Shiba

Bitcoin

April

Shiba Inu

Bitcoin. 
Bitcoin gained slightly over 4% from April 7th to 12th. During the week, on Monday, April 8th, BTC approached the $73,000 mark closely. However, it failed to surpass this level, after which Bitcoin briefly dropped below $67,500. 
Inflation in March in the USA not only turned out to be higher than previously but also exceeded expectations. In February, it was at 3.2%, with expectations of 3.4%. Ultimately, it reached 3.5%. This indicates that the expected reduction in the key interest rate of the Federal Reserve (Fed) is not currently on the agenda. 
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Simultaneously, rising inflation appears to be a positive signal for crypto enthusiasts. The reason is that Bitcoin is considered a protective asset against inflation. However, the BTC price reacted relatively weakly on the day the news was announced, increasing by about 2%. 
Moreover, the 13F form report submitted by institutional investors in the USA showed interest from financial players in Bitcoin spot ETFs. Among the leaders in investing in cryptocurrency exchange-traded funds were AUM Park Avenue Securities, a company providing brokerage and advisory services (invested $9.9 billion in GBTC), and asset manager Inscription Capital from Houston ($1.3 billion). These figures remain relatively modest for now. However, it’s worth noting that this was only the first quarter of trading with such instruments in history. 
Technically, Bitcoin has formed an ascending triangle, evidenced by a series of rising lows since March 20th. This is a precursor to further growth. Essentially, the rally will start once the historical high of $73,794 is surpassed. Indicators also suggest bullish dominance: the price is above the 50-day moving average (denoted in yellow), and the RSI is above 50. 
The fear and greed index remained unchanged compared to the previous week’s reading, also at 79. This indicates extreme greed among Bitcoin investors. 
Ethereum. 
Ethereum added about 6.5% over the week. The second-largest cryptocurrency rose above the $3,700 mark but couldn’t sustain it. Five out of seven trading sessions closed positively. Monday, April 8th, was the most successful day, with Ethereum growing by 6.94%. 
There seems to be no shortage of news bringing wow-effect. Ethereum developers continue their intense activity. Even before Dencun has subsided, preparations are underway for the next upgrade called Electra. It was revealed this week that there will be four new innovations included: 
EIP 6110 – intended to launch an in-protocol deposit mechanism, replacing the current proposal voting; EIP 7002 – executable exits at the execution level; EIP 7251 – increasing the maximum effective balance of validators; EIP 7549 – committee index movement outside attestation, which will reduce the average number of peers required to verify consensus rules. 
However, various experts continue to express skepticism about the prospects of approving Ethereum spot ETFs in the USA. This week, the well-known American bank JP Morgan voiced its doubt. They estimated the likelihood of a positive outcome at 50%. According to one of JP Morgan’s analysts, Nikolaos Panigirtzoglou, a refusal will likely lead to another challenge from the Securities and Exchange Commission (SEC) in court. Ultimately, the regulator will lose the lawsuit, similar to the cases against Grayscale and Ripple. This will prompt the SEC to approve spot Ethereum ETFs, but later than expected by enthusiasts in May. 
From a technical analysis perspective, Ethereum remains range-bound between the $3,049 support level and the $3,679 resistance level. This is confirmed by the proximity of the price to the 50-day moving average (denoted in yellow). It’s worth noting that Ethereum remains in an uptrend in the long term, as the 200-day moving average (denoted in orange) is significantly below the current price level. 
Shiba Inu. 
From April 5th to 12th, the price of Shiba Inu increased by 3.84%. Trading volumes remain small compared to the end of February – early March 2024. Most trading sessions during the week, five out of seven, closed positively. 
Although the coin is not demonstrating significant growth, several metrics have improved. The analytics platform IntoTheBlock reports that the number of addresses in the network has exceeded 4 million. Since March 1st, 2024, this metric has increased by 200,000. 
The analytical portal Glassnode recorded a decrease in active addresses over the same period. Based on these two metrics, it can be concluded that users are creating addresses but not using them. 
Another crypto analytics platform, Lunar Crush, noted community activity for Shiba Inu. The social dominance metric increased by 46.3% over six months. Additionally, the number of content creators related to Shiba Inu increased by 30.7%. By the way, speaking of price, it has grown impressively by 266% over the past few months. 
From a technical analysis perspective, a ‘pennant’ pattern has formed for Shiba Inu over the last 5.5 weeks. Where will the price go next? It will depend on which line, upper or lower, it breaks through. In the first case, growth should begin, and in the second, decline. Indicators suggest a high probability of the first scenario. The price is above the 50-day moving average (denoted in yellow), and the RSI is above 50 (although marginally). 
Conclusion: In summary, major cryptocurrencies increased in price by 3.5%-6% over the week. Weak inflation figures in the USA and the rise of several altcoin metrics contributed to this. Further growth will depend on overcoming the important technical levels described above. This material and the information in it are not individual or any other form of investment recommendation. The editorial opinion may differ from the views of the author, analytical portals, and experts.

Inflation in the USA Exceeds Expectations: Cryptocurrencies React to Price Changes.

Blocksays

Інші статті, опубліковані 12 квіт. 2024 р.

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