Crypto investors breathed a sigh of relief on April 26 when the sharp reversal in the Bitcoin (BTC) price was accompanied by a market-wide recovery that most digital currencies see green. The breach was likely supported by optimistic estimates from JPMorgan analysts and the PayPal announcement that demand for cryptocurrency purchases exceeded expectations.
Data from Cointelegraph Markets and TradingView shows that after jumping off $ 47,000 on Sunday night, Bitcoin gathered above $ 50,000 support level early on Monday’s trading time and climbed over $ 53,500 at noon, while Ether (ETH) recovered. ) $ 2500.
4-hour BTC / USDT chart. Source: TradingView
The market downturn last week did not slow down the huge adoption of cryptocurrencies as stories as a potential NFL project, Trevor Lawrence signed an approval agreement with the cryptocurrency portfolio, Blockfolio and hotels in Nigeria, and announced plans to accept bitcoins with payments displayed on a daily basis .
The series analysis tracks bitcoins’ increasing bullish momentum.
Glassnode data shows that chain transfer volume and average transaction fees on the Bitcoin network reached a full-time high last week, as the network continues to recover from a mempool congestion due to a drop in hash speed due to power outages in China.
Average transaction fees on the Bitcoin network. Source: Glassnode
A lifetime analysis with used withdrawal, which describes how long BTC remained in the wallet, shows that holders of new tokens were shaken by the recent decline, while portfolios that lasted for more than a month experienced a decline. in transactional activities.
The data also show that portfolios that have remained stable for more than 6 months have not seen a significant increase in expenditure since the market fell in February.
Another potential on the upside can be seen when looking at the mining work, which is at its highest level since mid-2018, according to Glassnode.
Net change in the position of the miner. Source: Glassnode
Overall, the analysis shows that last week’s correction shook new hands in the market, while more experienced cryptocurrency traders were happy to collect BTC from those who were worried about further price falls.
Altcoins rise when Bitcoin finds a foothold
Bitcoin’s fight last week allowed altcoins to move forward and gain market share by penetrating a number of currencies to record highs and increase trading volume on decentralized exchanges.
Ethereum-based DeFi Compound (COMP) lending platform rose 17% overnight to a new full-time high of $ 671, while Polygon Level 2 Solution (MATIC) rose 68% to a record high of $ 0.576.
Daily indicators in the cryptocurrency market. Source: Coin360
The Solana-based decentralized exchange (SRM) has shown its original premium price up to a new high of $ 11.47 thanks to increased activity on the Solana blockchain network (SOL).
Solana’s price has risen more than 120% in the past week and reached a new high of $ 48.46 on April 25 as the ecosystem continues to expand and launch new ventures based on Tier 1 rival Ethereum.
The total market value of cryptocurrency is now $ 20 trillion, and Bitcoin’s dominance rate is 50.3%.