The cryptocurrency market has been experiencing a period of uncertainty, with Bitcoin and altcoins like Ethereum, XRP, and Cardano (ADA) showing mixed trends. While Ethereum has seen a 6% weekly growth, XRP and ADA have only surged 1%, and Solana (SOL) has dropped 6%.
On April 11th, there was a net inflow of $91.27 million in Bitcoin ETFs, but it did not result in a significant increase in the BTC price. The upcoming halving event for Bitcoin has caused a spike in social media discussions, indicating investor anticipation. However, this alone may not be a reliable predictor of major price changes.
Ethereum, the second-largest cryptocurrency, is known for its ability to support decentralized applications and smart contracts. Its upcoming upgrade, ‘Pectra,’ expected in 2024-2025, promises to improve user experience. Despite the market consolidation, Ethereum’s price has remained around $3500, with a market cap of $424.2 billion.
Cardano (ADA) is a prominent blockchain platform focused on security and sustainability. While its mid-term trend is bullish, it has seen a 30% correction in the past month. The current support level is being challenged, and a breakdown could lead to a further drop in price.
Pepe Coin (PEPE) is a meme-based cryptocurrency, similar to Dogecoin. It has been consolidating recently, with a potential upside breakout indicating a 60% growth. The current market cap for PEPE is $3.03 billion, with a 24-hour trading volume of $754.2 million.
With Bitcoin’s halving event just a week away, market speculation has intensified, with a surge in social media discussions. However, Bitcoin’s consolidation trend has left traders cautious, waiting for further updates before committing to a specific trend.
