Crypto market entered relief rally in March: What’s ahead? — CoinPanel Blog
After climbing to $47,000, Bitcoin price dropped to $46,000 and has been ranging between $45,772 to $46,442. Altcoins prices also climbed as investors now forecast that Ethereum price could reach even higher levels in the near future.
Let’s take a look at some of the major events that happened last week:
- The 19 millionth Bitcoin was mined on April 1, and the leading cryptocurrency’s network mining difficulty also reached an all-time high of 28.587 trillion.
- Solana price reached $136 last week and investors forecast that it could reach $150 by the end of April. Investors expect SOL to rise further due to the ‘golden cross’ forming as the 20-day EMA crosses above the 50-day EMA.
- Another tax regulation came from Indonesia this week putting capital gains tax on crypto earnings starting from May 2022. The country will also put a VAT tax on crypto income next. The Ministry of Trade categorized crypto as a ‘commodity’ rather than a ‘currency.’
- Cardano recently revisited $1.22, while the low-mid and high-mid tiers are the groups accumulating consistently, as these 100 to 100k ADA holders now own an all-time high of 16.8% of the available token supply.
Top 10 Cryptocurrencies by Market Capitalization:
Are Ethereum bulls gearing up for a rally?
IntoTheBlock data states that since the creation of Ethereum in the summer of 2014 the number of people who gained profit is steadily increasing. As of March 22, 70% of all coin holders were in profit, and on April 4, this number surged to 83%.
Ethereum dominance has been on the rise against Bitcoin, as the ETH/BTC price ratio nearly reached an eight-week high. The top 10 whale addresses remain to hold a significant percentage of ETH supply.
In addition, since March, a total of 1.268 million ETH has been withdrawn from centralized exchanges. The large outflow from exchanges to wallets occurred after Ethereum price climbed 32%.
Ethereum also witnessed its highest ratio of transactions in profit vs. loss since Ether reached its all-time high price in November 2021. For the first time since then, there were three times more transactions that made a profit vs a loss.
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Originally published at https://blog.coinpanel.com on April 5, 2022.