Crypto Weekly Roundup: The Almost $2 Trillion Market

April 2, 2021

Welcome to the weekly cryptocurrency market roundup. We very nearly accomplished a significant milestone this week! In the early hours of Thursday, April 1, the crypto market cap reached $1.99 trillion (USD). However, just before the market could cross the $2T mark, it faced a slight correction.

So, what have the top cryptos been up to the last seven days? Let’s take a closer look.

NOTE: We are going to go back to our usual CAD denomination.

In Brief:

• Bitcoin price marches on as the likelihood of a US ETF increases by the day.
• Ethereum price looks to consolidate above $2,500.
• Ripple buys 40% stake in Malaysian payments company.
• Cardano successfully decentralizes block production.

Bitcoin Price Is On A Steady Rise

Bitcoin price has been on a steady uptick this week, wherein BTC rose from $65,380 to $75,000 — gaining almost $5,000 in its overall valuation. The overall sentiment surrounding BTC is pretty good. U.S SEC Commissioner Hester Peirce who is also known as “Crypto Mom,” said during an interview with Forbes that a Bitcoin ETF is “long overdue.” It should be noted that there are several organizations like VanEck, Skybridge Capital, Fidelity, and Goldman Sachs, who have already submitted an ETF application. It will be interesting to see who gets approved first. In the meantime, Canada, Brazil, and Chile have already greenlit a Bitcoin ETF.

This is a chart by Santiment which shows Holders Distribution. Specifically, we are seeing addresses that hold 1,000–10,000, 10,000–100,000, and 100,000–1 million BTC coins.

As you can see, the addresses holding 1,000–10,000 and 10,000–100,000 BTC have dropped progressively. Since the Bitcoin price hasn’t dropped significantly, it could mean that these holders have sent some of their Bitcoins to other wallets to reduce their risk.

Ethereum Price Creeps Above $2,500

The Ethereum price rose from $2,045 to $2,515 — crossing the $2,500 psychological level throughout this week. In the process, ETH rose by almost $500.Having said that, there is still considerable tension between the miners and the developers regarding the controversial EIP-1559 proposal.

There are a couple of charts from Santiment that we want you to check out. The first one is the amount of ETH held by the top 50 non-exchange addresses. As you can see, between March 28 and March 30, this number rose from 17.72 million to 17.9 million. Following that, this number dropped to 17.85 million.

Now, this chart is the amount of ETH held by the miners. As you can see, there was a sharp spike on March 26, where the number went up from March 26, where that number went up from 116,470 to 164,300.

After that, this number trended around 150,000 for a bit before it dropped to 139,000. It looks like the miners took advantage of the price rise and sold off their tokens to pocket profits.

Ripple Price Trends In A Narrow Channel

The Ripple price has spent the week trending in a narrow $0.04 channel between $0.71 and $0.75. While the Ripple-SEC saga still dominates the overall narrative, news came out that Ripple Labs will be acquiring a 40% stake in Tranglo, a cross-border payments specialist in Asia. As per the Malaysia-based Tranglo, this acquisition would help the company meet the demand for its native token XRP in transactions.

Cardano Price Goes Up And Down Despite Bullish Sentiment

Starting the week around $1.54, the Cardano price trending between $.148 and $1.55 before ending around $1.53. Despite this horizontal trend, the overall sentiment surrounding the smart contract platform is pretty positive.

News came out earlier this week that Cardano had successfully decentralized block production and currently holds the position of the most decentralized proof-of-stake blockchain in the world with over 2,000 active stake pools to its credit.

In fact, to celebrate this achievement, the exchange I co-founded — CoinSmart — launched a giveaway with friends at “Cardano Canucks.”

The giveaway will last till April 6, so if you haven’t joined already — why not?.

Along with this historic achievement, Cardano’s native wallet — Daedalus — has also gone through a major upgrade. It will now be possible for users to send and receive native tokens. This is pretty huge news for developers looking forward to building their applications on top of the Cardano blockchain.

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