WMA: Bitcoin Rejected Again At $60K But Altcoins Record Historic Gains

Cryptocurrency, Asset, Electronic Payment, Payment

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Weekly Summary:

  • The Cryptocurrency market is looking to close the week at a total market capitalization of $2,056 trillion.
  • Bitcoin (BITCOMP) increased by nearly 3%, but still couldn’t overcome the $60,000 barrier.
  • Ethereum (ETH-X) set a new ATH for the second week in a row after a 4% increase.
  • Ripple's XRP (XRP-X) increased by roughly 135% after a minor victory in the lawsuit against SEC.
  • Binance Coin (BNB-X) increased by almost 40% to set a new ATH.
  • The DeFi sector added more than $3 billion to the total value protocols (TVL).

Crypto Trends: Performance and Analysis

The cryptocurrency market continued to grow exponentially for the second week in a row. As the first full week of April comes to an end, its market capitalization increased by nearly $100 billion to go above and beyond the $2 trillion marks. As of the time of writing, it stands at $2,056 trillion, which is nearly $1,86 trillion more than where it stood this time last year.

Bitcoin continues to struggle with the $60,000 resistance level. This week, it managed to touch it several times, yet not surpass it. The leading cryptocurrency even dipped as low as $55,000 mid-week. However, the bulls regrouped and brought it back up. BTC has recently been trading at around $59,700. So, the all-time high (ATH) set a month ago at $61,683 remains out of reach for the time being.

Ethereum continues to set one ATH after another. This week, it cemented its position above the $2,000 level with a 4.35% increase in value. As a result, it set a new all-time high at $2,197 on Saturday.

Unfortunately, over the weekend, Ethereum lost a few of its gains and it has recently been trading at around $2,130. Looking forward, it has the potential to overcome the nearest level of resistance at $2,200. On the other hand, it may also fall on the closest support cushion at $2,060.

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Charles Howard 1 week ago Member's comment

OK, I give up, what does WMA stand for? It's not weighted moving average; it doesn't seem to be WeeMarketplaceAccess Token (which is the crypto context); and nowhere on your site does it ever say this is your own cute 'weekly market analysis" or anything. Editors can you help me out here? Or do you not know either?

Crypto Adventure 1 week ago Author's comment

Hello 👋 It stands for Weekly Market Analysis:D