Crypto Weekly: Bitcoin and Altcoins Grew Again

Mar 28, 2022
13:03
2 min reading

Choise.com team

Over the last week, Bitcoin has risen by 15% and now sits at around $47,000. Positive market sentiment increased significantly, which led to a general growth of the market. The vast majority of altcoins also were in an uptrend last week.

One of last week’s most notable tokens was TWT. First, the Trust Wallet was removed from AppStore. Two days later, it was returned and this caused a significant 50% increase in the TWT price. But even more significant growth was shown by the Crypterium project as Coinbase listed CRPT on its platform and the token became available for trading. Moreover, two more big exchanges have added support for CRPT – Huobi and Crypto.com. In the light of these events, the asset value immediately skyrocketed five times from $0.14 to $0.70 per coin.

The algorithmic stablecoin UST has gained much attention again. The parent organization Luna Foundation, which stands behind the issuance of this stablecoin, has invested $1 billion to keep UST stable. What’s far more interesting, the company has announced plans to acquire $2 billion in Bitcoin to reinvest in backing the stablecoin. As a result, the negative rhetoric directed at this project has intensified again.

Another fund aimed at supporting crypto developers and projects was launched by Avalanche. In more details, the $100 million fund was initiated in conjunction with the Op3n project to appreciate the development of arts and entertainment initiatives on the Avalanche network. Thus, the company plans to attract developers of metaverses and NFT projects.

It was also reported about two hacks. The Cashio protocol built on the Solana blockchain was attacked, which made their CASH algorithmic stablecoin drop from $1 to $0. Because of that, the TVL of the project collapsed from $28 to $0.5 million. The subsequent vulnerability resulted in the possibility of endless coinage. Developers are already working on fixing this exploit.

Another hack occurred as a consequence of phishing. Moreover, the victim was the founder of well-known crypto fund DeFiance Capital. Hackers gained access to his private keys through a virus that they installed on his phone. Thus, the scammers managed to steal a lot of NFT tokens, as well as various cryptocurrencies totalling $1.5 million.

Last week, it became known that the world’s largest hedge fund, Bridgewater Associates, plans to invest in a third-party cryptocurrency fund. Recall that the founder of the company, Ray Dalio, has previously talked about personal investments in Bitcoin and cryptocurrencies.

Let’s take a look at the BTC chart and try to figure out what to expect from it in the coming week:

Throughout the past week, the Bitcoin chart has experienced a non-stop growth. Buyers were much stronger than sellers and managed to push Bitcoin up from $41,000 to $47,000. The chart surpassed the most important resistance level of $45,000 and consolidated above it. Moreover, the price broke the 200-day moving average.

Earlier, we suggested that such a scenario would take place. Now, the chart has a big room for growth. The nearest resistance level to which the price will head is $52,000. Most likely, we will see Bitcoin approaching it already this week, which means another possible rise by 10%.

At the same time, the Bitcoin market dominance began to decline. This indicates that capital is now flowing to altcoins, some of which, like CRPT or TWT, have already started a confident growth. This trend may continue in the coming week. In addition, we expect to see high volatility during this time.