In the crypto market report prepared by the ICRYPEX Research team and covering the week of April 1 – April 8, we compiled the current developments regarding crypto assets, price movements of crypto assets and macroeconomy.
You can take a look at the general flow of this report below, and access all the developments that took place in the 7-day period at Weekly Crypto Market Reports: April 1, 2024 .
Overview of April 1 Weekly Crypto Market Report
Last week, Bitcoin started the week with a horizontal-negative price movement. After the sales pressure that continued until Wednesday, it started to trend upward again with the reaction it received from the 64,500 band. Bitcoin, which tested the 66,000 level for the last time after the employment data on Friday, closed the week at 69,300 after the reaction it received from here, and managed to rise above the 70,000 region on Monday. During this period, the total cryptocurrency market value closed the week at over 2.5 trillion dollars, while the altcoin market value closed at 1.15 trillion dollars.
Ethereum managed to close last week at $3450, when it reached the level of 3200. In this process, Bitcoin dominance continued its rise in line with our expectations and completed the week at 54.40%, while Ethereum dominance, which lost value due to negative news flows, dropped to the critical level of 16.5%.
When we look at ETF performances, we see that GBTC outflows are gradually weakening, but the demand for other funds cannot remain at very strong levels. This situation continues to increase volatility in cryptos. While the end of Genesis’ GBTC sales was one of the important news in terms of ETF performances, BlackRock’s addition of giant companies such as Goldman Sachs, UBS, Citadel and Citi as new participating companies to the fund prospectus was one of the most important news flows of the week. Completing the past week with positive inflows, the total inflow amount in BTC ETFs reached 12.6 billion dollars, while the amount of assets under management remained at 56.96 billion dollars.
Those who want to get more comprehensive information about the week covering April 1 – 8 can review Weekly Crypto Market Reports: April 1, 2024 .