The top cryptocurrencies to keep an eye on this week include Bitcoin (BTC), Ethereum (ETH), and Pepe (PEPE).
Bitcoin whales taking profits
Bitcoin has seen a decrease in whale activity since March 14. However, a surge in whale transactions could potentially boost BTC prices.
Notably, crypto analyst Lookonchain recently highlighted a significant movement of 1,200 Bitcoin, worth an eye-watering $77.67 million, by a whale into the Kraken exchange.
According to the analyst, the 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 shows that exchange inflows from Bitcoin whales have reached their highest level in five months, indicating a possible profit-taking trend among major holders, which analysts feel could lead to a significant price correction in the coming week.
Large-scale transactions can exert substantial influence on the crypto market, with Bitcoin whales holding greater sway given the coin’s outsized influence on the broader crypto market, where it has more than 50% dominance.
On the market front, Bitcoin’s price recovery attempts have slowed down, with the asset gaining 1% in the last 24 hours to trade at $63,520 after days of being in the red.
Ethereum stays green
Altcoins are also facing downward pressure, contributing to a $150 billion decline in the total crypto market cap over the weekend.
Ethereum, after trading close to its support trendline within a symmetric triangle pattern, seems to be sparking bullish sentiment in the market.
While the ETH token’s price action has corrected by 32% from its yearly high of $4,094, it maintains a positive year-to-date outlook of more than 75%. Additionally, it was pretty much the only high-cap cryptocurrency to stay in the green over the weekend.
As of now, the coin has continued its good run and is 5.5% higher than it was 24 hours ago. ETH is currently at the highest point it has been in the last 7 days, with analysts on X, including Satoshi Flipper, hinting at an incoming bull run given the coin’s underlying indicators.
PEPE closes off week in style
Another token that could be worth a closer look in the new week is Pepe. The third-largest meme coin by market cap has had a relatively strong performance since its launch in 2023 and is currently priced at $0.000007459. This is a 7.1% uptick in 24 hours and a nearly 28% increase this week, making it among the top gainers in the last 7 days. However, the current price is still a 4.8% decrease over the previous month.
With a $3.1 billion market cap and $648 million 24-hour trading volume, Pepe’s market strength positions it among the top cryptocurrencies to watch. Despite experiencing 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.
Credit: Source link
