The Weekly Crypto Update (12/04/2024)

Welcome to our newest edition of The Weekly Crypto Update  — your source for the most recent shifts in the crypto market, the latest news, and upcoming market movements.

Weekly Crypto Performance

The cryptocurrency market didn’t experience any notable price changes, still, the overall trend is bullish. Bitcoin (BTC) and Ethereum (ETH) saw increases of +5.72% and +7.27%, respectively, over the past seven days.

Most of the top 10 altcoins by market cap have also shown an uptrend in their value over the last week.


Top-10 Crypto Coins by Market Cap 7-Day Performance

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Top Crypto Market News

Long-Inactive Bitcoin Wallet Moved $17 Million

A Bitcoin wallet that had been inactive for over ten years suddenly moved 246 BTC, worth about $17 million. The wallet, which had been quiet since 2014, transferred 50 BTC to one address and 195.98 BTC to another. Initially, this wallet held 1,701 BTC received in 2014, when they were valued at just $1 million. This unexpected activity has sparked discussions and speculations among crypto enthusiasts about what might come next.

Toncoin Overtook Cardano in Market Cap

Toncoin (TON) has reached a new peak, exceeding $7.6 per token and setting a new all-time high. Over the past week, the value of Toncoin has increased by 50%, pushing its market value to $20.9 billion and surpassing Cardano (ADA). This remarkable growth, which includes a 235% increase since the year began, has outpaced even Bitcoin’s significant gains.


7-Day TON Price Chart

The rise of Toncoin is largely driven by recent efforts from its developers and their successful partnerships with the Telegram app, highlighting the importance of practical applications in boosting a cryptocurrency’s value.

Trading Volume of Spot Bitcoin ETFs Surpassed $200 Billion

The trading volume of spot exchange-traded funds (ETFs) based on Bitcoin has crossed the $200 billion mark within just three months of their launch. The trading volume for March alone was a record-setting $111 billion.


Spot Bitcoin ETF Volumes Chart (source: The Block Data)

The leading players in this booming market are ETFs from Grayscale (GBTC), BlackRock (IBIT), and Fidelity (FBTC), with BlackRock’s IBIT dominating recent trading days, accounting for $1.4 billion or 48% of the volume in the last session. This significant trading volume highlights the growing interest and confidence in Bitcoin and other cryptocurrencies among investors.

Stay tuned for more updates and insights into the world of cryptocurrency!