Crypto Weekly Roundup: Bitcoin ETFs, Cardano Listings, and More
03/19/2021
Welcome to the weekly cryptocurrency market roundup!
Over the last 7 days, the global crypto market cap has jumped from $1.68T to $1.85T from March 12 to March 14. However, since then, the overall market cap has settled down to $1.71T. So, how have the individual coins fared during this see-saw of a week? Let’s take a look.
In Brief:
- Bitcoin hovers around $59,000 as Brazil approves the world’s second Bitcoin ETF.
- Ethereum whales keep buying the dip.
- Ripple-SEC drama heats up.
- Litecoin gets added to a leading online sportsbook.
- Cardano price shoots up following Coinbase Pro and Bloomberg Terminal listings.
- Interesting on-chain metric for Bitcoin Cash spikes up.
Bitcoin Riding Horizontally Around $59,000
On March 15, the Bitcoin price dropped from $59,000 to $55,500. Since then, BTC rallied for a bit and is now trending horizontally between $59,000 and $58,000.
Around a month back, news came out that the Ontario Securities Commission (OSC) had approved an application from financial services company Purpose Investments Inc. to launch the first-ever Bitcoin ETF in North America. Now. a month later, it was reported that the ETF has crossed $1 billion in assets-under-management. Also, Brazil announced that they are approving a Bitcoin ETF, becoming the second country in the world to do so.
These are all very positive signs for Bitcoin and could potentially open up the U.S. Securities and Exchange Commission (SEC) to finally greenlight a BTC ETF in the United States.
“Jan & Yann,” the co-founders of on-chain analytics firm, Glassnode, shared this chart called “Long-Term Holder Net Position Change.”
This chart shows the 30-day change in supply held by long-term holders. According to the co-founders, “holders taking profits is less evident now than during January’s peak.” This shows that Bitcoin is a lot more resilient than ever before.
Ethereum Whales Gobble Up Dip
Over the last seven days, the Ethereum price has been trending in a narrow $80-range between $1,770 to $1850. However, there are several on-chain analytics that tell us that the overall network is very healthy.
According to Santiment, the number of addresses holding 1,000–10,000 and 10,000–100,000 coins have dropped from 5,754 and 1,109 to 5,723 and 1,101 over the last week.
Image: Santiment
However, it seems like the big whales holding between 100,000 and 1,000,000 ETH tokens have been buying this dip, which has kept ETH relatively stable.
Ripple Remains Resilient Under Ongoing Lawsuit Drama
Over the last three days, XRP managed to jump from $0.435 to 0.474. However, Ripple’s dominating narrative remains its legal bout with the SEC, which keeps getting uglier and uglier.
Litecoin Gets Added To Bovada
Litecoin has been chiefly trending between $225 to $200. Recently, news came out that the leading online sportsbook, Bovada, has added support for Litecoin. It will be interesting to see how this increased utility is going to affect Litecoin’s valuation.
Cardano Price Goes Up By ~35% After Key Listings
Cardano has had a blockbuster week, with two significant listings — Bloomberg Terminal and Coinbase Pro. Cardano Founder Charles Hoskinson was also a Keynote speaker at the Blockchain Africa Conference on March 18.
On March 16 and 17, the Cardano price jumped from $1.03 to $1.38, gaining $0.35 in overall valuation. Since then, ADA has settled around $1.29.
Here is an interesting chart by Santiment, which tracks a project’s development activity over time based on several pure development-related ‘events’ in the project’s public Github repository.
Image: Santiment
While Cardano is rightly lauded as one of the most active projects developer-activity wise, we can see a significant dip in the metric between March 16 and 17. Over the next three days, this metric hasn’t improved.
Bitcoin Cash Trends In A Narrow $30-Margin
Bitcoin Cash has been trending in a narrow $30-channel between $550 and $520 over the last week. While the price movement may not have been anything to write home about, there is a particular on-chain metric we want you to look into.
Image: Santiment
What you see above is Santiment’s “age-consumed” chart which tracks the movement of previously idle BCH tokens. The metric shows the amount of BCH changing addresses daily multiplied by the number of days since they last moved. Spikes indicate a significant amount of previously idle BCH tokens moving between addresses, which may affect the price. As you can see, there is a substantial spike on March 19, so it will be interesting to see how it affects Bitcoin Cash.
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