Gate.io Blog Instant Notes of Market Trends from March 28 to April 3

Instant Notes of Market Trends from March 28 to April 3

04 April 16:10

With green candlesticks commonplace this past week, the market has fully emerged into spring time, bearing price upticks and general bullish sentiments in its stride. However, the trailblazer of crypto, Bitcoin, has lagged behind this week, with sharp declines and hesitant withdrawals painting a dismal picture for the leader this past week.

Yet, in somewhat unorthodox fashion, the remainder of the market has transgressed against Bitcoin’s negative trend and instead traded steadily along either horizontal or inclining trajectories. With the exception of Wrapped Bitcoin, Cronos and XRP were the only top twenty assets to be wounded across this past week. The trading volume of XRP plummeted by an unprecedented 17.86% in the past 24 hours alone - spelling what appears to once again be a miserable trajectory for the controversial asset. Cronos also suffered an immense hit after it failed to remain on the cusp of its 7-day SMA, instead plummeting to a dismal $0.448, and continuing to trade detrimentally below its 90-day SMA.

Taking a more positive stance this past week, Solana witnessed a sharp uptick in buying power throughout the earlier part of the week as it quickly recuperated from a brief slip below its 7-day SMA where it reached $106.69. In a quick rebound, Solana hurried back towards the teens and by the 3rd of April was sitting comfortably at $140.24. Having since fallen back into the upper bounds of $130, Solana has continued to perform strongly this past week and demonstrate its immense prospects amidst this current bearish trajectory. With a strong upwards trend ensuing, Solana shows no signs of stopping.

Taking a leaf out of Solana’s book, Terra witnessed tremendous growth this past week, reaching an all time high of $117.91 following a valley of green candlesticks, launching Terra into a new price discovery zone. Similarly, Avalanche, Near Protocol, and Cosmos all outperformed expectations respectively.

This past week has been privy to major discussions regarding hackings, exploits, and attacks - something that has regularly plagued the cryptocurrency market of late, particularly in light of the secondest biggest crypto hack to have ever occurred finally hitting mainstream news. With the Ronin network drained of $600 million in user’s ETH, edged slightly by the immense Axie Infinity exploit of $620 million, and with Trezor hit by a mass phishing attack late on Sunday, the cryptocurrency world has been plunged into a state of panic.

With many wondering why and some regarding this as the ‘war on crypto’, now is the time, more than ever, to protect your assets through various storage solutions and to secure your funds by any means possible.
Yet, now that we have finally moved away from Q1, the current bullish sentiments may explode into a full throttle bull market - yet only time will tell.

Author：Matthew W-D, Gate.io Researcher
*This article represents only the views of the researcher and does not constitute any investment suggestions.
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

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Instant Notes of Market Trends from March 28 to April 3

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