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.
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Convert Portal Volume Breakdown
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.
Macro at a glance
The past week remains relatively quiet compared to previous weeks.
Last Thursday (03/23/23) the Bank Of England hikes interest rates by 25 bps to 4.25%, keeping the same pace the FED took the day before.
Monday (03/27/23) US regulators said that they will backstop a deal for First Citizens to acquire Silicon Valley Bank. First Citizens will assume Silicon Valley Bank's assets of $110 billion, deposits of $56 billion and loans of $72 billion as part of the deal. The market sentiment turned bearish as the market was expecting the Fed to step in and reverse the QT process.
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