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- The market was off to a tough start this week as BTC took a slight tumble, down just over 7% since setting its 2023 high at $28,922. The narrative has shifted midweek as BTC bounced from its support identified in last weeks report.
- The Altcoin market has seen skewed performance over the past 7 days with some coins greatly outperforming the market and others struggling to keep up.
- $XRP outperformed the market this week, currently up over 21%. The coin has seen a major increase in buying volume as the long awaited SEC court case is expected to come to an end soon. Speculators remain optimistic, as they hope XRP will be successful.
- Following the recent airdrop of $ARB there was a lot of hype surrounding the coin, as it stands out of the 1.275bn coins airdropped over 86% of them have now been claimed. ARB is currently up over 10% in the last 24 hours as the market has bounced back.
- $STX has seen a huge turnaround as the coin is currently down -11.6% after seeing a sustained period of growth throughout the past couple of months.
- $XLM has seen increased price action over the past week as trading volume jumped over 10% on our Convert Portal. XLM remains above water with the coin currently up 9% over the past 7 days.
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Convert Portal Volume Breakdown
- With the market bouncing between support and resistance, crypto to stablecoin transaction remained strong this week, coming in with a value of 29.96% (-1.93%) as investors move to the sidelines.
- Stablecoin to crypto transactions placed 2nd, decreasing only 0.14%. The outlook to most speculators remains positive as they look to further capitalise on movements to the upside, in anticipation of a break above $30k.
- Crypto to crypto transactions increased this week by 1.77%, with the market bouncing from support, speculators rotate holdings back across the altcoin market looking to secure further gains.
