CoinLoan Weekly: Tight ranges, 19 million Bitcoins mined, new highs for BTC, ETH, and ADA
Bitcoin spent the first half of the week in a narrow range. It peaked out at $47,884.69 on Tuesday, March 29, and briefly dipped to $44,347.20 on Friday, April 1. A quick recovery to a lower range ensued — BTC traded between $45,800 and $47,000.
Bitcoin has come strong after one of its worst-ever starts to a year — it has regained around 17% over the past 30 days. Yet, the volume across major exchanges is modest, even though trading activity typically rises around the first and last weeks of a month. The Fear & Greed index is now Neutral (52).
As of now, BTC is trading at $46,050.57, with a 24-hour slip of -0.8% and a 7-day loss of -1.5%.
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Despite similar dynamics, Ethereum had a positive 7-day result — it gained almost 6%. ETH traded around $3,400 in the first half of the week before falling to a low of $3,220.06 on Friday, April 1. Subsequently, the price stayed in a range over $3,400.
The highest high for the week came in the early hours of Monday, April 4. The price of ETH peaked out at $3,559.94. Its recent rally is partly due to the buzz around migration to ETH 2.0 (more on this below).
As of this writing, ETH is trading at $3,474.30, with a 24-hour dip of -0.4% but a 7-day rise of 5.8%.
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Following the midweek dip, XRP failed to rise over its Monday’s high ($0.903418 on March 28). In this regard, Ripple moved in a fashion more similar to Bitcoin. The range it entered on Friday, April 1, was lower than the first one.
However, Ripple had a weaker rebound compared to Bitcoin. Its 7-day result is the worst.
As of now, XRP is trading at $0.836751, with a 24-hour change of +0.6% and a 7-day fall of -2.0%.
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19 millionth Bitcoin enters circulation
On Friday, April 1, SBI Crypto mined the 19 millionth bitcoin on block 730-0002. As of this writing, 90.48% of digital gold has been released into circulation, with just 2 million coins left.
The cryptocurrency hit its 18 millionth milestone on October 19, 2019. Its total supply capped at 21 million is not the only quirk of Satoshi Nakamoto’s algorithm. He also programmed mining rewards to halve every time a set of 210,000 blocks is mined. The next halving is expected in 2024, but the remaining bitcoins are yet to be mined until 2140.
According to VanEck analysts, the price of BTC may surge to $4.8 million if it is recognized as a global reserve currency. Previously, the crypto community criticized Ripple’s co-founder Chris Larson for proposing to replace Bitcoin’s Proof-of-Work algorithm with Proof-of-Stake.
Bitcoin, Ethereum, and Cardano reach new highs
The past week has been impressive for Bitcoin — it stayed above $46,000 most of the time, gaining nearly 18% over the past 30 days. This proves that a bullish stance has replaced the bearish sentiment caused by Russia’s military action in Ukraine.
On the sixth day of the conflict (March 1), Bitcoin traded in the vicinity of $43,000 with resistance at $45,000. On March 6, it fell to its support level close to $39,000. Since then, the price has been rising.
One of the reasons is the groundbreaking OTC (over-the-counter) transaction in Bitcoin between Goldman Sachs and Galaxy Digital. The bank paid in crypto for a non-deliverable option (NDO). Galaxy Digital is a crypto investment company and a liquidity partner for its Bitcoin futures trading desk.
Surging BTC caused a ripple effect across a number of assets — most notably, Ethereum (ETH), Solana (SOL), and Cardano (ADA). Ethereum rocketed above $3,500 and eventually consolidated at $3,490. Aside from Bitcoin’s influence, it was affected by the hype around migration to Proof-of-Stake — specifically, a successful merger on the Kiln testnet.
Cardano followed suit, rising to $1.22 as of this writing. Over the past 30 days, the coin has gained an impressive 45.1%. The success is mostly due to the network upgrades — lately, the team has suggested boosting the memory of its Plutus scripts. Bitcoin’s dynamics and other factors seem to be at play, but only time will tell if a bigger breakout is in store for these cryptoassets.