Bitcoin and Ethereum saw a slight retrace in their prices this week, while Tesla revealed they did not sell any of their Bitcoin holdings in the first quarter of the year. The hype surrounding a new memecoin called PEPE soared, with its price skyrocketing. As the cryptocurrency market continues to fluctuate, investors remain vigilant in tracking the latest developments and trends.
The cryptocurrency market experienced a lot of ups and downs in the past week. BTC reached an astonishing high of $31,000, while ETH soared past $2,100, its highest price point in the past 11 months. This sudden increase was due to the declining inflation rates in the States and Ethereum’s upgrade. However, things began to take a negative turn mid-week, causing BTC to drop to under $28,000 for the first time in 12 days, while ETH dropped to and below $1,900 due to large-scale withdrawals and deposits.
Most of the top 100 alts are in similar or worse condition, with some experiencing substantial losses like Stacks (-20%), Immutable (-17.5%), Lido DAO (-17%), Algorand (-16%), Conflux (-15%), Kava (-15%), and others. Although the total crypto market cap dropped by approximately $100 billion on CoinGecko, some altcoins, like OKB, managed to buck the trend, gaining over 13% in the same timeframe.
In other news, a new memecoin called PEPE caused a hype mania among cryptocurrency investors, and one person turned $27 into $1 million in just a few days, but there was a catch. Additionally, Tesla did not sell any of its BTC holdings during Q1 of 2023, while Gary Gensler, the SEC Chair, reassured the crypto community that the agency has no intention to change its attitude towards crypto exchanges. In light of this, Coinbase’s CEO, Brian Armstrong, warned that both parties could go to court if there is no clarity on the regulatory stance. Furthermore, NBA legend Shaquille O’Neal was served in an FTX class action lawsuit, and Do Kwon reportedly transferred $7 million to a law firm shortly before the Terra crash.
Market data shows that the market cap is at $1,238B, with a 24H Vol of $59B, and BTC dominance at 44.1%. BTC is currently valued at $28,215, down by 7.2%, while ETH is valued at $1,916, down by 5%. BNB, on the other hand, is valued at $327, up by 0.9%.
In conclusion, the cryptocurrency market is currently in a state of volatility, exhibiting both positive and negative fluctuations. It remains to be seen how investors will react to the current situation and whether the market will stabilize or continue to fluctuate wildly.