Crypto Highlights of the Week | 29 April 2024

Last week, Bitcoin (BTC) completed its fourth halving, dropping mining incentives from 6.25 BTC to 3.125 BTC. However, the halving event created a sense of historical panic in the market, causing some cryptocurrencies to suffer massive losses. 

The events of the previous week like the fourth Bitcoin Halving prompted confusing sentiment in the crypto world, and we are eager to see what this month has in store. Before you get started, check out our Crypto Highlights of the Week.

According to CoinMarketCap, the current market cap is  ₹193.61 Trillion on 29 April. However, in the past few weeks, even the top-performing coins were seen as moving in a consolidation phase and were trying to set a new market trend.

As of the past week, Bitcoin is priced at ₹5,217,325.40, reflecting a 2.10% drop within the last 24 hours with a magnificent fall of 6.12% over 7 days. Talking about Ethereum, ETH is currently valued at ₹266,959.84, showing a 3.15% fall in the past 24 hours, with a marginal drop of 1.07% over 7 days.

Crypto Highlights of the Week: Top Trending Coins

In the past week, three cryptocurrencies have remained the talk of the town because of some recent developments related to these cryptocurrencies: Shiba Inu (SHIB), Tron (TRX), and Solana (SOL). 

In the past week, the price of Shiba Inu (SHIB) showed a 12.48% drop because of fears surrounding the upcoming Shibarium Hard Fork. In addition, the token experienced a fall of 3.49% in the past 24 hours. The token is currently trading at the price of ₹0.002002.

Talking about Tron (TRX), the token illustrated a 6.46% spike as compared to other major cryptocurrencies. However, TRX has shown a 0.04% drop in the past 24 hours, trading at a price range of ₹10.03.

Meanwhile, the Solana (SOL) token dropped by 11.04% in the last 7 days because of the growing congestion on the Solana Network. Moreover, in the past 24 hours, the token also falls by more than 4.67%. In addition, the price of the SOL token is trading at ₹11,368.48. 

Top Crypto Gainers & Losers

The past week remains one of the most confusing weeks for the crypto market in 2024. So, let’s have a look at some of the top crypto gainers and losers from the past week:

Crypto Highlights

How the Crypto Market Became Confused?

The cryptocurrency market has recently experienced the fourth Bitcoin halving, generating a sense of historic panic among crypto traders. These fears are primarily obtained due to the reduction of BTC mining reward from 6.25 BTC to 3.125 BTC.

Several prominent crypto traders and experts believe that this consolidation phase of leading cryptocurrencies will remain till the end of this year. Meanwhile, memecoins and AI cons will show some outstanding gains as shown in the past halving years.

Crypto Highlights of the Week: Trending News From the Last Week

▪️ The first wave of spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) has been formally permitted to begin trading in Hong Kong on April 30. The Securities and Futures Commission (SFC) of Hong Kong approved the first batch of spot Bitcoin and Ether ETFs on April 24, as reported in a press release.

▪️ Franklin Templeton, an asset management company, has placed its spot Ethereum exchange-traded fund (ETF), the Franklin Ethereum TR Ethereum ETF (EZET), on the website of the Depository Trust and Clearing Corporation (DTCC), a major platform for securities transactions in the United States.

▪️ On April 24, the European Parliament passed new legislation requiring cryptocurrency firms to conduct formal due diligence in order to prevent money laundering.

SunCrypto Views

The current confusing trend in the crypto market reflects its dynamic evolution, which has featured huge gains and perplexing investor trust. This development reflects growing institutional interest and technical breakthroughs.

Despite these advancements, the market’s inherent volatility remains. To handle potential risks, investors should be cautious, conduct comprehensive research, and employ a range of strategies. While the recent confusing trend is un-understandable, it is crucial to approach the cryptocurrency market with caution and a long-term perspective.

For more crypto-related content like Crypto Highlights of the Week, informational blogs, and crypto news, check out Suncrypto Academy.

 

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you do your own research or consult an expert before making any investment decision. You may write to us at [email protected].

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