In the past week, bitcoin (BTC) seems to have woken up again, after volatility continued to decrease. Bitcoin has been consolidating around $28,000 for a long time and failed to break through the important $28,600 resistance. However, that changed on Easter Monday: the price started to rise and managed to pass the top of the range in which we had been trading for weeks.
Bitcoin therefore takes the lead in the green crypto market and manages to leave many altcoins behind in terms of price performance.
At the time of writing, the bitcoin price is at $29,977. This means that the price is currently 7% higher than seven days ago. The total crypto market capitalization stands at $1.228 trillion and the Fear & Greed Index stands at 65 (greed).
Yesterday it already passed in the crypto news: Anycoin Direct is currently giving 1 million Shiba Inu (SHIB) for free to anyone who registers today. registers at the Dutch crypto exchange.
New US inflation figures
Prior to this week, it was already expected that the extremely low volatility within the crypto market would come to an end. The latest US inflation figures were released yesterday published. The annual inflation rate for March came in at 5.0%, while a value of 5.2% was expected. For February, annual inflation was still 6.0%.
Core inflation (Core CPI) came in at 5.6%, which is exactly the number many analysts expected. However, it is 0.1% higher than the month before.
The bitcoin price has not taken a clear direction so far since the publication of the inflation figures.
Ethereum Shapella update has been launched
In addition, yesterday found the long anticipated network update for Ethereum (ETH) instead. This update, called Shapella, finally makes it possible to withdraw ETH from the staking contracts. This completes the transition from Proof of Work Unpleasant proof ofStake fully completed.
What the effect will be on the ETH price will become clear in the coming days, but crypto analysis company Glassnode expects that the selling pressure will not be too bad and therefore the negative impact on the price will be minor.
😨 #Bitcoin still hovers above $30k as markets transition to Thursday. However, traders are beginning to show signs of #FUD. Historically, this is a good sign for patient #bullsas markets typically move the opposite direction of the crowd’s expectation. https://t.co/pX7iqe6O2h pic.twitter.com/MuuKbJ8siw
— Santiment (@santimentfeed) April 13, 2023
Bitcoin is taking the market by storm
Bitcoin has been outperforming many altcoins for some time now, helping BTC’s dominance. At the time of writing, the dominance stands at 47.2%. At the beginning of the year, dominance was just under 40%, implying that BTC has gained a lot of ground within the market cap of the current crypto market.
#BITCOIN DOMINANCE BREAKING RESISTANCE! 👇🔥 pic.twitter.com/IVm6AeppyB
— Mister Crypto (@misterrcrypto) April 12, 2023
Solana is the strongest climber of the week
In the past week, solana (SOL) managed to crown herself as the strongest climber of the week. In the past seven days, the price is up almost 15%, currently standing at $23.65.
without incentives, @solana still maintains a distinct lead in terms of daily transactions, though @Arbitrum seems to be closing that gap – even post-airdrop.@OptimismFND‘s flat numbers stand out, considering the constant presence of incentives throughout that ecosystem. pic.twitter.com/FY2ISTit5D
— Messari (@MessariCrypto) April 9, 2023
Cardano in green after arrival of new wallet
Cardano (ADA) also managed a nice increase this week as BTC skyrocketed. In a very short time, the Cardano price increased by about 5% and thus briefly exceeded $ 0.41. At the time of writing, the price is just above $0.40.
The latest Cardano news is that Input Output Global (IOG), the company behind the smart contract network, has launched the first native light wallet for the network. This new browser-based wallet, called Lace, opens the doors for the cardano ecosystem.
1 million SHIB for free
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