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Reading: Bitcoin awakens and takes the lead in a green crypto market.
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Bitcoin awakens and takes the lead in a green crypto market.
Cryptodetective > Blog > News > Bitcoin awakens and takes the lead in a green crypto market.
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Bitcoin awakens and takes the lead in a green crypto market.

crypto
Last updated: 2023/04/17 at 5:11 PM
crypto Published April 17, 2023
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# Bitcoin Resurgence: Analysis of Recent Market Developments

The past week has seen renewed activity in the cryptocurrency market, with Bitcoin (BTC) breaking through the $28,600 resistance barrier and taking many altcoins along for the ride. This surge follows a period of low volatility and cryptocurrency market consolidation where BTC traded in a range of around $28,000 for weeks. As of writing, BTC is at $29,977, up 7% from last week. The total cryptocurrency market capitalization now stands at $1,228 billion, with the Fear & Greed Index coming in at a neutral 65 (greed).

## New US Inflation Figures

Before this sudden resurgence, many analysts had predicted an end to the season of low volatility in the cryptocurrency market. This prediction proved true as the inflation figures for March were released by the US government. Inflation was at 5.0%, lower than expected, but still higher than February’s 6%. Core CPI, the measure of inflation without the influence of volatile energy and food prices, was at 5.6%, which was in line with most analysts’ expectations. The release of these figures did not have a significant effect on the direction of the BTC market.

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## Ethereum Shapella Update Launches

Yesterday, the much-awaited Ethereum network update, Shapella, was launched, marking the end of the network’s transition from Proof-of-Work to Proof-of-Stake. This update allows for the withdrawal of ETH from staking contracts. The cryptocurrency analysis company Glassnode has anticipated that the update would have a minimal negative impact on the ETH market.

## Bitcoin Dominates the Market

BTC’s resurgence has helped to improve its performance over many altcoins, leading to an increase in its market dominance. Currently, BTC’s market dominance stands at 47.2%, compared to just under 40% earlier in the year. This trend demonstrates BTC’s increasing dominance in the cryptocurrency market.

## Solana Records the Biggest Gains of the Week

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Solana (SOL) was this week’s biggest gainer in the cryptocurrency market, with a gain of nearly 15% in the past seven days. Currently trading at $23.65, SOL is expected to continue positively riding the tide of the recent BTC surge.

## Cardano Reaches the Green Zone on the Back of a New Wallet Launch

Cardano (ADA) also experienced a bump in its market value following the BTC surge, rising by about 5% in a short time and reaching just above the $0.41 mark. At the time of writing, ADA trades at slightly above $0.40. Additionally, IOG, the company behind ADA’s smart contract network, launched the first native light wallet for the Cardano network, known as Lace.

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## Free SHIB Offer

Anycoin Direct, a Dutch crypto exchange, is offering free one million units of Shiba Inu (SHIB) to anyone who creates an account and places a successful order. This offer is only valid for today.

In conclusion, the recent developments in the cryptocurrency market reflect its volatility, which can increase or decrease rapidly. BTC’s present trading above the $28,600 resistance barrier and many altcoins rallying to take advantage of the surge are current trends worth watching. Investors should keep an eye on developments in the US economy and the effects of COVID-19 on financial systems worldwide.

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