Synopsis
- Crypto market rejoices as Bitcoin bulls backtrack
- Google adds ENS support for Ethereum wallets
- Top 5 Stablecoin market cap reaches $150B
- Biggest gainer and loser of the week
Key Observations
Analysis
Crypto market rejoices as Bitcoin bulls backtrack
The cryptocurrency market experienced its initial weekly outflow in seven weeks, with over $942M withdrawn, largely driven by Grayscale Bitcoin Trust. Although Bitcoin witnessed a significant outflow of $904M, new Bitcoin ETFs managed to attract $1.1B. Ethereum also faced a minor outflow, totalling $34.2M for the week. Despite these outflows, Bitcoin’s price currently stands at $67,126.98, marking a 2.38% increase over the past 24 hours. This uptick suggests a potential resurgence in bullish sentiment. Despite the recent correction from its all-time high of $73,750.07, Bitcoin’s price seems to be stabilizing. The market’s reaction to the ETF market’s early Monday uptick indicates a possible return to accumulation strategies, potentially leading to a positive end to March for Bitcoin.
Google adds ENS support for Ethereum wallets
ENS, or the Ethereum Name Service, provides human-readable domains such as example.eth, which can be linked to Ethereum wallets. This makes sending and receiving crypto simpler by replacing long addresses with simple names. Google first let users check Ethereum wallet balances in May 2023. Now, Google also supports ENS domains, making it even easier for people to use crypto. This helps users navigate the crypto world smoothly, making transactions hassle-free. Google’s move shows it wants to make crypto easier for everyone, making it simpler to use.
Top 5 Stablecoin market cap reaches $150B
Despite an 8% market drop, this week’s data shows positive signs for a market bounce back. Stablecoins, like Tether’s USDT, hit big milestones with USDT crossing the $100B market cap. Other top stablecoins followed suit, reaching a combined market cap of $150B on March 21, the highest since May 2022. USDT leads with 69.6% dominance, followed by Circle’s USDC at $32B. Other stablecoins like MakerDAO’s DAI and Binance-supported FDUSD are also gaining traction. These milestones indicate growing confidence in stablecoins despite recent market ups and downs.
Biggest gainer of the week: Internet Computer (ICP) up by 72.64% 🔼️
Technical Analysis: Internet Computer Protocol (ICP) saw a significant surge, reaching $19.78, a remarkable 72.64% increase from its previous level of $10.54. This uptrend began after the conclusion of a bearish period. Currently, the price faces resistance at $19.772, resulting in sideways movement, with temporary support at $18.876. If this support is breached, a retest at $17.216 may follow. Technical indicators and moving averages all signal a strong buy for ICP, suggesting promising prospects in both the medium and long term.
Biggest loser of the week: Bittensor (TAO) down by 2.81% ⬇️
Technical Analysis: In the weekly timeframe, Bittensor (TAO) witnessed a modest decline of 2.81%. Presently, TAO is displaying a Cup and Handle pattern, with potential immediate support estimated around the $603 price level. Confirmation of this pattern is anticipated upon surpassing the $641 threshold, signaling a probable breakout towards the $690 target. Assessing technical indicators, the oscillators indicate neutrality within the one-hour timeframe, while moving averages suggest a sell signal. However, on the weekly timeframe, oscillators lean towards sell indications, while moving averages advocate for a buy stance. This discrepancy might present confusion to users, underscoring the importance of conducting thorough research and exercising caution before investing. It’s worth noting that TAO is not listed on major exchanges such as Bybit and Binance. Risk-tolerant investors might consider exploring this project, while those averse to risk are advised to observe from a distance for the time being.
Conclusion
Crypto markets had a volatile week last week but appear to have stabilized over the weekend. Total capitalization gained 5.2% over the past 24 hours to reach $2.68 trillion during Tuesday morning trading, signaling a positive sentiment prevailing in the markets.
