WMA: Bitcoin price stabilizes, Binance buys CoinMarketCap and altcoins surge
Get the weekly summary of cryptocurrency market trends, news, and forecasts!
This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $191 billion.
- Bitcoin price finally ends the week in the green.
- Ethereum value increases by 15% in total more than the previous week.
- XRP rises to $0.18 and continues its steady ascension
- Binance has acquired CoinMarketCap, the biggest crypto data aggregator.
- Most of the top-20 altcoins trade in green throughout the week
- COVID-19 has now spread to 205 countries and territories worldwide
- The equity market surges after news of a possible cure for Coronavirus being in the works.
Crypto Trends 30th of March – 05th of April 2020: PERFORMANCE & ANALYSIS
The last week has seen Bitcoin finally trading with more balance and less price volatility. The popular crypto began the week, mimicking the drop in the equity market. It started with a minor limp as it was valued at only $5,908 on Monday, but it quickly recovered.
From then on, BTC started an ascent that didn’t hit a slump during the weekend as it did in the previous two weeks. The 1st of April saw it drop a few value points as the network’s news experiencing a 16% drop in the number of miners turned out to be true.
As the first days of April passed by, the Bitcoin value increased on the back of two positive news reports. One came from the industry, and it revealed that Binance had acquired the largest data monitoring resource in the field, CoinMarketCap. The other one was a report stating that a viable cure for the COVID-19 virus responsible for the ongoing pandemic is allegedly in the works and that it may become available by the end of the year.
Bitcoin ends the week trading at $6,812, and it promises to surge even further as every passing day brings us closer to the much-awaited halvening in May.
Ethereum experienced a 15% increase throughout the week, and it successfully broke beyond the resistance barrier at $140. At the time of this writing, it is trading at $144, and it has already set its sights on the next resistance levels at $146 and $152.
Ripple’s XRP also ends the week in the green. It increased by 4% in the past few days, and it is now trading at $0.18. The upcoming week’s goal is to get as close as possible to the next resistance barrier, which lies at $0.191. The next support is at $0.171.
By adding CoinMarketCap to its portfolio, Binance has sent a signal of stability and progress in the cryptocurrency community. It is one of the largest and most important acquisitions in the industry’s history, and it proves that the crypto market is a credible player among other financial markets.
Elsewhere, the continued spread of the Coronavirus pandemic impacts financial markets everywhere. Governments rally to promise economic stimulants to keep the stock and equity markets afloat. An end to the crisis is nowhere to be seen as the world registers over 1 million people infected with the COVID-19.
What’s in the News?
- Over 100,000 Bitcoins were transferred from one unknown wallet to another on Wednesday, April 1st, in a transaction that proved to be NO joke at all.
- Russia’s law regarding digital usage in the country has been postponed because of the COVID-19 crisis.
- Binance to delist FTX leveraged tokens, according to this report
- Judge tells Telegram that it cannot sell Grams outside of the U.S. either
Next Week’s Market Forecast
In the upcoming week, the Bitcoin value should stabilize its price even further. It might even increase unless negative news about the Coronavirus crisis’s impact on the other financial markets will not have any shock value. As the BTC price surges, it should drag most of the altcoins along for the ride and help them trade in the green.
There is a continued debate whether the medical field will come with a possible vaccine before the end of the year. Any positive news figment related to a viable cure has the role to energize investors and help markets stabilize.