Weekly crypto recap
The cryptocurrency market had an eventful week, with most of the attention going towards Coinbase’s debut on the NASDAQ stock exchange. The exchange went public through a direct listing under the ticker COIN on April 14. The stock is currently changing hands at $339, which implies a market cap of around $63.13 billion for the company. While this valuation is certainly nothing to scoff at, some members of the crypto community were expecting Coinbase to be valued at $100 billion and above.
Dogecoin and XRP dominated the cryptocurrency top 10
Meanwhile, Dogecoin and XRP were the stars of the show in the cryptocurrency top 10. Dogecoin went on a monstrous rally and gained over 400% in the last 7 days. The move doesn’t seem to have been triggered by any fundamental developments related to Dogecoin.
XRP gained 66% as it made its way above the $1 psychological price level for the first time since 2018. There is still a cloud of uncertainty hanging over XRP because of the SEC’s lawsuit against Ripple, but the company scored some victories in the case recently that could have improved investor confidence in XRP.
Ethereum was successfully upgraded through Berlin hard fork and outperformed Bitcoin
Bitcoin gained around 5.5% over the week, with bulls looking to establish $60,000 as a solid support level. Due to the big rallies displayed by some of the major altcoins, Bitcoin dominance took a noticeable dip from 54.6% to 51.4%.
Ethereum significantly outperformed Bitcoin over the week and gained about 17.2%. Notably, Ethereum was upgraded through the Berlin hard fork on April 15. The changes introduced by the Berlin hard fork weren’t controversial, and the upgrade itself went smoothly apart from a temporary issue encountered by users of the OpenEthereum client (about 12.5% of Ethereum nodes).
Quick news recap
- Binance launched tokenized stock trading, starting with TSLA. This is one of the examples where Binance wasn’t ahead of the competition, as tokenized stocks are already offered by crypto exchanges like FTX and Bittrex Global. Binance also burned $550 million worth of BNB in the largest BNB burn ever (in terms of dollar value)
- Chainlink released their Chainlink 2.0 whitepaper, in which they introduced concepts like hybrid smart contracts, which will be playing a key role in the Chainlink network in the future.
- Crypto asset manager Grayscale hit $50 billion in total AUM. The company’s Grayscale Bitcoin Trust has over $40 billion in assets under management, and seems to have a realistic shot of overtaking the world’s largest gold ETF in size.
31 total views