We all have witnessed the performance over the past week and we can agree that it was well enough.
The total market capitalization for the crypto market has reached its all-time high of $2.23 trillion on April 3rd, but from the 28th of March to the 4th of April the performance was just a 1.9% gain while Bitcoin (BTC) showed a negative performance of 2.6%
Meanwhile, Ethereum (ETH) and Binance coin (BNB) made again a little less than 3% over last week, a few mid-cap altcoins have rallied to 20% or higher.
Bitcoin network difficulty is at an all-time high
On the 1st of April, we all witnessed Bitcoin network difficulty reaching its all-time high at 28.587 trillion. This indicator reveals the amount of computational power required to mine BTC blocks which are now mining at an estimated hash rate of 201.8 exahash per second (EH/s).
However, with all these happening, the United States Securities and Exchange Commission officially rejected the application for the ARK 21Shares Bitcoin exchange-traded fund (ETF). The authorities also argued that the Cboe BZX Exchange had not met the desired criteria of listing a financial product according to its rule of practice as well as those of the Exchange act.
Comparing a few winners and losers
On comparing winners and losers, we get skewed results as the top 3 coins had a little negative impact
Zilliqa (ZIL) has shown an up move of 56% after the release of the reports that it will launch a metaverse as a service platform by the end of April. According to a press release, Zilliqa is utilizing the 3D real-time Nvidea Omniverse to build their Metapolis, to those who are not aware Nvidia is a world-class leading manufacturer of Graphic processing units (GPU) with a market cap of $684 billion.
Aave (AAVE) has shown us a gain of 38% after the launch of Aave v3 which was announced on March 16th. The latest features are aimed to provide much higher capital efficiency, a higher level of security, and cross-chain functionality. The non-custodial liquidity protocol permits users to borrow, lend or stake their assets to earn yield from their holdings.
Synthetix (SNX) has also shown us a rally of 28% after their Debt Pool Synthesis deployment got scheduled for the 7th of April. As of now, the decentralized finance protocol is responsible for operating debt pools across two Ethereum chains: the mainnet and layer two scaling solution optimism. After transitioning into an “Optimism-native protocol,” the application will automatically merge its pools to maximum liquidity.
Apecoin (APE) rallied south with a 15% correction after a bull run of 60% in the recent past between March 21st and March 28th as the firm under the umbrella raised $450 million through a funding round led by Andreessen Horowitz. According to the creators “Yuga Labs”, they launched APE as a governance and utility token that gives power to its holders to oversee and manage the ApeCoin DAO.
Future markets indicating mixed thoughts
While laying our eyes over the data we can see that there are mixed sentiments in the future market. The accumulated seven-day funding rate is on a little positive side for Bitcoin, Ether, Solana, and XRP. The data indicates a higher demand for buyers. For example,
Solana’s positive 0.20%weekly rate equals 0.8% for every month, which should not ring a bell for most futures traders.
On the other side, Terra (LUNA) shows slightly higher demands from bears (sellers) while the absence of tether demand in Asia shows a lack of confidence in traders.
The total market cap has rallied 26% just in three weeks, from $1.67 trillion to $2.1 trillion on the 4th of April. Despite all this, derivative indicators do not show any sign of improvement, so there remains a lack of interest from investors. Until the sentiment changes, the chances of negative price correction stay strong.
