Bitcoin to Hit $3.8M Soon

Happy Saturday 👋

As the Bitcoin halving approaches, the crypto market is becoming increasingly stable. Despite significant news events this week, most cryptos have remained sideways. 

Bitcoin appears to have been stuck between $65k and $70k this week, with occasional attempts to break out. Ethereum and other altcoins have also shown a timid pace of growth. The highest gainer of the week rallied 54%, while the biggest loser lost 19%.

Capturing the Crypto Market Pulse 

Although there seems to have been a slight decline in crypto prices, nothing appears out of the ordinary. 

Bitcoin gained 6% over the week amid the sideways markets. Sam Bankman-Fried-backed coins experienced a minor selloff, but the fall was not as severe as during his arrest around November 2022.

In the near term, the markets seem likely to remain sideways until the Bitcoin halving, as predicted by the Macro Diagonal Theory.

Top Gainers of the Week:

1. Dogwifhat ($3.56) +52%

• The Solana meme coin Dogwifhat has been on a price rally since last week after facing selling pressure in the previous 15 days. On March 28, 2024, its price jumped to $4 before settling back to $3.5. Dogwifhat has been one of the best performers in this bull rally.

1. Bitcoin Cash ($590) +48%

• Bitcoin Cash was created as a result of a hard fork in Bitcoin. It boasts lower fees, higher privacy, larger block size, and faster speed. The price rally in Bitcoin Cash last week was primarily due to its upcoming halving, making the cryptocurrency more scarce. Additionally, there has been increased trading activity in the last week.

1. Mantle ($1.17) +42%

• Mantle is an Ethereum layer-2 solution. Its price went parabolic a couple of days ago after the launch of its staking program on March 25, 2024. The surge also stems from growing investor interest in the crypto, as L2 fees have fallen after the [additional context missing].

1. eCash ($0.000069) +36%

• eCash is a fork of Bitcoin and Bitcoin Cash, primarily designed to be a form of daily-use electronic cash. Last week, eCash and Cashfusion unveiled a privacy-centric blockchain wallet. Additionally, it announced a reward to mark its halving day around April 13, 2024. All of these factors contributed to its 34% rally last week.

1. Dogecoin ($1.78) +35%

• Dogecoin, the original meme coin, has been a top choice for investors. The cryptocurrency has seen a surge in its price in the last couple of months. The rally in price last week was fueled by whale transactions that moved around 1.8 billion DOGE coins

Top Losers of the Week: 

1. KuCoin ($11.9) - 18.44%

The token of the KuCoin crypto exchange, KCS, experienced a sell-off last week. Despite recently announcing a $10 million airdrop, its price crashed in the last three days since March 26th following the conviction and sentencing of Sam Bankman Fried to 25 years in prison. Sam had been a major investor in the token.

1. Fantom ($0.98) - 15.7%

Fantom is a DAG-based smart contract platform designed to help developers create DeFi services with its novel consensus mechanism, aiming to boost transaction speed for smart contract execution. The fall in its price comes after the cryptocurrency reached a new multi-year high at $1.12.

1. Kaspa ($0.13) - 10.5%

Kaspa is a cryptocurrency running on the Proof of Work Algorithm, utilizing the GhostDAG protocol that prevents orphan blocks, thus maintaining a high network speed of one block per second. Kaspa has been declining after reaching a new multi-year high at $0.18.

1. Bittensor ($534.42) - 8.56%

Bittensor is a blockchain facilitating trade between machine language and AI developers. It allows paid access to machine learning models and supports developers in building their own models with collective community support. The price decline followed the cryptocurrency reaching an all-time high of $753.

1. Helium ($6.43) - 3.71%

Helium is a decentralized network for Internet of Things devices, enabling low-powered wireless communication through its nodes. The fall in its price may be attributed to declining popularity

Global Market Overview

The markets have displayed resilience and have now recovered their prices after enduring losses in previous weeks. 

The overall market cap has surpassed $2.64 trillion, compared to $2.5 trillion last week. Bitcoin is also edging towards $70k, with the current price at $69.9k. Ethereum and other top altcoins have also recorded minor gains this week.

The Bitcoin Fear and Greed Index now stands at 79, up from 75 last week

Market Watch

An Altcoin Season is Arriving Soon, Says Top Analyst

Crypto Banter, a well known crypto analyst has made comments on the upcoming altcoin season. He predicted that a rally could start very soon in the next 30 odd days. Prominent analysts are betting big on Cardano, Sui, and on ELDA.

Cathie Wood Doubles Bitcoin Price Target to $3.8 Million by 2030

Cathie Wood assumed that even if a 5% allocation is given by institutional investors to Bitcoin, its price would soar towards $3.8 million by 2030. This year Bitcoin gave a 58% YTD return. The upcoming halving cycle is also expected to boost the prices.

Dogecoin Sees Massive Whale Activity

This week, Dogecoin saw a massive whale activity that pushed price by 35% in a week and its daily active users by 13.5%. The cryptocurrency has already gained 92% in the last one month.

Top Crypto News

Danger Looms on Solana

Recently, Solana has experienced a surge in its meme coins. However, this trend may soon come to an end as the price faces a threat similar to the phenomenon that once nearly decimated Ethereum meme coins

Shiba Inu Bags Multiple New Listings

Shiba Inu has experienced a significant increase in adoption following its listings on Lbank and Crypto.com exchanges. These listings include both spot and futures markets. Additionally, Binance has introduced a USDC-based 1000x leveraged trade option

JP Morgan Admits Bitcoin Performs Better than Gold in Investor Portfolio

Once highly skeptical, JP Morgan has now acknowledged that Bitcoin has outperformed Gold in investor portfolios. The approval of Bitcoin ETFs on January 10, 2024, marked a pivotal moment in Bitcoin's history. JP Morgan also predicts that the BTC ETF market alone could reach a valuation of approximately $220 billion in the next few years

Top Video of the Week

SecuX Nifty Wallet Review 

In this video, we see the unboxing and review of the SecuX Nifty Wallet which is an NFT wallet. Claiming to be the world’s first NFT wallet, it comes with a decent hardware. Watch the review to know what we found about the wallet.

That’s a wrap for today!

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