This week, market sentiment shifted dramatically, with positive performance ruling the crypto charts. Almost every major cryptocurrency has registered upward momentum, with many outpacing Bitcoin as confidence in the market’s outlook builds.
BTC Breaks Past Resistance Level
Bitcoin prices have held onto gains over the past seven sessions as the prevailing sentiment of fear and greed index inches back towards neutral. With Terra co-founder Do Kwon reiterating that Terra has plans for a $10 billion BTC allocation and the liquidity pouring in (the recent $750 million worth of USDT transferred from Terra), the spot price for BTC registered has registered gains of just under 10% over the last seven sessions.
BTC has broken past one of its resistance levels at $43,500. With $3.3 billion worth of BTC options set to expire today, BTC must sustain its upward momentum to maintain the latest trend reversal higher.
Despite BTC’s recent uptrend, BTC is only now approaching neutral territory in terms of fear. One of the primary reasons behind this market sentiment is the ongoing Russian invasion of Ukraine, which has led to macro uncertainties across the globe.
Owing to frequent pullbacks in prices recently, exchanges are also witnessing massive BTC liquidations. Earlier this week, more than $20 million worth of BTC long liquidations happened within an hour.
At the same time, data from Glassnode suggests that the BTC long-term holder accumulation has stopped after the October 2021 high. The long-term holder, better known as LTH, is an integral part of Bitcoin’s total supply and hasn’t registered any movement in the past 155 days.
Altcoins Register Large Gains
Along with Bitcoin’s positive week-over-week performance, altcoins also continue to gain. Ethereum (ETH) finally broke past the $3,000 mark, gaining more than 9% this week, and among the top 10 altcoins by market capitalization, Cardano (ADA) notched the best returns.
ADA registered more than 32% gains over the past seven days, finally breaking past resistance at $1, though the value of ADA remains well below its previous all-time high.
In the meantime, crypto asset management firm Grayscale Investments recently launched a new fund offering with Cardano (ADA) and Solana (SOL) as top holdings. This news, paired with the surge in transaction volume and total value locked in decentralized finance (DeFi) protocols on the Cardano network, played crucial roles in helping support ADA’s upward momentum.
Additionally, the launch of Hydra, a layer-2 scaling solution that will make Cardano and its DeFi services faster and cheaper, has also played a key role in shaping ADA’s traction this week.
Switching gears, freshly listed token ApeCoin (APE), an ERC-20 governance and utility token for the APE Ecosystem, has already made its way into ETH whales’ top-10 buy list. Since its launch, the value of APE token has surged, with two of the largest ETH whales buying up as much as $6 million worth of APE tokens.
Meanwhile, Times Magazine has made a Twitter announcement that it will soon start accepting ApeCoin. APE is now the 41st largest crypto by market capitalization.
THORChain Continues to Gain
After weeks of outsized returns, THORChain (RUNE) is still continuing to rally, rising over 14% today so far. Due to the growing number of projects and users on its ecosystem, THORChain recently suffered two back-to-back exploits on its ETH Router, following which it experienced a six-hour outage.
However, amid these hiccups, the total value locked within the ThorChain ecosystem is on the rise. The platform just announced the integration of multiple synthetic assets to its network and has also enabled swaps between layer-1 unwrapped BTC and layer-1 unwrapped ETH.
Together, these additions unlock the option of cross-protocol swaps – which will potentially help RUNE gain more traction in the coming weeks.
More than 50,000 People Want to Stay in Satoshi Island
Utopian crypto island in the South Pacific, Satoshi Island, the “place for the crypto community to call home,” has already received 50,000 applications for its free “Citizenship NFT.” This NFT will act as a whitelist, enabling owners to enter the upcoming Land NFT sale and giving them the right to stay on the island (which is currently under construction).
In an exciting development, insurance provider Lemonade (LMND) has partnered with prominent blockchain firms to form the Lemonade Crypto Climate Coalition DAO to offer blockchain-based insurance to farmers in response to climate change.
Finally, eighth-ranked UFC flyweight fighter Matheus Nicolau is the latest in the long list of athletes and celebrities to accept all earnings in BTC, shining another bright spotlight on cryptocurrency.
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