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Altcoins spiked and a bull market heated up despite record inflation & FUD.

The Week in Crypto

$ZIL went parabolic as the bull market picked up speed despite large-scale FUD, bad news on the EU regulation front, and a major hack.

The Crypto Week in Summary




  • Self-hosted wallets came under seige in the EU
  • $ZIL lead an altcoin surge
  • Axie Infinity was hit with a massive hack
  • Bitcoin thrived through a week of epic FUD


Top Market Trends:

  • EU Parliament voted to force KYC and reporting requirements onto self custodial wallets, in effect outlawing anonymous transactions.
  • DeFi coins led a major altcoin surge that dwarfed recent growth in NFT and Metaverse tokens.
  • Terra Blockchain revealed it had been amassing Bitcoin for a reserve to back its UST stablecoin. Since January 2022, they’ve bought over $165 million in BTC.
  • Crypto gaming giant AXIE Infinity got ripped by a $600 million+ hack, assured users of reimbursements, and proceeded to launch Origin Axies.

Technical Summary

It was a green wave this week; all of the top 20 cryptocurrencies on Coinmarketcap (except XRP) posted 7-day gains. A spring altseason was in the air with analysts predicting an eventful April.

Bitcoin

Bitcoin's short term RSI bottomed out to 20 this week after an early week surge, then had a correction followed by an upward trend to end the week.

BTC_USDT_Short_Term_RSI-4BTC/USD Short-term RSI

In BTC news, Luna Terra's UST stablecoin continued to buy Bitcoin to back its reserves. So far they've bought over over $165 million.

Altcoins
Predictions for an April altseason began to surface this week as NFTs & Metaverse coins were relatively quiet in comparison with ZIL and multiple DeFi mainstays. Ethereum (ETH) saw the same spike that most alts experienced early in the week, followed by a leveling off and a Friday reversal.

  • AAVE and COMP both spiked, 44.81% and 28.95% respectively.
  • WAVES blew away its ATH surging to $60 and $5 billion in TVL.
  • SKALE boasted gains of over 83%.
  • RUNE is testing the $12 price level.
AAVE_5_Day$AAVE 5-Day Chart

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Newsworthy:

  • Ripple Co-founder and Greenpeace teamed up for a $5 million marketing scheme to derail Bitcoin. Since the announcement, XRP plummeted while BTC rose 4%. Read more.
  • Former Mt. Gox CEO announced an NFT airdrop to all users as a nod to all the OGs who experienced the infamous Mt. Gox exchange hack in 2014. Read more.
  • Visa announced they are launching an NFT creator program for small businesses. Read more.
  • Analyst Lyn Alden noted that blockchain dominance in terms of DeFi TVL has changed dramatically since the emergence of “Ethereum Killers” in Q1 2021. Read more.

Focus on: Zillaqa (ZIL)

Zilliqa (ZIL) soared this week after announcing their April 2nd launch of their metaverse-as-a-service platform. The blockchain and dApp platform was founded in Singapore in 2017. Zilliqa’s native token $ZIL posted 300% gains for the last 7 days, reaching its highest point since May of 2021.

  • Over 117,000 smart contracts have been deployed on the platform.
  • The network posted over 24,000 smart contract transactions in the last 24 hours.
  • Current market cap is $2.6 billion.
ZIL_USD_7_Day$ZIL Surges

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Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.