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News recap: time to invest in meme coins

Bitcoin price has settled around $70,000, and aggressive profit-taking is happening. Meme coins are leading the way in terms of growth. Check out the News recap to learn about the most important events in the crypto world between 26th March and 10th April.

Crypto market in numbers

The cryptocurrency market capitalisation has seen a slight dip. Since 1st April, it dropped by 1.8% to $2.64 trillion. Overall, the market has been moving sideways since mid-March. The main brake for the market has been altcoins, which have not shown the same strength as BTC.

Trading activity has also slowed down. Average daily volumes have fallen between the $80-100 billion range, compared to around $200 billion in March.

The cryptocurrency Fear and Greed Index has primarily stayed in the “Extreme Greed” zone, ranging between 70 and 80 points. The market has been overheated for just over five months since November 2023.

Cryptocurrency volatility has remained relatively stable. Since 1st April, the 30-day BTC volatility index has increased by 2.91% – from 2.34% to 2.41%. A similar indicator for ETH has risen by 7.14% – from 2.80% to 3%. Expect some sharp movements ahead.

In the last two weeks, aggressive profit-taking in BTC among both short-term and long-term traders was seen. Despite this, BTC has held steady at around $70,000. Inflows into spot BTC-ETFs are helping to counteract sales. The halving is expected next week, and some analysts warn of a possible bitcoin decline afterwards, as the event is already partially priced in.

Altcoins, on the other hand, aren’t showing the same strength. Only a few sectors follow BTC, with meme coins quickly recovering on any rebound of the primary cryptocurrency. Meme currencies have been the absolute leaders in growth since the beginning of 2024.

All-Time High

Coin Date ATH on, $
DOGE 29.03.2024 0.22
LTC 03.04.2024 112.97
BCH 08.04.2024 724.98

Gainers (26th March – 8th April)

Coin Opening price 26.03, $ Opening price 08.04, $ Change
BCH 492.08 724.98 47.3%
DOGE 0.18 0.21 15.4%
LTC 92.40 103.00 11.5%
MKR 3,335.12 3,690.57 10.7%
ETC 33.20 34.35 3.5%

Losers (26th March – 8th April)

Coin Opening price 26.03, $ Opening price 08.04, $ Change
ZRX 1.03 0.70 -31.7%
VLX 0.02067 0.01774 -14.2%
ALGO 0.2744 0.2385 -13.1%
ATOM 12.80 11.27 -11.9%
ADA 0.67 0.60 -11.1%

Easily track gainers and losers within the Simple trade section on EXMO. Check real-time updates in the last 24 hours, week and month.

Most traded coins (26th March – 8th April)

Coin Trading volume, $
USDT 88,905,721
BTC 25,365,366
DOGE 21,429,271
ETH 16,707,482
LTC 5,813,017
NEAR 4,924,212
GMT 4,645,356
SUI 3,964,216
ADA 3,897,956
SOL 3,401,517

Top crypto market driving factors

Overall сrypto market

▲ 02.04.2024 – Santiment data reveals active accumulation of stablecoins by major players.

▲ 05.04.2024 – March saw a historic peak in the number of addresses holding meme coins for less than 30 days, indicating a surge in new investors.

▲ 05.04.2024 – Venture capital investments in the crypto industry hit $2 billion in Q1 2024, breaking a two-year declining trend, as noted by Crypto Koryo.

▼ 08.04.2024 – Santiment reports a bearish sentiment and fear surge, impacting the market.

▲ 09.04.2024 – Trading volume on centralised exchanges doubled in March, reaching $2.5 trillion for the first time since 2021.

▼ 10.04.2024 – US inflation accelerated to 3.5%, slightly surpassing the expectation of analysts at 3.4%.

Bitcoin (BTC)

▲ 01.04.2024 – Tether added another 8,889 bitcoins to its reserves, totalling 75,354 coins.

▲ 01.04.2024 – Goldman Sachs anticipates continued growth in demand for American spot bitcoin ETFs, with many funds yet to enter the market.

▲ 02.04.2024 – Bitcoin closed the first quarter with a 64% increase, marking its third-best performance in the last three years.

▼ 02.04.2024 – Bitcoin price dropped to $66,000, triggering nearly $500 million in liquidations within 24 hours.

▼ 03.04.2024 – Discussion on bitcoin’s bullish trend wanes among traders.

▼ 03.04.2024 – Glassnode observes aggressive profit-taking in Bitcoin.

▼ 05.04.2024 – CryptoQuant reports intense profit-taking in bitcoin, both from short-term and long-term holders.

▼ 10.04.2024 – CryptoQuant noted the fourth strongest profit-taking period by long-term holders in bitcoin’s history.

Ethereum (ETH)

▲ 01.04.2024 – Despite corrections, Santiment notes a significant increase in whale transactions and the record-breaking number of non-zero ETH balances.

▲ 03.04.2024 – Ethereum’s Q1 2024 financial report shows nearly 1.8x growth in fees and revenues, and tripled profits.

▲ 04.04.2024 – The SEC opens public comments on spot ETH-ETFs.

Ripple (XRP)

▲ 04.04.2024 – Ripple launches a stablecoin fully backed by USD deposits, US government bonds and cash equivalents.

Solana (SOL)

▲ 03.04.2024 – The supply of stablecoins on Solana surpasses $3.1 billion, predominantly driven by USDC.

Toncoin (TON)

▲ 08.04.2024 – TON introduces palm scanning for identity verification, akin to Worldcoin’s eye scanning.

▲ 08.04.2024 – TON’s 2024 roadmap includes gasless transactions, wallet v5, Teleport cross-chain technology and expansion into Asia.

Cardano (ADA)

▲ 08.04.2024 – Cardano founder, Charles Hoskinson, announces the Chang hard fork for Q2 2024, the most significant update since Vasil’s launch.

Polkadot (DOT)

▲ 05.04.2024 – Polkadot’s parachains witness a 400% monthly increase in new addresses, surpassing 1.5 million.

▲ 09.04.2024 – Active users in Polkadot projects exceed 600,000, setting a new historical record.

Bitcoin Cash (BCH)

▲ 04.04.2024 – Bitcoin Cash has undergone a successful halving.

Dogwifhat (WIF)

▲ 01.04.2024 – WIF, a meme token on Solana, surpasses Arbitrum, the largest L2 protocol, in terms of market capitalisation.

Ethena (ENA)

▲ 04.04.2024 – ENA emerges as one of the most discussed tokens amidst the market correction, as per Santiment.

▲ 05.04.2024 – Ethena Labs integrates bitcoin to support the synthetic stablecoin, USDe.

▲ 08.04.2024 – Ethena Labs increases staking rewards.

▲ 09.04.2024 – Ethena Labs’ USDe stablecoin becomes the fastest to reach a $2 billion supply among USD-denominated assets. news

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That’s all for this week! Follow on TwitterTelegram and Instagram to stay tuned to the main events and trends in the crypto market.