After experiencing one of the biggest corrections in nearly a year, the crypto market has rebounded with strength. The total crypto market cap has grown from $1.42T to $1.61T, an increase of 13.5% over the past 7 days.
Some highlights from last week:
- Goldman Sachs to Launch Crypto Trading Operation
- CBOE Seeks Approval for Bitcoin ETF
- Kentucky Lawmakers Approve Bitcoin Miner Incentive Bill
- MIT’s Digital Currency Initiative Raises $4M for Effort to ‘Harden’ Bitcoin
- Twitter Announces $1.25B Convertible Notes Offering, Possibly for Bitcoin
- Google Finance Launches Dedicated Crypto Tab
- Tether Hit with 500BTC Ransom Demand – But Says it Won’t Pay
- MicroStrategy Acquires Another $10M in Bitcoin, Nearing 100k BTC on Balance Sheet
- PayPal Acquires Bitcoin Custodian Curv
Crypto Topics Trending in the Media
After experiencing one of the biggest corrections in nearly a year, the crypto market has rebounded with strength. The total crypto market cap has grown from $1.42T to $1.61T, an increase of 13.5% over the past 7 days. The median return for major cryptocurrencies this week was 13.6%, with UNI (54.2%), ETH (21.7%), and LINK (15.8%) leading the way. Uniswap has made its way up to being the 8th highest cryptocurrency by market cap. Cardano was the only outlier, as ADA saw a -13.9% return. Long term sentiment remains positive for the majors, with the median score being 71.8. Trading volume (-41.9%) and Tweet volume (-15.6%) took huge hits this week.
Weekly Performance of the Crypto Market
All major sectors moved in a highly correlated fashion throughout the week. Monday started off strong with a push upwards which continued into Tuesday. The market spiked north on Wednesday morning only to turn around and trend downwards until setting the low of the week on late Thursday night. The ALT Index experienced an exaggerated sell off when compared to others. Friday morning brought excitement back to the community as prices were in full rebound mode and continued moving higher to close out the week. All major sectors ended the week in the green, but ETH (21%) and DeFi (19%) stood out as the top performers.
Google Finance Adds Crypto Tab
Google Finance has taken the leap to help push cryptocurrency further into mainstream usage. Users can now get an overview of Bitcoin, Ethereum, Litecoin, and Bitcoin Cash prices in the newly created ‘Crypto’ section in the “Compare Markets” tab on the Google Finance homepage.
The price of Bitcoin traded within a 17% range this past week, from the low of $44,950 to the high of $52,640. Despite gaining momentum from a few significant developments on Monday and Tuesday, the market chopped around for several days before closing the week above $50,000. On Monday, Twitter announced a $1.25B Convertible Notes Offering and it has some people in the crypto community wondering if it’s for Bitcoin. Is Twitter pulling a MicroStrategy?
Banking powerhouse Goldman Sachs is setting up a cryptocurrency trading desk this month after the recent boom in prices. This is their second attempt at launching this operation after the first go around in 2018 before a sudden shutdown down. Additionally, over 40% of Goldman Sachs clients reported exposure to crypto according to a survey.
The price of ETH surged by 21% over the course of the week. Ethereum is now an option for payment on Amazon’s managed blockchain service. AWS users can now run their own Ethereum nodes and join the public main network on the Amazon Managed Blockchain,
The NFT (non-fungible token) movement has seen explosive growth in recent months. From CryptoPunks, to Hashmasks, to NBA Top Shot, NFTs are everywhere right now. Media mentions of NFTs are up more than 100x since last year.
Tweet Volume YTD
The chart below shows the top 5 assets (on Coinbase) ranked by total Tweets in 2021. BTC has had a hot start to the year, nearly reaching 5M Tweets already. ETH has recently surpassed 1M Tweets which makes these two assets the only assets to surpass that 1M milestone so far. Despite it being a relatively new token when compared to the rest of this list, UNI has built a loyal community that has helped it reach over 150k Tweets YTD.
UNI was a top gainer this week, seeing returns of 50%! UNI price action was clean as ever, trending from the low of the week set on Monday up to the high of the week set on Sunday.
Over the past month, the Decentraland community has been participating in the newest building contest; Cyberpunk 2021. Despite rather choppy and unexciting price action to end February, MANA has been on a mission ever since the Cyberpunk 2021 contest ended on March 1st. Since the deadline, the price of MANA increased by 80% with a 290% spike in Tweet volume.
The price of BNT has climbed from $5.16 to $7.08 since the beginning of March thanks to a new exchange listing on FTX. With a price increase of over 37%, the Bancor Network Token was quick to catch Twitter’s attention as Tweet volume has surged by 269% since the listing announcement.
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This Week’s Podcast Episodes
Ep. 28 How a Crypto Fund Made $1M a Day Selling Bitcoin in South Korea (BXB Capital)
For the first time Alex Friedberg and JJ Petersen (Co-Founders at BXB Capital) share the crazy story about how they managed to make more than $1M a day in 2017 on the “Kimchi” premium. Listen here Watch here