Easter Weekend Market Recap of Major Cryptocurrencies
Despite the intensive Bitcoin withdrawals from exchanges, BTC/USD charts haven’t seen a lot of action as Bitcoin price hovers around the narrow range of $40200 – $40600 this Easter weekend.
The Recent Vigour of Activities on the Bitcoin Blockchain
It was not long ago when El Salvador made Bitcoin the legal tender in the country. This sort of nationwide adoption was expected to propel bitcoin prices to new heights. However, due to the sudden political dispute between Ukraine and Russia and the incurring war, the crypto market experienced a parabolic move. A slight rise in crypto prices happened when Russia declared that it would accept Bitcoin and other cryptocurrencies as the mode of payment for its oil and natural gases.
In the same rationale of the events mentioned above, bitcoin price trends have been off the projected forecasts if the halving historical data is anything to go by. Currently, the 24 hr level of bitcoin Transactions is 254831.0, which is down from last year’s 359440.0, a -29.10% change.
According to the data from Santiment, there has been a heavy outflow of bitcoins from exchanges, the largest in the last 5 weeks. The large quantities of bitcoins withdrawn from exchanges have resulted in the $BTC price rising before momentarily gaining grounds for stability. At the time of writing, the price of Bitcoin trades at $40356 on Bitfinex.
Aside from the soaring transaction rates, Bitcoin’s upgrades, the lightning network, and Taproot have had new developments. Taproot, the biggest bitcoin upgrade, has brought new features such as supporting complex transactions with multiple signatures and rendering lightning channels as normal bitcoin transactions. Since November 2021, Bitcoin users are yet to adopt Taproot.
Nonetheless, things seem to be blooming in the lightning Network. The recent announcement of Jack Mallers’ Strike partnership with Shopify could see Walmart, McDonald and 200 more outlets accepting Bitcoin via the lightning network. Twitter’s Creator Jack Dorsey and a staunch pro-crypto evangelist, Anthony Pompliano, are among the few who uphold Maller’s efforts in reinventing the usability of Bitcoin in day-to-day transactions.
What’s New in the Ethereum Network and Other Altcoins?
ETH bulls will have to hold their breaths longer, as Ethereum Developer Tim Beiko recently stated that the Ether Merge will take place ‘ a few months from June.’ The Ethereum Network’s transfer to the Proof-of-Stake(PoS) mechanism from Proof-of-Work(PoW) was set to happen next month.
Beiko shared a Tweet stating that even though there will be a delay, the network is in its final stages of PoW. Despite the developer’s plan to ‘soften the blow,’ ETH took a slight downward price movement, slipping below the $3K level. However, the second crypto by market cap regained its one-week base trading level and hasn’t slumped below $3.016K since April 15.
Current court case talk altcoin XRP had a hot and cold week. Ripple’s currency started the week trading at $0.77 before taking a walk downwards on Tuesday when it traded at $0.69. Nonetheless, XRP’s price retraced to the former figure, slightly going up to $0.78. Another coin worth mentioning is AVAX, whose value at the time of writing is $77.7. AVAX’s price has maintained above $76, and it looks primed to accelerate above $80 if it breaches its resistance level at $78.63.
