The most anticipated event for the crypto industry in April 2024 will be the Bitcoin halving.
Bitcoin
Bitcoin decreased in price by 2.74% from March 29 to April 5, 2024. If at the beginning of the week the first cryptocurrency was still trying to stay above $71,500, then in the second half BTC dropped to $64,500, which was the minimum over the past ten days.
The situation was marked by the minimum supply of the largest cryptocurrency on exchanges in three years. Analytics platform CryptoQuant recorded an outflow of 90,700 BTC over the past month.
Banks began to directly contact Bitcoin miners. According to the CEO of the mining company HUT 8, Asher Genoot, this practice will become commonplace in the near future.
Another analytical platform, Glassnode, presented a weekly report, according to which an interesting trend was noticed: the discrepancy between the supply of long-term and short-term investors is narrowing. This is explained by the increase in the price of BTC in mid-March and late April, which pushed large players to partially take profits.
From a technical analysis perspective, Bitcoin is in a wide range between the $73,794 resistance level and the $60,760 support level. The overall trend remains bullish asthe price is above the 50-day moving average (in blue) and the RSI indicator is above 50.
The Fear and Greed Index remained unchanged compared to last week. Its value is 79. This still indicates extreme greed among Bitcoin investors.
Ethereum
Ether dropped by 7.5% over the past week. The largest drop occurred in one trading session, on Tuesday, when ETH immediately fell by 6.46%. The second largest cryptocurrency by capitalization failed to stay above $3,600. ETH is currently trading around $3,250.
Despite the decline in the value of the coin, Ethereum is doing quite well. Last week, a report from analytics company Coin98 was published, according to which a number of ETH metrics increased significantly in the first quarter of 2024. For example, fee-only income increased to $1.17 billion, up 155% from 2023 over the same period. The number of daily active users on the network increased to 404,000, as well as the daily transaction rate to 1.18 million.
Some movement has finally begun regarding spot Ether ETFs. Securities and Exchange CommissionThe US (SEC) announced a three-week period during which it will respond to applications from Fidelity, Bitwise and Grayscale Investments.
From the point of view of technical analysis, the correction continues for ether. For the second largest cryptocurrency by capitalization, it will be important to stay above the support level of $3,059. The dominance of bears is indicated by the fact that the price has fallen below the 50-day moving average (indicated in blue). In addition, the RSI indicator is decreasing: it is already below 50. A change in trend can be expected after overcoming the resistance level of $3,679.8.
Bitcoin Cash
Unlike Bitcoin and Ethereum, Bitcoin Cash is growing in price. The growth for the week was slightly less than 10%. On April 1, the BCH rate exceeded $700 for the first time since November 2021. Despite the increase in cost, the number of negative sessions turned out to be more than positive ones: four versus three.
The main event of the week for Bitcoin Cash is the second halving in the history of this cryptocurrency. Now the reward to miners for mining a block is 3.125 BCH. The first occurred on April 8, 2020. Then the reward was reduced from 12.5 BCH to 6.25 BCH. By and large, it was after the halving that Bitcoin Cash began to grow again. From April 1 to April 3, the rate decreased at some point even by 19.5%.
It’s worth noting: this week the Bitcoin Cash team announced an upcoming update in mid-May. The Bitcoin fork upgrade will be based on the concept of an adaptive block size limit. It is expected that there will be an algorithm whereby the BCH block size will be set based on the average size of the latest blocks. The main goals are stated to be minimizing exposure to spam attacks and reducing transaction costs.
From a technical analysis perspective, Bitcoin Cash remains in an uptrend. This is confirmed by indicators: the price is above the 50-day moving average (marked in blue), RSI is above 50. Support and resistance levels: $562.8 and $718.87, respectively.
Read together with it:
- The US $20 Bill / 10 Interesting FactsA 20 dollar billThe US dollar is one of the most widely used and recognizable banknotes in the world. It's not only a medium of exchange, but also holds a rich history and many interesting details. Let's look at 10 fascinating facts about this green banknote. 10 Interesting Facts Portrait of Andrew Jackson: The front of the bill features the seventh President of the United States,Andrew Jackson fi...
- Bitcoin / 10 Interesting FactsBitcoin is the world's first and most well-known cryptocurrency, created in 2009 by an anonymous individual or group under the pseudonym Satoshi Nakamoto. Since its inception, it has revolutionized the financial world and continues to spark heated debate. Here are 10 interesting facts about Bitcoin that will help you better understand its uniqueness.1. Anonymous CreatorThe identity of Bitcoin's cr...
- History of Jazz: From New Orleans to the PresentJazz is a musical universe that grew out of the African-American experience, European harmony and Caribbean rhythms. Ita history of improvisation, freedom and dialogue between cultures: from the street marches of New Orleans to the clubs of New York, from big swing bands to the bold experiments of free jazz and fusion. improvisation swing bebop fusion modernjazz Roots and birth of the genre (late ...
- Krokodil: A Deadly Drug That Eats You Away From the InsideKrokodil is the street name for the drug desomorphine, one of the most destructive opioids in history. This substance is known for its extreme toxicity and horrific effects on the body. Despite its cheapness and availability,price foruse -health , appearance, psyche andlife . What is a Crocodile? Krokodil is a home-made morphine analogue made from cheap ingredients, often using codeine, gasoline, ...
- 20 Interesting Facts About Vodka20 Interesting Facts About Vodka :) Vodka is considered the national drink of Russia, but its origin is also attributed to Poland. The word "vodka" comes from the Russian word "water". Classic vodka contains 40% alcohol by volume (80 proof). Initially, vodka was used as a medicine and antiseptic. Vodka has almost no smell or taste, which makes it versatile in cocktails. Vodka can be produced from ...