ApeCoin grows by 50% as Bitcoin labels

ApeCoin grows by 50% as Bitcoin labels

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Last week’s altcoin rally pushes the total capitalization of the crypto market to over 2 trillion dollars.

Bitcoin has risen about 15% in the last week to $ 47,000, bringing the total value of the crypto market to over $ 2 trillion.

Earnings come as Bitcoin continues to integrate into the global financial system. Since last Monday, the Wall Street giants Goldman Sachs and BlackRock have both made big moves towards the crypto zone, Russia has flirted with the idea of ​​accepting Bitcoin for oil, and Exxon has reportedly been running a Bitcoin mining pilot program.

The market was also stimulated by the developer DeFi Do Kwon, with a multi-billion dollar acquisition of Bitcoin cryptocurrencies, creating an optimistic atmosphere that led to double-digit gains for almost all major altcoins.

ApeCoin was at the top of the growth of alternative currencies, which recorded gains of over 50%.

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Ethereum, which recently surpassed Bitcoin, added 15% to break the $ 3,000 barrier, though it was still defeated by its smaller brother Ethereum Classic’s 30% earnings. Other top players include Loopring, which has grown by almost 30% following a GameStop partnership, Cardano, which has increased by 35% based on new ecosystem data, and Axie Infinity, which has increased by 35% due to enthusiasm for the future. game Axie Infinity: Origin.

Highlights of this week
– Institutional investors become optimistic
– Russia is considering accepting Bitcoin for oil

Institutional investors are becoming optimistic

Institutional adoption has become a constant for some time, as some of the biggest names in the global financial market rush to get involved in the crypto area.

Bridgewater Associates will invest in a crypto fund, Cowen, a prominent investment bank, has created a digital asset division, and Larry Fink of BlackRock has said that the war in Ukraine could accelerate crypto adoption.

Goldman Sachs, meanwhile, is working on several fronts. Last week, Goldman Sachs became the first major US bank to conduct an OTC crypto transaction and also launched a survey showing that 60% of customers surveyed expect to increase their crypto holdings. The bank has even redesigned its website to reflect the growth of digital assets and metaverse.

Russia is considering accepting Bitcoin for oil

In a move that reflects how Bitcoin has become a widely accepted part of the global financial system, Russia is considering accepting the cryptocurrency for oil.

During a news conference Thursday, Pavel Zavalny, chairman of the country’s Congressional Energy Committee, suggested that Bitcoin could be accepted as payment for the nation’s natural resource exports.

Although some analysts considered his words “throwing comments”, the price of Bitcoin reacted positively, exceeding 44,000 USD.

Next week

The widespread spread of the altcoin market suggests that investors’ appetite for cryptocurrencies has returned.

This optimism could be challenged by US economic data next week, including March unemployment rates. The information is due to be published on Friday, April 1, and could give the market a not-so-pleasant surprise.

On the chart, Bitcoin is now approaching its 2022 annual opening figure of about $ 47,700. A clear claim to this level would inspire confidence that the crypto market is ready to rise to new heights and leave behind stagnation in the first quarter of the year.

(i) Check the list of cryptocurrencies updated according to market capitalization.