Bitcoin (BTC), the most popular cryptocurrency in the world, managed to recover from its lows last week. It appears that the much-awaited Bitcoin Halving event has lent a positive mood among investors as the CoinMarketCap Fear & Greed Index stood at 62 (Greed) out of 100, at the time of writing. It is largely expected that BTC might trade sideways, staying within the bounds of $62,000 and $66,0000. While that’s a far cry from its new all-time high of $73,000, it’s still good to see the world’s oldest crypto in the greens for a change. Of course, investors are advised to keep a wary eye on the rising tensions in the Middle East.
Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile in nature. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their own research before taking any call.
Crypto Prices Over The Past Week
Last Monday (April 15), the overall crypto market cap stood at $2.36 trillion. BTC price stood at around $65,000, ETH price stood at around $3,200.
A week later, the overall market cap dipped to $2.43 trillion.
Check Out Top Crypto Prices Today
DeFi’s total volume stands at $5.06 billion, at 8.17 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $56.99 billion, at 92.01 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Greed’ with 62 points (out of 100).
BTC dominance, at the time of writing, stood at 53.58 percent.
Over the past seven days, Bitcoin achieved a high of $66,356.37 (on April 22) and a low of $60,113.54 (April 17).
Ethereum, on the other hand, saw a high of $3,257.70 (April 15) and a low of $2,878.18 (April 19).
Crypto Events To Note
Bitcoin’s halving event, a pre-programmed reduction in the rewards miners receive, took place recently when the blockchain reached block 840,000. Since then, the reward for mining new blocks has halved, which historically tends to influence transaction fees and the overall mining economy.
Bitcoin users are seeing a substantial drop in transaction fees following a recent spike, bringing costs down from a peak of $240 to just $11.06 per transaction. The reduction in fees coincides with a decrease in mining rewards following the latest halving event, which occurred at block 840,000.
The significant drop in fees came after they hit their highest level this past Friday. This reduction provides relief to Bitcoin users, who have been facing steep costs for on-chain transactions. The high fees were tied to increased network activity and the computational effort required to process transactions.
The latest decrease in transaction fees is seen as a positive development for users of the cryptocurrency, potentially increasing its attractiveness for both new and existing users by making transactions more affordable.
Furthermore, non-fungible tokens, or NFTs, have witnessed a sharp 25.48 per cent fall in sales over the past week, concluding April 21. The total value of transactions dipped to roughly $236.96 million, reflecting waning investor interest or market volatility in this sector.
Bitcoin has emerged as the predominant currency in the NFT marketplace during this period, driving the majority of transactions. Since April 14, NFT purchases using Bitcoin accounted for $111.8 million of the total sales, highlighting its central role in the current NFT economy.
What Crypto Traders Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “In the week ahead, Bitcoin is expected to maintain its position above the $64,000 mark following the recent halving event. As neither bulls nor bears dominate the market as of now, Bitcoin is likely to trade within a relatively narrow range between $62,000 and $66,000 in the coming days, exhibiting sideways movement. For optimal risk-adjusted returns, investors should diligently track price movements and consider implementing dollar-cost averaging (DCA) strategies.”
WazirX Vice President Rajagopal Menon offered his take, “BTC is encountering difficulty in gaining momentum above the $65,500 resistance, despite trading above $64,000 and the 100 hourly Simple Moving Average. If the token fails to surpass this level it may lead to a downside correction. As of now, the current resistance stands at $64,200.”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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