The crypto market in Week 08 of 2024 has witnessed various movements and developments, showcasing the dynamic nature of the digital asset space. In this overview, we’ll delve into the performance of major cryptocurrencies, market sentiments, top performers, and key highlights from the week.

Crypto Market Performance

• Ethereum (ETH) displayed resilience, trading at approximately 3,091 USDT with a week-on-week increase of 7.3%, while Bitcoin (BTC) saw a slight dip to 51,386 USDT, down 1.4% from the previous week.
• NASDAQ, the US Technology Equity Index, closed at $15,997, marking a 1.4% rise compared to the prior week.
• Year-to-date (YTD) performance shows BTC up by 21.6%, ETH up by 35.5%, and NASDAQ up by 6.7%.

Digital Asset Market Sentiment and Total Market Cap:

• The market sentiment, as indicated by altFINS, slightly declined to 72.00, reflecting a state of Greed.
• The Total Cryptocurrency Market Cap grew by 0.5% in the week, reaching around $1.98 trillion, with ETH dominance at 18% and BTC dominance above 50%.

Weekly Performance of Top Coins by Market Cap

altFINS On-Chain Data – Top Weekly Performers

1. Total Revenue: Ethereum (ETH), TRON (TRX), Lido Finance (LDO).
2. Protocol Revenue: Ethereum (ETH), Tron (TRX), MAKER (MKR).
3. Total Value Locked (TVL): Lido (LDO), Maker (MKR), Aave (AAVE).

Crypto Market Weekly Highlights

• MicroStrategy’s X account faced a hacking incident, emphasizing the ongoing need for heightened security measures.
• Bitcoin’s mining difficulty surpassed 80 trillion, indicating increased network security.
• Ethereum crossed the $3,000 mark, showcasing its strong performance.
• Carlson Group’s addition of 4 Bitcoin spot ETFs is anticipated to attract more investment into the crypto space.

Bitcoin On-Chain Analytics

• Daily ordinals inscription on Bitcoin decreased, averaging around 136k monthly.
• 117k transactions are awaiting confirmation, a 46% decrease from December 2023.
• Cumulative inscriptions on Bitcoin exceeded 61M.
• Total revenue generated by Bitcoin dropped and Ethereum continues to outperform Bitcoin since the upcoming Dencun upgrade and possible spot Ethereum ETFs coming in May 2024 were announced.

Bitcoin Halving Event

• The upcoming halving event scheduled for April 18th, 2024, marks the network’s fourth halving.
• Miners’ rewards will be halved from 6.25 BTC to 3.125 BTC, affecting the overall dynamics of the market.
• The event is anticipated to impact altcoin prices, with historical trends showing a correlation between Bitcoin’s price increase and a surge in altcoin market capitalization.

As the crypto market progresses through Week 08 of 2024, investors and enthusiasts are closely monitoring the impending Bitcoin halving event and its potential repercussions. With Ethereum’s continued strong performance and the broader market dynamics, the landscape remains dynamic and full of opportunities. Stay tuned for further developments and market shifts in the ever-evolving world of cryptocurrencies. Read full weekly report here!