Bitcoin
The price of bitcoin has changed by less than 1% over the past week. Over the past seven days, the world’s first cryptocurrency has made a new attempt to gain a foothold above the $29,000 level, but is trading around $28,000 on the evening of Friday, March 31.
By and large, there were few high-profile news from the outside world during the week.. Michael Novogratz Declares Cryptocurrencies Generally Safe. Morgan Creek Capital CEO Mark Yusko believes the world will come to implement bitcoin everywhere. And economist Steve Hanke is a crypto skeptic. In his opinion, bitcoin is nothing more than an extremely speculative asset, the value of which, from a fundamental point of view, is zero.
The most important fundamental news is the increase in the complexity of BTC mining. At the moment it is 46.8 T (trillion). For the first time, the figure exceeded 45 tons.
Due to the fact that some banks have crashed, there are problems with liquidity in the cryptocurrency markets. The indicator was the lowest in the last ten months. This has already raised a wave about the future prospects of BTC, and its growth is associated with insufficient capital inflow to crypto exchanges.
From the point of view of technical analysis, Bitcoin approached $29,000, rose above this mark twice and fell back.. This indicates the presence of a strong resistance level in the $29,000-$29,500 area.. The support level is this week’s low of March 27, $26,541.
The index of fear and greed has risen by two points compared to the previous week and is 63 on the evening of March 31. This indicates an increasing prevalence of greed over fear.
Ethereum
The week from March 24 to March 31 was marked by a 3% increase in Ethereum. At the same time, the last four sessions, starting from Tuesday, March 28, the coin was in the green zone. The worst day of the week was Monday, March 27, when Ethereum fell 3.34% and the price dropped below $1,700.
The main news for the world’s second-largest cryptocurrency was the announcement of a double reward for finding vulnerabilities in the network. The initiative is called the Ethereum Bug Bounty. Valid from March 28 – the moment of the announcement – until April 5, when the Shapella update will be carried out. You can earn up to $250,000. By the way, it was on Tuesday March 28 that ETH showed the biggest increase in the week – 3.32%.
It should also be noted that the supply of ether continues to decline, over the past month by 0.34%.
In total, since the transition to Proof-of-Stake (PoS), the number of coins in circulation has been reduced by more than 73,000. At current prices, this is equivalent to $132.7 million.
Not done in the week and without negativity. NYU professor Nouriel Roubini expressed the view that Ethereum is a security and the Ethereum ICO was a scam.
In terms of technical analysis, there were few changes during the week. Support and resistance levels remained approximately the same as they were a week ago – around $1,680 and $1,860, respectively.
Avalanche
From March 24 to March 31, the price of the AVAX token from Avalanche increased in price by 2.47%. In general, the week did not show any pronounced trend: four sessions of growth were supplemented by three sessions of decline.
By and large, March went sideways for the Avalanche.. The coin added about 2% in price, which is not enough for such a volatile asset. In the near future, you should be careful with investments in the AVAX token. According to LunarCrush, interest in Avalanche on social media has dropped by almost 80% over the past week.. In addition, the platform shows what percentage of investors are bullish. Unfortunately, over the past seven days, there has been a decrease in the indicator by more than 60%.
The positive for Avalanche is continued development on several fronts. This week, the developers announced the launch of Avaissance, a program to support digital artists and the growth of the NFT platform ecosystem.. Until April 28, anyone can apply to participate. 50 participants will be selected in May. After six months, enthusiasts will receive support and training from Avalanche. The program provides for the cooperation of the platform with various DAOs.
At the moment, the price of AVAX is in a sideways movement. The support level is $16.2, the resistance level is the March 2023 high of $19.18.
So, over the week, cryptocurrencies basically grew in price. But the growth was extremely small. The main news was the increase in the complexity of BTC mining and preparations for the Shapella update from Ethereum.