After climbing to $47,000, Bitcoin price dropped to $46,000 and has been ranging between $45,772 to $46,442. Altcoins prices also climbed as investors now forecast that Ethereum price could reach even higher levels in the near future.
Let’s take a look at some of the major events that happened last week:
- The 19 millionth Bitcoin was mined on April 1, and the leading cryptocurrency’s network mining difficulty also reached an all-time high of 28.587 trillion.
- Solana price reached $136 last week and investors forecast that it could reach $150 by the end of April. Investors expect SOL to rise further due to the ‘golden cross’ forming as the 20-day EMA crosses above the 50-day EMA.
- Another tax regulation came from Indonesia this week putting capital gains tax on crypto earnings starting from May 2022. The country will also put VAT tax next to crypto income next. The Ministry of Trade categorized crypto as a ‘commodity’ rather than a ‘currency.’
- Cardano recently revisited $1.22, while the low-mid and high-mid tiers are the groups accumulating consistently, as these 100 to 100k ADA holders now own an all-time high of 16.8% of the available token supply.
Top 10 Cryptocurrencies by Market Capitalization:
|Crypto||Market Cap||24H Chg (%)||1W Chg (%)||Current Price (USD)|
|USD Coin||$51.60B||0%||0%||$ 0.9998|
Are Ethereum bulls gearing up for a rally?
IntoTheBlock data states that since the creation of Ethereum in the summer of 2014 the number of people who gained profit is steadily increasing. As of March 22, 70% of all coin holders were in profit, and on April 4, this number surged to 83%.
Ethereum dominance has been on the rise against Bitcoin, as the ETH/BTC price ratio nearly reached an eight-week high while the top 10 whale addresses remain to hold a significant percentage of ETH supply.
In addition, since March, a total of 1.268 million ETH has withdrawn from centralized exchanges. The large outflow from exchanges to wallets occurred after that Ethereum price climbed 32%.
Ethereum also witnessed its highest ratio of transactions in profit vs. loss since Ether reached its all-time high price in November 2021. For the first time since then, there were three times more transactions that made a profit vs a loss.
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