Crypto Weekly (04/03 – 10/03): BTC Continuously Breaking ATH

Last Week in Crypto Market

After 2 years and 3 months of anticipation, the world’s largest cryptocurrency, Bitcoin, has officially set a new ATH milestone at $69,990, reaching the $70,000 mark.

With an increase from $63,500 to the current peak of $69,990, Bitcoin saw a rise of over 10% last week. Despite such a significant surge, numerous large funds worldwide continued to buy Bitcoin, promising another week filled with market optimism.

The sharp increase in Bitcoin also lifted the entire crypto market. Particularly, the second-largest coin, Ethereum, saw substantial gains as well. Alongside the Bitcoin effect, on March 13, the significant event Dencun for Ethereum is set to take place. Surpassing the $4,000 mark this week seems entirely feasible for ETH.

In addition to Bitcoin, Ethereum, last week also witnessed the dominance of meme coins such as PEPE, FLOKI, DOGE COIN, and SHIBA.

Towards the end of the week, money flow was also shifting towards tokens in the GameFi and AI sectors such as GALA, PIXEL, FET, and RNDR.

Top 10 performing coins in the top 100 last week:

Source: Coinmarketcap

Top 10 declining coins in the top 100 last week:

Source: Coinmarketcap

Key news highlights from last week:

• Tether (USDT) Supply Surpasses $100 Billion Milestone
• Fantom Foundation Proposes Multichain Compensation of $65M

Macro News for this Week

This week, the crypto market will have some important news as follows:

On Tuesday, March 12, 2024, at 13:30 (UTC), there will be news about the Consumer Price Index (CPI) of the United States. This index plays a crucial role in measuring inflationary changes. If the actual figures are higher than forecasted, it will be positive for the USD, and vice versa.

On Thursday, March 14, 2024, at 13:30 (UTC), there will be data on Initial Unemployment Claims. If the published data is higher than forecasted, it will be negative for the USD, and vice versa.

Additionally, on Wednesday, March 13, 2024, Ethereum will undergo the Dencun upgrade, a highly significant event bringing updates aimed at reducing fees for layer-2.