Happy new month, friends, and welcome back as we explore the past week in cryptocurrency with EmoneyMax.
Bitcoin Extends Its Dominance Over Altcoins While BTC Holds Steady Above $29,000
This weekend is similar to the previous one in terms of the lack of volatility until the BTC price peaks.
Last Monday, Bitcoin started with a jump to $28,000, but it was short-lived and the asset returned to $27,000.
It only jumped to 30,000 hours later when the cryptocurrency started to rise on Tuesday night. However, the bounce at the time, albeit fueled by false news, pushed it toward $3,000, and BTC returned to its previous price position.
However, US banking problems pushed it north, and Bitcoin knocked on the $30,000 door, but again to no avail. Since then, the asset has been relatively stable above $29,000, and the last two days have been no exception.
At the end of the week and month, BTC is above $29,000, while ETH is at $1,900.
The last few days of April have not produced any significant movement in either direction for Bitcoin, which is above $29,000.
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Altcoins Sit Calmly
Altcoins were also quiet over the weekend due to falling trading volume. However, on a weekly basis,
BTC dominance increased by more than one percent.
Trading volume has been disappointing over the last few weekends, and this one is no exception. As such, most altcoins have not caused significant price movements in either direction.
ETH is holding at $1,900 after rising above $2,000 and falling below $1,800 earlier this week. Binance Coin, Ripple, Cardano, Polygon, Shiba Inu, and Avalanche are slightly in the red.
On the other hand, Dogecoin, Solana, Polkadot, Litecoin, and Tron have negligible daily gains.
HBAR is the only significant gainer among the top 50 alternatives, with a daily gain of 4.5%.
In general, however, even the lowest market values are stagnant, leading to no movement in the overall market value. The statistic is well above $1.2 trillion.
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What’s more:
- Arbitrum, a tier 2 network, distributed $120 million worth of ARB tokens via airdrop to various projects in its ecosystem. Individual projects are empowered to determine how they wish to manage their share of released tokens.
- Sui, the Layer 1 blockchain platform launched on the mainnet in early May, introduced the Sui Developer Portal, which serves as a complete resource center for Sui technical and educational materials, as well as core development tools and infrastructure.
- Polygon has partnered with Google Cloud to expand its ecosystem. Google Cloud has committed to integrating Polygon support into its Blockchain Node Engine, which allows developers to access and use the blockchain on Google’s servers. Additionally, Google will configure the infrastructure to enable Polygon zkEVM.
DeFi:
- A majority of the DAO PancakeSwap has voted to reduce CAKE block reward emissions, with nearly 55% in favor of an “aggressive reduction” at the time of this writing. If adopted, it will help reduce CAKE inflation.
- Sushiswap, a decentralized exchange, wants to propose changes to Tokenomics to support the adoption of the Uniswap V3 technology. A community-wide vote is expected to take place in late May.
Stablecoins:
USDC stablecoin issuer Circle has released a cross-network transfer protocol for Ethereum and Avalanche. This allows for USDC transfers between blockchains via native billing and minting.
NFTs:
Magic Eden, the NFT marketplace, announced the launch of Magic Eden Automated Market Maker (“AMM”). Users can manage to sell, buy, and have two-way liquidity pools on Magic Eden.
- Google Cloud helps Web3 developers accelerate their projects by expanding the “Google for Startups Cloud Program” initiative. Series A pre-seed projects can apply for the program, which includes up to $200,000 in Google Cloud credits over two years and additional technical support.
- Binance Academy currently has an interactive chatbot with AI that is powered by ChatGPT. Users can simply input some keywords or questions into the chat window and get instant answers.
Binance has launched Wrapped Beacon ETH (WBETH), a new liquid staking token. This allows users to participate in DeFi projects outside of Binance, ensuring they qualify for the corresponding ETH Staking rewards.
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