bitcoin
Over the week, the cost of bitcoin dropped from $28,476 to $27,933 (on Friday evening, April 7), or, in other words, by 1.9%. BTC currently has fairly low volatility. On no day of the week did the cryptocurrency fall or grow by more than 1.5%.
Since the price of bitcoin has not changed much in seven days, the support/resistance levels have remained the same as a week ago: $26,541 and $29,380, respectively.
At the same time, once again, a new absolute record of mining difficulty was set in the Bitcoin network..
Now the figure is approximately 47.89 T (trillion), which indicates a high interest on the part of miners in the extraction of the historically first cryptocurrency.
The previous three difficulty recalculations were also upwards. Index of fear and greed for the week rose by 1 point. Now it is 64. This indicates the prevalence of greed over fear.
Ethereum
In the week from March 31 to April 7, Ethereum added about 2.6% in price. At the same time, on Wednesday, April 5, the coin crossed the $1,900 mark..
This indicator has not been reached since August 2022, when the transition to Proof-of-Stake was not yet completed.
True, at the time of writing this material, Ethereum failed to stay above $1,900: now it is trading at $1,869.
The growth in the value of ETH during the week is associated with the hype around the Shapella update, scheduled for April 12.
The current price acceleration may be due to the fact that after the upcoming event, a huge amount of cryptocurrency can be unlocked and put up for sale..
The natural message is to raise the price (sell more = more profitable).
At the moment, more than 18 million tokens are locked. This represents about 15% of Ethereum’s total supply of 120 million coins..
On social media, the market research team K33 Research reported that even unlocking $2.4 billion of Ethereum could lead to a serious drawdown of the world’s second-largest cryptocurrency by capitalization.
Interesting statistics are provided by the analytical platform Santiment. Its experts compare the changes of the ten largest accounts with ETH on exchanges and outside the trading floors.
So, the first, according to analysts, are near historical lows. And, on the other hand, the largest OTC accounts are growing.
This suggests that those who have a lot of savings are not going to get rid of the ether in the short term.
From the point of view of technical analysis, there was no strong momentum for ETH. The April 5 rally just formed the $1,942 resistance level. And the coin itself is trading near the $1,860 support level.
Cardano
Cardano showed a 5.7% decline over the past week. This cryptocurrency failed to gain a foothold above the $0.4 level, which was reached on the last day of March.
The week turned out to be absolutely multidirectional: two sessions of decline were replaced by three sessions of growth, after which again two days passed in the red zone.
While April hasn’t been going so well for the followers of Charles Hoskinson’s project so far, March has brought very positive results.. Firstly, the coin itself added more than 14% in price.
Secondly, large holders of the ADA token – those who have 1 to 10 million coins in their accounts – bought more than 150 million tokens in March for an amount exceeding $57 million..
Analyst Ali Martinez spoke about this with reference to the Into TheBlock platform.
So, just like with Ethereum, the big players have faith in Cardano.
The platform continues to evolve. In particular, this concerns the Hydra second-layer scaling solution.. In a recent report, Cardano creator IOG announced plans to roll out a demo of the update to the mainnet.
Approved the work of the platform and Charles Hoskinson, announcing that the ecosystem continues to grow and all developers work well.
According to the IOG report, the number of projects on Cardano has reached 1,221. At the same time, 119 of them have already been launched.. 63.9 million transactions were made on the platform.
From the point of view of technical analysis, we can expect a local decrease in the AVAX token to the support level in the region of $0.372. Further bullish rally is possible if the $0.4 resistance level is overcome.
It can be said that cryptocurrencies moved in different directions last week: bitcoin and Cardano decreased, ether rose.
However, in both cases, the range of price changes turned out to be relatively small – less than 10%.
