April 19, 2024
Cryptocurrency Market Update
Altcoins News

Cryptocurrency Market Update

The cryptocurrency market capitalization remained steady at $1.65 trillion, while Bitcoin maintained its price nearly unchanged at $42.8K for another day.

Ethereum showed notable growth, increasing by 1.6% to reach $2,350 before experiencing a downturn as it neared the $2,400 mark. This area has previously marked a reversal point, as observed at the end of January and consistently since the start of December. In December, Ethereum managed to sustain levels above this reversal point for almost two weeks. However, given the current market calmness, a temporary retreat towards the lower boundary around $2,200 seems more probable.

Solana witnessed a 6% decline over the past week, dipping slightly below its 50-day moving average, prompting concerns about the sustainability of its recent surge. Nevertheless, a drop to $85 would align with a correction pattern following the rally from September to December.

In recent news, the Solana blockchain encountered a malfunction on February 6th, halting block processing. Laine, the developer of Solana’s blockchain software and validator, attributed the disruption to a ‘performance degradation’ within the network.

Monero (XMR) faced a 15% decline following reports of its removal from Binance. Developers of Monero emphasized their commitment to privacy and advised users to consider trading XMR on alternative platforms.

A US court directed Ripple to disclose its XRP token sales to retail investors for 2022-2023. Ripple’s CEO, Brad Garlinghouse, criticized the SEC’s stance on the crypto industry during the World Economic Forum in Davos, characterizing it as hostile.

Cathie Wood, CEO of ARK Invest, suggested that Bitcoin is supplanting gold as a means of preserving capital during economic uncertainty, a trend she anticipates will persist due to the emergence of ETFs. Wood emphasized that ETFs provide a convenient avenue for purchasing the leading cryptocurrency.

CoinGecko data indicates that Europe and Canada dominate nearly 98% of the $5.7 billion Ethereum ETF market. However, the landscape could change significantly with the introduction of spot ETH funds in the US.

Image by Satheesh Sankaran from Pixabay

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