Market Sighs of Relief
On April 26, cryptocurrency investors let out a collective sigh of relief as Bitcoin (BTC) rebounded sharply. After dipping to around $47,000, Bitcoin soared back above the crucial $50,000 mark and even hit over $53,500. Meanwhile, Ethereum (ETH) reclaimed its position above $2,500. Analysts from JPMorgan Chase contributed to the bullish vibes, coupled with PayPal announcing that interest in cryptocurrency purchases exceeded their expectations.
On-Chain Activity Sparks Optimism
It’s not just the price action that has Bitcoin enthusiasts buzzing. Data from Glassnode revealed that on-chain transfer volumes and average transaction fees for Bitcoin reached record highs last week. This uptick comes as the network overcomes recent hiccups stemming from a power outage in China, causing temporary mempool congestion.
New and Old Investors: Who’s Still in the Game?
Last week’s dip may have rattled the nerves of newer crypto investors, but seasoned holders are clearly maintaining their grip. Analysis shows a notable drop in transaction activity from wallets holding Bitcoin for less than a month, while longtime holders remained relatively unfazed, with little increase in spending since February’s market dip.
Mining: Back to Accumulation
In more positive news for Bitcoin, miner accumulation is at its highest since mid-2018. This signals confidence that that seasoned players believe in Bitcoin’s potential despite the recent volatility. The smart money seems to be buying BTC from those looking to cut losses, giving us all hope for brighter days ahead.
Altcoins on the Rise
While Bitcoin was finding its footing, altcoins capitalized on the opportunity to make their move. A few standout these days included the COMP token from the decentralized finance platform Compound, which skyrocketed by 17% to reach a record high of $671, and the layer-two solution Polygon’s MATIC token, which surged an impressive 68% to a new high of $0.576.
Furthermore, the Serum token linked to the Solana-based decentralized exchange hit an all-time high of $11.47, courtesy of heightened activity on the Solana blockchain, which itself saw a 120% price increase, reaching $48.46.
Market Overview
The overall cryptocurrency market capitalization is sailing at about $2.004 trillion, with Bitcoin’s dominance currently at 50.3%. It seems the crypto ship is righting itself after the storm, setting the stage for a potentially thriving environment for both new and seasoned investors and traders alike.
Just remember, folks, all investments carry risks! Always do your homework before jumping on the crypto rollercoaster.
+ There are no comments
Add yours