Prominent digital assets to keep an eye on this week: Bitcoin (BTC), Ethereum (ETH), and PEPE
This week, it is important to keep a close watch on three major cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), and Pepe (PEPE).
Bitcoin, in particular, has recently seen a decrease in whale activity since March 14. However, there has been a surge in whale transactions, which could potentially boost BTC prices. Notably, Lookonchain, a crypto analyst, has highlighted a significant movement of 1,200 Bitcoin, worth a staggering $77.67 million, by a whale into the Kraken exchange. This same whale had accumulated 24,755 BTC valued at $1.68 billion between March 1 and April 15, with an average purchase price of $68,051 per Bitcoin.
Furthermore, data from CryptoQuant reveals that exchange inflows from Bitcoin whales have reached their highest level in five months. This indicates a possible trend of major holders taking profits, which analysts believe could lead to a significant price correction in the coming week. Given Bitcoin’s dominance in the broader crypto market, with over 50% dominance, large-scale transactions by Bitcoin whales can have a substantial influence on the market.
On the market front, Bitcoin’s attempts at price recovery have slowed down, with the asset gaining only 1% in the last 24 hours to trade at $63,520 after several days of being in the red.
In terms of Ethereum, altcoins are also facing downward pressure, contributing to a $150 billion decline in the total crypto market cap over the weekend. However, Ethereum seems to be sparking bullish sentiment in the market after trading close to its support trendline within a symmetric triangle pattern. Although the ETH token has corrected by 32% from its yearly high of $4,094, it still maintains a positive year-to-date outlook of more than 75%. Additionally, it was one of the few high-cap cryptocurrencies to stay in the green over the weekend. Currently, Ethereum is 5.5% higher than it was 24 hours ago and is at its highest point in the last 7 days. Analysts, including Satoshi Flipper, suggest that an incoming bull run may be on the horizon based on the coin’s underlying indicators.
Another cryptocurrency worth paying attention to this week is Pepe. As the third-largest meme coin by market cap, Pepe has shown strong performance since its launch in 2023 and is currently priced at $0.000007459. It has experienced a 7.1% uptick in the last 24 hours and a nearly 28% increase this week, making it one of the top gainers in the last 7 days. However, the current price is still a 4.8% decrease compared to the previous month. With a market cap of $3.1 billion and a 24-hour trading volume of $648 million, Pepe’s market strength positions it as one of the top cryptocurrencies to watch. Despite some retracements, the meme coin has shown resilience and could continue its upward trend in the coming weeks, supported by its strong trading volume and market interest.
In summary, Bitcoin, Ethereum, and Pepe are key cryptocurrencies to monitor this week as they navigate through market fluctuations and potential price movements driven by whale activity and market sentiment.
