It has been an improved week for crypto traders across the world, with the majority of markets heading upwards from their positions one week ago. There have been some significant gains by lesser known cryptocurrencies, with a good majority of value increases in the double figures above 10% week on week — and one over 900%. However, while this week has started with many coins heading downwards in value, the market has started to claim back some of the value it lost after February 24th.
Please note, this analysis is just the observations of ZB, and should not be taken as trading advice.
Reviewing the previous 7 days of the crypto markets, it has been a mostly positive week, and the market is in a better condition than it was comparative to the previous week. Markets are up, and a respectable portion of tokens have managed to claw back some of the losses felt on the back of geopolitical events that rocked the world last month. While there has been a slight dip in the market of the previous 24 hours, viewed in context there have been vast improvements seen to the prospects of many crypto.
The Bitcoin market has floated between $40k-$41k through the week, with a short spike on Wednesday that departed as quickly as it arrived. It has ended the week strongly, shooting up to $42,307 on Sunday. There has been a small dip on this price coming into the new week just, however as with the market as a whole this should be viewed in context — Bitcoin was at $38,310 earlier in the week, and has recovered from a position of $34,750 in late February. Things are looking more stable for Bitcoin, going by these observations.
It has been a solid week of incremental growth for Ethereum, with the crypto gaining just over 10% on its position one week ago at the time of writing. Ethereum reached a high of $2,978 on Saturday, and while its value has leveled out towards the $2,850 mark, it started the week closer to $2,500 — thus demonstrating its gains through the week. Anybody who jumped on board the ETH bandwagon is almost sure to have had a positive week overall.
It was noted last week about how the likes of Dogecoin are only one Elon Musk tweet away from a short rally in value — that tweet did indeed materialize last Monday morning, with the entrepreneur stating he would not be selling any of his crypto assets. DOGE rallied on the back of this, but then subsequently fell away midweek. However, now sitting at $0.12 after a low of $0.1112 earlier around early Tuesday, Dogecoin is indicating that it is on the path to recovery from its end of February lows.
We saw a new entrant in the market of ApeCoin on Thursday. Currently trading at approximately $10.69, APE shot up to as high as $17.75 after just one day of trading, gaining over 1,000% in a single 24 hour period. ApeCoin is the brainchild of the Bored Ape Yacht Club brand, and may well be an indication of how famous brands look to capitalize on a growing industry. This market is relatively immature at this moment, and it will be interesting to see how — and where — the coin levels out.
On the whole, the previous 7 days of trading in crypto markets has seen many markets rise, with a fair proportion able to pull back the losses experienced after February 24th. While we have of course become accustomed to the volatility of crypto, the general direction in which the markets have been headed has been positive, albeit with the potential for short term losses in day trading. There is still work to do to completely claw the market back to its position before Feb 24th, however if this week is anything to go by, it will arrive at this destination before long.
