Welcome to Market Debrief, where we summarise some of the notable events that happened throughout the week.
The crypto landscape is ever-changing with new innovations and regulations popping up every day.
It is very hard and time-consuming to keep track and filter all the latest news in this space, and so the Chain Debrief team decided to compile it into an easy-to-digest article.
BTC rallies, are we back in the bull run?
Just three days ago, we saw a positive shift in the market as BTC rallied over 27%. Hopeium (crypto slang for hopes of a quick recovery and continued bull run) in the crypto community started to rise as we saw an explosive move upwards that caught many off guard.
This sparked the global crypto currency market cap to US$2.27 trillion, a 2.7% positive change in the last 24 hours (at time of writing) raising the total cryptocurrency trading volume on the 30 March to $126 billion.
Bitcoin dominance currently sits at 39.7% and Ethereum dominance now at 18.1%. The rest of the crypto market are also showing positive signs with Luna recently breaking it’s all time high and AVAX climbing back above US$100.
“Bitcoin’s recent price strength pushed its 14-day RSI above 70 for the first time in over five months. Historical precedent favors the bulls here as average forward returns over the subsequent 30-90 days tend to be largely positive.” – DelphI Digital
At present, the fear and greed index, currently at 52, is on a neutral scale of the index. However, for the first time in four months, the index hit “greed” on the 28 March 2022. The last time the index reached the current position was when bitcoin reached a high of US$69,000 per unit last year on November 10, 2021.
Check out our latest video on whether should we get excited over recent crypto prices below.
Luna breaking all-time highs, twice in two weeks
LUNA hit a new all-time high of US$109.9 and briefly overtook SOL as the 8th largest cryptocurrency in the market.
The big push was largely due to the announcement made by Do Kwon, founder of Terra blockchain, that Luna Foundation Guard purchased US$135 million in Bitcoin.
This further increased Luna Foundation Guard Bitcoin holdings to a grand estimate of US$1.32 billion.
Terra’s total TVL also saw a sharp increase to a staggering total of US$29 billion. Anchor Protocol is still in the lead with US$15 billion TVL, up by 30% over one month.
Also read: Market Debrief: Luna Breaking ATH, Biden’s Crypto Executive Order, Are NFTs Becoming Cold?
Here comes a new challenger
OpenSea, the leading NFT marketplace on Ethereum, teased about an upcoming integration of the Solana blockchain. This long awaited move sparked positive sentiment across the NFT space.
This expansion could see fierce competition as it challenges Magic Eden for Solana market share.
Magic Eden is currently the leading NFT marketplace on the Solana blockchain. In just six month, it was able to accomplish an amazing feat of capturing 95% of Solana’s NFT market share.
Some of the popular Solana NFT collections include Solana Monkey Business, DeGods and Degen Ape Academy. Solana Monkey Business holds the top spot with a staggering 7d average price of 247 SOL, which is about US$29,600.
One of the largest DeFi heists ever
LayerZero Raised US$135Million
3AC added US$179 million into Curve pool
DeFiance Capital back Crypto Raiders, Polygon based NFT game
This article was written by Gabriel Sieng and Joel Zhao.
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
Featured Image Credit: Chain Debrief
Also Read SolanaFM: How These SMU Undergraduates Are Building A Data Source For Everything Solana