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April 29, 2021 07:37
| Update:
April 29, 2021 at 07:37
The rapid short squeeze made the value of Bitcoin surpassed $54,000, and some altcoins rebounded to new unparalleled highs.
Cryptocurrency investors breathed a sigh of relief on April 26, because the sharp reversal within Bitcoin (BTC) was in the midst of the recovery of the entire market, and most altcoins were inexperienced. The optimistic assessment of JPMorgan Chase analysts and PayPal’s announcement that the demand for access to cryptocurrencies has exceeded expectations, which may help achieve this breakthrough.
Data from Cointelegraph Markets and TradingView shows that when occasionally rebounding to close to 47,000 USD, Bitcoin rebounded to a price above 50,000 USD and climbed above 53,500 USD, while Ether (ETH) saved USD 2,500.
Last week’s market retracement did not slow down the ideological adoption of cryptocurrencies, as NFL draft prospect Trevor Lawrence’s sign language care endorsement story and crypto asset portfolio tracking platform Blockfolio and Nigeria’s hotel assert that plans to appear in payments It was only when Bitcoin was accepted in an ordinary place.
On-chain analysis tracks Bitcoin’s growing optimism
Glassnode’s data shows that last week the Bitcoin network’s on-chain transmission volume and average class action costs hit a new unparalleled high, which is due to the interruption of China’s influence.
Analysis of the output age range spent (regardless of the details of how long BTC has been in the pocket) shows that new token holders are irritable due to the recent decline, and the collective of wallets that have held them for more than a month Activity has decreased.
The combined data shows that since the market retracement in February, payments for wallets held for more than 6 months have not increased significantly.
Once synchronized with Glassnode, once labor accumulation is observed, further bullishness will be found, which is the highest level since mid-2018.
Overall, the analysis shows that last week’s correction has roused novices in the market, and that more sophisticated cryptocurrency traders are happy to accumulate BTC from other value drops that have been troublesome a few times.
As Bitcoin gains a foothold, Altcoins rise
The struggle of Bitcoin in the past week has allowed altcoins to break through and gain market share. The breakthroughs of various coins have set new unparalleled highs, and the trading volume of local exchanges has shown an upward trend.
The COMP token of Compound, a localized financial lending platform based on Ethereum, soared by 17% to the Revolutionary Organization and successfully set a new record high of $671, while the second-level resolution Polygon’s MATIC token surged 68% to 0.576. New high for the dollar.
Due to increased activity on the Solana blockchain network, Solana-based local exchange of body fluids saw the value of its local SRM token escape to a new high of $11.47.
In the past week, Solana’s value has risen by more than 120% and reached its new high of $48.46 on April 25th due to its plans to expand and launch new products in Ethereum, the first-tier competitor.
At present, the total market capitalization of the entire cryptocurrency market is 2.004 trillion US dollars, and Bitcoin’s dominance rate is 50.3%.
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