• The market was off to a tough start this week as BTC took a slight tumble, down just over 7% since setting its 2023 high at $28,922. The narrative has shifted midweek as BTC bounced from its support identified in last weeks report.
• The Altcoin market has seen skewed performance over the past 7 days with some coins greatly outperforming the market and others struggling to keep up.
• $XRP outperformed the market this week, currently up over 21%. The coin has seen a major increase in buying volume as the long awaited SEC court case is expected to come to an end soon. Speculators remain optimistic, as they hope XRP will be successful.
• Following the recent airdrop of $ARB there was a lot of hype surrounding the coin, as it stands out of the 1.275bn coins airdropped over 86% of them have now been claimed. ARB is currently up over 10% in the last 24 hours as the market has bounced back.
• $STX has seen a huge turnaround as the coin is currently down -11.6% after seeing a sustained period of growth throughout the past couple of months.
• $XLM has seen increased price action over the past week as trading volume jumped over 10% on our Convert Portal. XLM remains above water with the coin currently up 9% over the past 7 days.

• With the market bouncing between support and resistance, crypto to stablecoin transaction remained strong this week, coming in with a value of 29.96% (-1.93%) as investors move to the sidelines.
• Stablecoin to crypto transactions placed 2nd, decreasing only 0.14%. The outlook to most speculators remains positive as they look to further capitalise on movements to the upside, in anticipation of a break above $30k.
• Crypto to crypto transactions increased this week by 1.77%, with the market bouncing from support, speculators rotate holdings back across the altcoin market looking to secure further gains.

Overall market technicals

BTC

• The chart remains relatively unchanged from last week as the market bounces between the newly formed range.
• The support zone we identified around $26,500 remains strong as BTC has tested it multiple times.
• Earlier this week BTC retested the support zone as it sold off following the opening bell on Monday, however quickly saw a strong move back to the upside during Wednesdays trading session.
• As it stands BTC remains rangebound, the bulls would need to see a clean break above the yearly high for a further upside chance to trade through to $30k.
• Alternatively, we may see BTC remain range bound if it fails to break above the highs, awaiting further confirmation gearing up for it next move.

XRP

• XRP is one of the top performing coins this month, leading the way for the altcoin market.
• After seeing a period of a sustained downtrend throughout February and early March, XRP successfully broke above the trendline earlier this month and rallied hard to the upside, currently up nearly 50% since the breakout.
• According to various platforms the bulk of this move comes from the anticipation of XRP soon winning their SEC court case, as speculators piled into positions further driving price.
• As expected with BTC finding support and bouncing, the rest of the market has followed with anticipation of prices to go higher.

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