The cryptocurrency market continued the winning streak last week, with the overall market cap increasing by 14% to $441 billion. Bitcoin rose 6% to $9,400 while ether price increased 8% to $690.
In the current cycle, Bitcoin continued to lag behind the overall market. As a result, Bitcoin dominance is down to 36.5% from 44.9% in the beginning of April.
With (1) the healthy consolidation happening for a few weeks already and (2) trading volume at the highest since mid-February, it is looking more and more likely that the worst is over us. As Bitcoin price is still over 50% below all-time-high, we believe that this new cycle is just getting started. It looks like the risk-on attitude of investors is going to last a while.
Altcoins have been leading the charge in the current cycle. Over the next few weeks, we believe there will continue to be some interesting reshuffling in the top 20 coins. Also, expect the ICO market to get hot and good projects selling out quickly again.
St. Louis Federal Reserve says Bitcoin is 'Like Regular Currency': http://fortune.com/2018/04/28/st-louis-federal-reserve-says-bitcoin-is-like-regular-currency/
Shenzhen, China Backs $79 Million Fund To Support City’s Blockchain Startups: https://cointelegraph.com/news/shenzhen-china-backs-79-million-fund-to-support-citys-blockchain-startups
Crypto Wallet MEW Hit by DNS Attack That Drained Some Users’ Accounts: https://techcrunch.com/2018/04/24/myetherwallet-hit-by-dns-attack/
Gemini Exchange to Launch Market Surveillance Technology in Collaboration with Nasdaq: https://www.nasdaq.com/press-release/gemini-to-launch-market-surveillance-technology-in-collaboration-with-nasdaq-20180425-00327
France Slashes Cryptocurrency Tax Rate from 45% to a Flat 19%: https://www.ccn.com/frances-cryptocurrency-tax-more-than-halved-to-19/
Angellist: Number of New Crypto Job Listings Doubled in the Last Three Months: https://news.bitcoin.com/angellist-number-crypto-job-listings-doubled/
Ethereum Bug Causes Integer Overflow in Numerous ERC20 Smart Contracts: https://thenextweb.com/hardfork/2018/04/25/ethereum-smart-contract-integer-overflow/
Crypto Mining Made Up 10% of AMD's Revenue in Q1: https://www.coindesk.com/crypto-mining-made-up-10-of-amds-revenue-in-q1/
* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.