Crypto Weekly Roundup: Bitcoin Market Cap Touches $1.5T CAD, But Dominance Drops To 52%

April 16, 2021

Welcome to the weekly cryptocurrency market roundup. The global cryptocurrency market cap once broke past the $2.5T CAD level and reached a top of $2.83T. As of now, it has slightly corrected itself to $2.726T CAD.

Oh, and remember how we talked about Bitcoin dominance dropping to 55% last week? Well, not it has gone down even more to 52%. This remains a very interesting point since it shows that the altcoins have continued to have a higher impact on the market.

Alright, let’s now take a closer look at the top coins.

NOTE: The charts here have been created in-house or taken from Santiment.

In Brief:

• Tesla has made a billion-dollar USD profits from their Bitcoin holdings.
• Ethereum’s Berlin hardfork has gone live this Thursday.
• Cardano may $reach 10 before 2021 ends, as per a well-known trader.

Bitcoin Market Cap Touches Historic $1.5T

On April 15, the Bitcoin market cap touched the $1.5T CAD mark for the very first time. Price-wise, Bitcoin started the week at $73,000 and then finished at $76,750. Two days back, it reached an all time high of $81,086.46 (when it moved to $1.5T).

Some speculate that this sudden drop may have been caused by the Central Bank of Turkey (CBRT) banning Bitcoin payments. As per the bank, assets based on the distributed ledger technology could not be used, directly or indirectly, as an instrument of payment.

Plus, news also came out that Tesla posted $1 billion USD profits from their Bitcoin holdings in just 10 week. The electric car company had previously purchased $1.5B worth of Bitcoin.

Looking at the number of whale transactions that Bitcoin went through over the last week, we can see that the number of whale transactions — transactions exceeding $100,000 USD — crossed the “600” mark multiple times.

This slew of huge transactions towards the end of the week had a significant impact on Bitcoin price.

Ethereum Price Crosses $3,000 CAD

Ethereum price gradually increased over this week, going up from $2,578 to $3,046 — gaining almost $500 in overall valuation. Earlier today, ETH reached an all-time high of $3,184.85. The rise in ETH happened because of the Berlin hard fork that went live at block 12,244,000 on Thursday.

The Berlin hardfork incorporates four Ethereum Improvement Proposals (EIPs) that tinker with gas prices and allow new transaction types. This hardfork also prepares Ethereum for the upcoming London hardfork, which will incorporate the ever-controversial EIP-1559.

The number of GitHub commits in the Ethereum network had progressively increased over the week before it dropped over the last 24 hours. Interestingly enough, you can see a close correlation between the price and the developer activity.

Now, the next metric that we will be looking into is the miner balance. Throughout this week, the amount of Ethereum held by miners dropped from 141,780 to 128,000. This is a negative sign since it shows us that the miners are selling off their coins.

Cardano May Be Undervalued, As Per Well-Known Trader

Throughout this week, the Cardano price jumped from $1.50 to $1.76, reaching an all-time high of $1.95 on April 14. According to popular trader Justin Bennet, ADA is hugely undervalued and will probably reach $10 before 2021 ends.

Cardano is pretty well-known for its development-first approach, as seen in this “developer activity” chart by Santiment. As you can see, throughout the week, the developer activity has jumped up considerably. The price was following this dev activity till April 14, after which it dropped down.

Also, our team actually wrote an article this week on Cardano, which you can read over here. The cool part is that towards the end of the article, there is a small quiz. Answer all the questions correctly, and we will give you a 1,000 SATs reward!

Just make sure that you have a registered account in CoinSmart before you take the quiz.

Empower And Earn

At CoinSmart, our mission is to reduce the barriers to entry to the crypto world by making it as simple as possible for anyone to invest in cryptocurrencies. As such, we have started a new referral program that will reward you every single time you successfully refer a friend to create an account.

Your friend will have to:

• Use your unique invite link to sign up
• Complete registration and get verified
• Fund their account
• If they do all this, they will receive a $15 (€ 10*) reward in their CoinSmart account!

You can refer as many friends as you can by April 30. You will be rewarded with a $60 referral bonus when your referred friend funds their account.