Home Crypto Solana Leads The Crypto Market Rebound This Week

Solana Leads The Crypto Market Rebound This Week

Solana Leads The Crypto Market Rebound This Week

Across the past week, the cryptocurrency market has been infused with a bullish momentum, which has led to a surge in market cap valuation, as well as sharp price inclines for several assets across the top 100.

This bullish momentum has been supported by a range of positive, bullish news from across both the institutional and macro stages.

On the institutional side, Twitter has announced a ground-breaking partnership with eToro to facilitate the trading and ownership of digital assets via the social media platform.

On the macro side, Ethereum has announced the completion and deployment of the long-awaited Shanghai Upgrade which has overhauled existing functions of the Ethereum blockchain.

In addition, the wider market rebound was accelerated by the surge in Solana‘s positive sentiment as a result of the Saga mobile phone release on the 13th of April.

The Latest News

Twitter Partners With eToro To Facilitate In-App Trading

In a recent announcement, Twitter revealed that it has established a partnership with the crypto exchange eToro to allow its users to trade stocks, cryptocurrencies, and similar assets via the social network’s platform.

This partnership comes swiftly after Twitter CEO, Elon Musk, merged Twitter into a shell company named X Corp, which Musk anticipates will lead to the creation of an ‘everything app’.

With Musk forming partnerships left, right, and center, Twitter is poised to become a truly comprehensive ‘everything’ social media application that includes features comparable to that of the WeChat application to offer an all-in-one service.

This is set to include messaging, video chat, video games, photo sharing, food delivery, transportation services, banking, and shopping.

Musk confirmed this with a statement: “It does everything – sort of like Twitter, plus PayPal, plus a whole bunch of things, and all rolled into one, with a great interface.”

Twitter Logo (Image Courtesy of LOGO)

Ethereum’s Long-Awaited Shanghai Upgrade Completed

After months of anticipation from ETH lovers and the wider crypto community alike, the Shanghai (or Shapella) upgrade was completed and deployed on Wednesday.

Acting as Ethereum’s biggest transition since the ‘Merge’ upgrade last year, the Ethereum blockchain has once again overhauled its current operational standards to facilitate the progressive unlocking of users’ staked ETH tokens on the Beacon Chain.

As expected, the Shanghai Upgrade has divided community sentiment for months now, with some investors concerned about the potential of liquidity drainage, in spite of the progressive release system by which investors can remove their tokens from the blockchain.

However, others anticipate that the Shanghai Upgrade resolves the issue of poor ratios of staked Ether to its total supply, as now investors are incentivized for their staking contributions and have substantiated proof of such.

However, the true impacts of the upgrade will be revealed in the coming weeks as users utilize the upgrade to its true potential.

Ethereum Illustrative Art

Solana Leads The Crypto Market Rebound

With the majority of the top 100 appearing to unanimously enter a bullish run, Solana has been revealed to be the leader of this mass-market rebound after having risen the positive sentiment associated with its Android phone launch, paired with improving crypto community sentiments, which led it to soar by 10% overnight.

Having lapped up the hefty price surge, various other assets followed suit, with BTC finally realizing $30k once again and the wider crypto market cap booming to a staggering total of $1.26T.

Solana’s coveted Android phone, otherwise known as Saga, has stirred excitement within its community and that of tech enthusiasts from across the industry.

Powered by the Solana blockchain, Saga is expected to support self-minting of NFTs for all users, as well as access to all areas of the Solana blockchain from one device.

The Saga smartphone costs $1k and was released on the 13th of April, attracting the interests of thousands across the market.

Solana 7-day Price Trading Data

Current Project Trends

Based on data provided by CoinMarketCap, the top-gaining project across the past week was Pillar, a project that prides itself on being a non-custodial, open-source, and community-operated wallet that acts as a gateway to all things DeFi and NFT-focused.

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Pillar has increased by a substantial 119% in the past 24 hours and a notable total of 285.89% across the past week, leading it to reach a high of $0.02494.

The Current BTC Trend

Weekly BTC Trading Data (Data Courtesy of Blockchain.com)

During the opening of the past week, Bitcoin traded horizontally at an average of $27.94k. With this average corresponding with monthly valuation trends, Bitcoin appeared set for another week of horizontal trading.

However, on the 10th, BTC began to pick up its feet and move deeper into the $27k territory, with the 11th allowing it to substantially incline and push into the $29k territory.

This growth ensued and pushed to a current weekly high of $30,531.01, with $30,530 now acting as the average value at which BTC is trading hands.

This high serves as both the highest valuation BTC has realized in 2023 and the highest level attained since June 2022.

This bullish price run appears to be indicative of a wider market recovery, which has propelled a majority of the top 100 into a period of bullish price inclines.

As a result, Bitcoin’s valuation has increased by 8.65% and the wider crypto market cap has accelerated to $1.26T, a 2.24% increase in the past 24 hours.

In light of this, Bitcoin’s MVRV (market value to realized value) remained horizontal throughout the earlier portion of the week at an average of 1.413 prior to sharply accelerating.

As a result, BTC’s MVRV stands at a weekly high of 1.506, which serves as the highest level seen since May 2022. This data suggests that Bitcoin has moved away from its continuous ‘undersold’ territory and is instead realizing its value.

7-Day BTC MVRV Data (Data Courtesy of Blockchain.com)

The Situation of ETH Staking

As of the 13th of April, the state of Ethereum staking has grown very optimistic in light of the recently deployed Shanghai Upgrade, which has granted ETH stakers on the Beacon Chain the ability to progressively withdraw their staked Ethereum tokens.

As a result, the volume of ETH deposited to the Beacon Chain has continued its steep growth trajectory throughout 2023 – with April being no exception.

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Here are some key figures from across the past week to consolidate this:

Total validators: 569,859
Depositor Addresses: 90,200
Total ETH Deposited: 16,353,927
Liquid Staking Percentage: 35.38%
Staked Share Of ETH Supply: 15.16%

The Current Macro Situation

UK Set To Perform Worst In This Year’s G7 Amidst ‘Perilous Phase’ For The Global Economy

The International Monetary Fund has stated that they anticipate that the UK economy will stand as the worst-performing G7 nation this year due to the declining economy.

As a result, they have anticipated that UK plc will shrink by 0.3%, followed by the only other G7 group expected to decline, Germany, which is expected to decline by a moderate 0.1% in comparison.

In spite of this bearish economic outlook for the recently EU-divorced nation, the Conservative party has claimed that the IMF’s forecast has changed from 0.6% to 0.3%, which could act as a positive signal in a bid to improve the national economy.

What Could Be Coming In The Week Ahead?

With crypto winter appearing to be banished from the current market space, the current bullish momentum appears poised to extend throughout the next week, which could propel the market further into a recovery period.