Cryptocurrency Weekly Updates

Cryptocurrency Market Analysis Report—Weekly in Review(Apr.5-Apr.11)

April 12, 2021

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Cryptocurrency Market Analysis Report—Weekly in Review(Apr.5-Apr.11)

In brief:

  • The total market capitalization climbed above $2 trillion.
  • Bitcoin tried breaking above $60k, up 3%.
  • XRP has the best performance, risen among 130%.

Market Review

Reviewing the cryptocurrency market of last week, from April 5 to April 11, the total market capitalization climbed above $2 trillion, which jumped about 6% higher during this period. It is the highest record in cryptocurrency history.

CoinCola chose 3 kinds of coins to watch: Bitcoin(BTC), Ethereum(ETH), and XRP.

Crypto market data weekly view

(from Apr.5 to Apr.11)

source: CoinCola

Bitcoin tried to touch $60k with a high value of $61,319 per coin. Finally, its price was $59,650, which was up nearly 3% in the last week and had a market cap of around $1.1 trillion. Analyzing the price trend of bitcoin, it attempted to break above the price of 60K but failed. At the same time, it also held support from the lower price of $55,000.

Ethereum’s price is similar to bitcoin’s. It reached $2149, which is up over 3.5%. Ethereum, with a second-largest market cap, has captured about 12% in cryptocurrency market.

The price of XRP has the best weekly performance among the top 10 coins. Its price doubled already in the past week, which is also the highest price in more than three years. Its price rose from $0.59 to $1.37, up almost 130%. Ripple Labs, the company of XRP token, won a discovery motion from the U.S. Securities and Exchange Commission(SEC) on Tuesday last week, which might drive the price of XRP.

Hot Market Events

1) Peter Thiel, the PayPal co-founder, said bitcoin could be ChineseWeapon’

On Apr.8, Peter Thiel, PayPal co-founder, and billionaire investor warned that bitcoin could be a “Chinese financial weapon”, which was used to dethrone the U.S. dollar’s monetary status.

2) Meitu, a Chinese web firm, bought bitcoin for$10 million

On Apr.9, Chinese app developer Meitu reported that it purchased 175.6 bitcoin for $10 million. After that, Meitu has held over 940 BTC, alone with 31,000 ETH, which was worth nearly 100 million.

3) SEC will begin to review WisdomTree’s bitcoin ETF application

On Apr.10, The SEC published a public notice, announcing it would start evaluating the WisdomTree Bitcoin Trust which filed for bitcoin ETF last month. A series of bitcoin ETF applications were submitted to SEC, but the SEC has not permitted yet.

Note:SEC refers to the U.S. Securities and Exchange Commission

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