Uncertainty has prevailed across the broader crypto market amid the upcoming decision of the U.S. Federal Reserve on combating inflation.
Prices of most of the prominent tokens have remained range-bound, with a few altcoins rallying upward.
BTC Finds Support
Bitcoin (BTC) is currently struggling to move past the $45,000 resistance mark, with a key bullish trend line forming as it is now holding support around $43,800.
Per the latest trading data, the token has remained almost unchanged over the past 24 hours. However, multiple technical indicators suggest that if BTC can continue holding support at this level, there are high chances of a bullish run.
According to Glassnode’s data, since November 2021’s halving, the average return from mining 1 BTC has decreased by almost 51%, prompting miners to sell off their holdings as profitability took a nosedive.
However, the good news is that the BTC mining hashrate has reached a new all-time high (ATH), jumping from 188.4 exahashes per second (EH/s) to 284.11 EH/s in a single day.
Also of note, Fidelity International has launched its Bitcoin exchange-traded product (ETP) on the SIX Swiss Exchange and the Xetra digital stock exchange in Germany. Traders can now trade this new Bitcoin ETP under the ticker FBTC on Deutsche Boerse Xetra and Frankfurt Stock Exchange.
AVAX and THETA Outperform
With fear and uncertainty looming across the broader market, mostly due to the upcoming U.S. Federal Reserve’s announcement on inflation and rising tensions at the Ukrainian border, the market hasn’t witnessed any significant movement over the past week.
Theta Network (THETA), which was on a steady downtrend since early November 2021, is among this week’s top performers, registering almost 14% growth over the past seven days. This upward rally comes at the heels of its new partnerships, through which the Theta Network ecosystem is continuing its expansion into the decentralized streaming market.
Avalanche (AVAX) had a promising run this week, as the value of AVAX hit its weekly high. As a faster alternative to Ethereum, DeFi activity on the Avalanche network is booming.
It has positioned itself as the fourth-largest protocol with a total value locked (TVL) of roughly $11 billion. This increased DeFi activity has helped the AVAX token soar by more than 10% as it inches closer to the $100 mark. Other promising weekly gains came from NEO, Decentraland (MANA), The Graph (GRT), and Axie Infinity (AXIE).
Prominent Altcoins Continue Losing Ground
A sea of red has taken over the crypto market, with most of the alts ranking among the top-10 cryptos by market capitalization registering significant losses.
Among the top losers, Cardano (ADA) is down by almost 9% this week. Since November 2021, the ADA token has flipped between support to resistance, following a bearish pattern. In the last 24 hours, the value of ADA has dropped by 2.03% and its 24-hour trading volume has also dipped by 20.54%.
Solana (SOL) is another altcoin from the top-10 list to have lost as much as 10% over the past seven days. The ongoing problems with network congestion, paired with the recent string of cyberattacks have taken a toll on the value of SOL.
The 24-hour trading volume has dipped by 3.5% as the token tries to break past the $100 resistance, highlighting the fact that trader sentiment remains negative, and traders are selling on rallies.
Tezos (XTZ), which just started a promising upward rally in recent weeks, dropped by almost 12% this week. Although network activity has surged on the Tezos network in the past month and the platform has signed several partnerships, the value of XTZ seems to be stuck below the $4 mark for quite some time. Over the last 24 hours, the overall trading volume of XTZ, too, has dipped by 12.74%.
Other leading altcoins like Polkadot (DOT), Polygon (MATIC), NEAR Protocol (NEAR), and The Sandbox (SAND) have also registered double-digit dips this past week.
Crypto Ads at Super Bowl
Big-league crypto brands like FTX, Crypto.com, and Coinbase displayed their debut crypto ads during the Super Bowl. Fueled by growing demand, these crypto ads stole the limelight from traditional business ads, while at the same time redirecting waves of new users to the platforms.
Colorado has become the first U.S. state to start accepting a wide range of cryptocurrencies as payment for state taxes by the summer of 2022. Per a recent report by CNBC, ConocoPhillips, the international oil and gas company, is experimenting with BTC mining to eliminate the environmental impact of flaring.
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