As the crypto market races back towards all-time highs, Ethereum is shooting ahead. The second-largest crypto has gained over 20% to top $3K for the first time.
Close behind, the altcoin market has been supercharged by Ethereum’s strength. Chainlink, XRP, and BNB are surging with double-digit weekly gains, and Uniswap has jumped 17% ahead of the Uniswap v3 launch on May 5th.
A strong April, but weaker seasonality ahead
The crypto rollercoaster has taken another sharp turn, with Ethereum hitting all-time highs last Thursday just before Biden’s plans to hike capital gains tax triggered a sell-off across global markets.
Bitcoin plunged below $50K on the news, falling for five consecutive days before bouncing to $52K. Ethereum, on the other hand, managed to weather the storm and emerge with 13% weekly gains. It was joined by a few other resilient altcoins including Uniswap which rose 12%.
Taking a healthy performance breather
Good news as enter peak earnings week
Yet the buying party came to an abrupt end when the highly-anticipated Coinbase listing failed to push prices even higher. Euphoria turned to fear as traders sold the news, prompting Bitcoin to plunge 15% before bouncing.
Wall Street hits double-digit return
While Bitcoin and Ethereum are resting at the key milestones of $60K and $2k respectively, smaller altcoins are darting ahead, pushing the total crypto market cap beyond $2 trillion for the first time.
BNB is the biggest winner of the week with 50% gains, making the market cap of the coin more than $60 billion, bigger than traditional banks including Santander. Close behind, other altcoins have also made big gains, with Zcash, Litecoin, and IOTA all boasting a 16% increase.
Wall Street lifted by job data
Wall Street ends Q1 on a positive note
Prices began rising on Wednesday as the market was uplifted by crypto-themed April Fool’s pranks. The Teletubbies tweeted about Bitcoin to advertise their own imaginary cryptocurrency TubbyCoin, and long-term critic Peter Schiff briefly admitted that he was wrong about the cryptoasset.
Employee at Delta Crypto Portfolio Tracker