Weekly Crypto Analysis: Apecoin (APE) Rockets 950%, Crypto Market Cap Recovers to $1.8 Trillion

2022/03/21 11:44:31

The global cryptocurrency market capitalization increased 0.16% in the last 24 hours to $1.88 trillion, while trading volumes decreased 14.95% to $82.43 billion. The total volume in DeFi is currently $14.37 billion, accounting for 17.43% of the total 24-hour volume in the crypto market. The total volume of all stablecoins is now $68.30 billion, accounting for 82.86% of the total 24-hour volume of the cryptocurrency market.

Let's take a quick look at the latest crypto market news and the technical outlook for Apecoin (APE) and Ethereum Classic (ETC) as these rocketed over 950% and 50% during the previous week.

Crypto Market Overview

Bitcoin dominance is now 42.18% up 0.05% from the previous day. The largest cryptocurrency in the market was trading at $41,867.79. While Ethereum, the second-largest cryptocurrency by market capitalization, has increased by 11.7% in the last seven days. On Monday, it was trading at 2,869, a 2.30% decrease in 24 hours.

ApeCoin (APE), Ethereum Classic (ETC), Bitcoin Gold (BTG), and THORChain (Rune), on the other hand, remained the top performers from the previous week. APE increased by more than 950% to trade at $10.65, while ETC increased by 52.48% in the last seven days to $39.18.

Cryptocurrency Market Heatmap | Source: Coin360

BTG, on the other hand, increased 31.38% to $38.54, while RUNE maintained its bullish momentum, increasing 30.01% to $8.68.

The cryptomarket's trading sentiment is upbeat, and digital assets are on the rise. It appears that we have a good opportunity to take our positions.

Top Altcoin Gainers and Losers

Top Altcoin Gainers:

· ApeCoin (APE) ➠ 968.60%

· Ethereum Classic (ETC) ➠ 52.63%

· THORChain (RUNE) ➠ 30.01%

Top Altcoin Losers:

· Anchor Protocol (ANC) ➠ 13.86%

· Kadena (KDA) ➠ 17.90%

· Pax Dollar (USDP) ➠ 18.48%

News Highlights

Here are some of the events that made the previous week's crypto news section stand out:

Prince Philip of Serbia: Bitcoin Is Freedom

On a Serbian TV show hosted by Ivan Ivanovi, Prince Philip of Serbia and Yugoslavia recently discussed bitcoin. Prince Philip, a member of the House of Karaorevi, is the second son of the former Kingdom of Yugoslavia's last crown prince. He is Prince Alexander's fraternal twin and the second-in-line to the throne after Prince Peter.

As per the Royal Family of Serbia's website, Prince Philip is currently working with a global asset manager in London. "I work in finance," he revealed on the show. "I work for an international finance firm in asset management."

During an interview, Prince Philip was questioned about cryptocurrency. To emphasize that his counsel is "absolutely free," he began with "crypto" but immediately corrected himself and said "Not crypto, but bitcoin,"

"It's all about bitcoin." He went on: “Bitcoin is freedom, and this is something I want for everyone.

The comments of Prince Philip stimulate optimization in the bitcoin market and may keep other altcoins supported.

Federal Reserve Bank President Pushes for Faster Rate Hikes

During its March 2022 meeting, the US Federal Reserve hiked the Fed funds rate by a quarter-point to 0.25% to 0.5%, following market forecasts. As a result, borrowing prices have risen for the first time since 2018. In addition, policymakers anticipate that they will begin to reduce their holdings of Treasury securities, agency debt, and agency mortgage-backed securities in a future meeting.

The Fed now expects rate hikes at each of the remaining six meetings this year, with the fed funds rate reaching 1.9% by the end of the year. PCE inflation is expected to rise substantially to 4.3% in 2022 (from 2.6% in December), while the economy is expected to grow at 2.8% this year, well below the 4% predicted in December.

Concerning the Ukraine conflict, the central bank stated that the ramifications for the US economy are very unpredictable, but it is expected to add to inflationary pressures and weigh on economic activity. The US rate hikes are supporting the greenback, putting downward pressure on the cryptocurrency market.

Value Locked in DeFi Climbs Back Above $200 Billion

Cryptocurrencies are taking a bullish turn amid optimization in the market. The total value locked in DeFi has risen back beyond $209 billion, with ETH dominating DeFi TVL by 54%.

As the crypto economy approaches $2 trillion, the total value locked (TVL) in decentralized finance (DeFi) has rebounded beyond the $200 billion thresholds after dipping below that level for most of the year.

Total Value Locked | Source: Defillama

While the TVL in DeFi fell 0.51% in the last 24 hours, figures reveal that the TVL is currently hovering around $210.29 billion, with Curve Finance ruling by 8.75%. As a result of the increased TVL, the uptrend in the crypto market is also supported.

NFT Weekly Sales Volume Improves Jumping 17% Higher Than the Week Prior

Following the Federal Reserve's rate hike on Wednesday, cryptocurrency assets gained value this week, and non-fungible token (NFT) weekly sales volume data demonstrate an improvement above the previous week's sales metrics.

At the time of writing, the aggregate NFT sales volume had climbed by 17.86% this week to $457 million in terms of seven-day sales volume. A surge in investment in crypto and NFT is adding support for altcoins. As a result, the majority of cryptocurrencies have moved higher in the previous week, and the trading sentiment remains bullish for the coming week.

Apecoin Rockets 950%, What’s Behind It?

The Bored Ape Yacht Club is a hugely popular collection of nonfungible tokens, or NFTs, coveted by celebrities, athletes, and venture capitalists alike. According to blockchain data tracker CryptoSlam, Bored Apes are already the third-most valuable collection of NFTs, with $1.5 billion in total sales. They also gained early access to ApeCoin, a new digital currency.

ApeCoin's airdrop, the cryptocurrency for members of the Bored Ape Yacht Club NFT collection, was announced on Thursday. In this case, 1 billion ApeCoins were dropped, with owners of Bored Ape NFTs standing in line to receive a portion of the loot.

ApeCoin has surged more than 960% in the last seven days, making it the best performer. APE’s current price is $10.72 USD, with a 24-hour trading volume of $2,605,960,494. ApeCoin has dropped 7.69% in the last 24 hours.

With a live market cap of $2,973,511,873, the current CoinMarketCap ranking is #45. It has a total supply of 1,000,000,000 APE coins and a circulating supply of 277,500,000 APE coins. Let’s have a look at the technical side of the APE/USDT.

Apecoin (APE) Analysis

The overbought APE/USDT fell sharply, testing the low price of $9.55 and entering the oversold zone. On the hourly chart, the APE/USDT has recovered more than 13% to $10.64, completing a 23.6% Fibonacci retracement.

The formation of "Three White Soldiers" and a bullish crossover above a series of exponential moving averages indicate a possible continuation of the uptrend. The RSI and MACD are both in the buying zone, confirming the upward correction.

APE/USDT Chart on the Daily Timeframe | Source: KuCoin

The next resistance level for APE is $11.44 (38.2% Fib retracement) and $12.58 (61.8% Fib retracement). Support, on the other hand, is found near $9.90 and $9.50.

Ethereum (ETH) Futures Analysis

Ethereum futures are trading choppy within a narrow trading range of $2,900 to $2,830, as crypto traders appear to be waiting for a solid reason to place bets. On the hourly chart, ETH/USDT has formed a symmetrical triangle pattern, indicating investor indecision. In most cases, the symmetrical triangle will break in either direction. Thus, news and fundamental events from the US economy or the crypto currency market have the potential to drive a breakout.

ETH/USDT Chart on the Daily Timeframe | Source: KuCoin

The bullish breakout of the triangle pattern and violation of the $2,900 levels exposes the coin to resistance at 2,985 levels. The next level of resistance is found near the psychological level of $3,000. Alternatively, support is located near $2,830, and a break below this level exposes Ethereum futures to a support zone of $2,750. Good luck, fellas. Stay tuned for exciting updates!

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