200 mark. Other well-known tokens like Cardano (ADA), Avalanche (AVAX), and Solana (SOL) also experienced minimal price momentum over the past seven sessions.
The current scenario of altcoins indicates that sideways trading will continue in the short term until a directional breakout materializes. Additionally, flattening moving averages of most major altcoins paired with investor sentiment hovering around the “fear” territory contribute to the struggle major altcoins are encountering as they attempt to break past resistance.
Robinhood Acquires Ziglu, Web3 Dominance Grows, and More
Cryptocurrency-friendly stock trading app Robinhood (HOOD) is pushing towards global expansion amid the latest developments. The platform has acquired the UK-based crypto firm Ziglu to expand its international footprint in the United Kingdom and European markets.
Blockchain gaming continues to lure investors, with crypto-focused venture firm Framework Ventures raising $400 million to invest in early-stage companies across Web3 and blockchain gaming. KuCoin Ventures has also launched a $100 million Web3 developer fund focusing on NFT projects. Meanwhile, crypto exchange CoinDCX has raised $135 million to support India-based Web3 projects.
Finally, Binance.US has acquired a money transmitter license in Puerto Rico in another promising development, recording another major milestone as the platform works to obtain licensing in all 50 United States and outlying territories.
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