Profit taking and Bitcoin consolidation give bears an opportunity to take control
The total crypto market capitalization reached its highest close in three months on April 3 at $2.23 trillion, but the performance between March 28 and April 4 was a mere 1.9% gain. During this time, Bitcoin (BTC) presented a 2.6% negative performance, although that was more than offset by the gains from altcoins.
While Ether (ETH) and Binance Coin (BNB) gained less than 3% over the past seven days, a handful of mid-capitalization altcoins managed to rally 20% or higher.
On April 1, the Bitcoin network difficulty reached an all-time high at 28.587 trillion. The indicator correlates to the computational power required to mine BTC blocks, currently at an estimated hash rate of 201.8 exahash per second (EH/s).
However, on the same day, the United States Securities and Exchange Commission officially disapproved the application for the ARK 21Shares Bitcoin exchange-traded fund (ETF). The regulator argued that the Cboe BZX Exchange had not met the requirements of listing a financial product under its rules of practice as well as those of the Exchange Act.
Comparing the winners and losers provides skewed results because the top-3 coins had a slightly negative impact.
Zilliqa (ZIL) rallied 56% after reports that it will launch a metaverse-as-a-service platform in April. According to a press release, Zilliqa’s Metapolis is being built using the 3D real-time Nvidia Omniverse. Nvidia is a $684 billion Nasdaq-listed graphic processing (GPU) producer.
Aave (AAVE) gained 38% after the release of Aave v3, announced on March 16. The new features aimed to provide greater capital efficiency, increased security and cross-chain functionality. The non-custodial liquidity protocol allows users to lend, borrow or stake their assets to earn yield
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