In the last 24 hours, the trading range for Bitcoin has revolved around the $26,400 level, showing a gain of more than 1%. This increase can be attributed to the release of better-than-expected unemployment and productivity data in the United States. However, market sentiment continues to be heavily influenced by the ongoing debt ceiling negotiations, which continues to attract investor attention.
Bitcoin has seen a 9% decline in its monthly performance to date. BTC is currently facing a resistance level of $26,471. If the price manages to close near this level, it could potentially pave the way for a further move higher towards the $26,600 and $27,000 levels.
Shifting focus to Ethereum, the second largest cryptocurrency, has posted a minor gain of 1.8% in the last 24 hours, with the coin trading around US$1,814. Ethereum has shown positive momentum over the past four days. While it has seen more than a 4% decline in month-to-date performance, it is up more than 50% year-to-date, showing its overall upward trend.
In an interesting turn of events, the number of Ethereum whales (investors who own a significant number of coins) has seen a sharp rise recently. According to data from IntoTheBlock, these holders now control a whopping 30.07 million Ether, marking a significant increase from the 26.56 million they held at the start of 2023. In the last 30 days, holders long-term (holding their currencies for more than a year) have increased their holdings by 4.54%. In contrast, medium-term holders (with a duration of 1 to 12 months) experienced a slight decrease in their balance of 0.38%, and short-term holders or traders (with a duration of less than one month) experienced a significant decrease of 17.8%. Gemini, the cryptocurrency exchange, has made the decision to establish its new European base in the Republic of Ireland. This move comes amid increasing regulatory scrutiny over cryptocurrency companies in the United States. Gemini faced charges from the National Stock Market Commission (SEC) in January, in connection with the sale of unregistered securities associated with the now-discontinued Earn program. As a result of the SEC's actions, the exchange began exploring alternative jurisdictions for its operations.
In an effort to boost the metaverse industry, the city of Zhengzhou in China has put forward a set of policy proposals. These initiatives are intended to provide support to companies operating in the metaverse sector. As part of these measures, the municipal government plans to create a dedicated fund worth $1.42 billion. This fund will be used to foster the growth and development of metaverse-related businesses in the region. The announcement demonstrates the city's commitment to promoting innovation and positioning itself as a hub for the emerging metaverse industry.
In terms of price action, among the top 100 cryptocurrencies by market cap, here are the best and worst performing cryptocurrencies over the past week:
Prices are updated based on Friday's price.
Top 5 cryptocurrency gainers for the week:
1. Render Token is up 15%
2. Kava is up 10%
3. TRON has risen 8%
4. IOTA is up 6%
5. Huobi tab has risen 6%
Top 5 cryptocurrency losers this week:
1. GMX has dropped 13%
2. Sui is down 12%
3. Fantom is down 10%
4. Algorand is down 10%
5. Internet Computer is down 8%
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