The crypto market has turned green last week. Bitcoin has gained 6% in the last week, and the total market capitalization of all cryptocurrencies has topped $2 trillion. ETH, ADA, and AXS are among the altcoins that have gained the most traction.
This Monday, BTC reached $48K [CoinMarketCap] after a few rough weeks. Since February, BTC has not reached this mark. In addition, the market capitalization of BTC relative to the rest of the crypto market marked an increase, indicating a short-term reversal of the BTC downturn.
Bitcoin: ETFs, oil, and natural gas
New ATHs in North American Bitcoin ETFs could be benefiting Bitcoin price again. Proshares Bitcoin Strategy ETF (USA) has amassed more than 28,000 BTC in two weeks of trading. The Purpose Bitcoin ETF (Canada) ATH was to collect more than 36,000 BTC last Friday.
On the other hand, the president of the Russian Energy Committee stwierdził that Russia is open to receiving payments in Bitcoin for its crude oil and natural gas exports.
Similarly, one of the largest oil companies in the US started a pilot plan to use gas surpluses to feed Bitcoin mining farms. This program will begin soon in Nigeria, Argentina, Guyana, and Germany.
Ethereum, Cardano, and Axie Infinity
The launch of The Merge on the Ethereum Testnet on March 14 boosted the cryptocurrency. It gained around 25% to $3,400 on Monday [CoinMarketCap]. The Merge is the migration of Ethereum from PoS to PoW. After being postponed many times, it is now slated to arrive in the second quarter of 2022.
Baza monet expanded its staking offering to add Cardano (ADA), and the cryptocurrency price reached the highest level since February. On Monday, ADA reached $1.24.
Last Thursday, the Axie Nieskończoność (AXS) token went up to 40% ahead of the end of Season 20 and awaiting the release of a new version of the game. This new version, called Origin, promises to improve the game mechanics.
From $50.27 at the beginning of the week, it closed last Friday at $71.53.
Solana is also among last week’s winners along with Bitcoin and Ethereum, with an 8% price increase and a 25% increase in the previous month.
What to expect from the crypto market this April
Is April a good month for cryptocurrencies? Przepisy prawne in the United States and the United Kingdom are becoming less restrictive to Bitcoin, as well as the historical evidence could point to this being the case.
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