• Last week the market finished off with a bang as BTC soared from $21,000 straight to $25,000 with zero hesitation, coming as a huge surprise for most.
• As expected the Altcoin market saw some huge gains across the board, with some relatively smaller coins seeing over 200% returns.
• $MATIC, the Layer 2 scaling solution, is up 7.5% in the past 7 days. The coin has been off to a solid start this year with strong fundamentals in play, however earlier this week they announced their workforce will be cut by 20% causing a sharp decline in price.
• $DOT has been outperforming most of the major coins this week, as it is up over 14% in the last 7 days. They recently announced a series of upgrades that will be going live in the near term, including increasing the number of total validators in new governance votes.
• $CFX has taken the market by surprise, the relatively new layer 1 has been surging since the start of the year with a series of back-to-back announcements fueling the rally.
• The Metaverse hype isn't quite over yet as $COCOS is another coin which has seen huge gains, currently up over 200% in the last 7 days. Whilst is unclear what has fueled the rally it likely to be a mixture of Metaverse driven hype alongside BTC’s rally.

• With the market seeing an unexpected rally last week our convert portal has seen a shift in the transaction types for the first time in a while.
• Topping the list this week was Crypto to Stablecoin transactions, coming in with a value of 32.30% an increase of 19.87%. With BTC briefly trading above $25,000 speculators secured short term profits, moving to the sidelines in anticipation of the next move.
• Stablecoin to Crypto transactions placed second this week with a value 23.52%, with BTC climbing higher speculators looked to chase the pump with expectation of further movement to the upside.
• Stablecoin swaps took a backseat this week coming in with a value of 18.74%, placing third. Following the recent news around stablecoins, it has cooled off this week as the uncertainty diminishes.

Overall market technicals

BTC

• BTC ended the week with a bang as it unexpectedly rallied over 13% hitting the August high target we had previously marked out. This came after the CPI data was released, although worse than expected, it acted as a delayed fuse for BTC pushing it higher.
• Looking at the charts, it appears nothing significant has really changed. BTC continues to play level to level respecting each new range formed.
• It is currently trading in a new range between the August high ($25,250) and the previous resistance level now turned support ($23,365).
• With the anticipation of FOMC later on today (02/22/23) we are likely to see BTC remain range bound, the next direction will be determined by the news catalyst.
• For bullish momentum to continue we will need to see a clean break above $25,000 where the next target will be towards $30,000. Alternatively, if BTC fails to hold the range we would likely break down towards the previous ranges.

DOT

• $DOT has been one of the strongest performers this year as speculators remain optimistic about the future developments surrounding the Polkadot Ecosystem.
• Looking at the chart, DOT has traded very similar to BTC following a series of ranges with short term expansions to the upside.
• Last weekend DOT saw further movement upwards as it briefly traded above November's high ($7.418), before making its way back down to the previous resistance level ($7.021) now turned potential support.
• For bullish momentum to continue we would need to see this area hold in order for price to make another breakout attempt above the recent swing high.
• Alternatively, if the support fails to hold we are likely to see price return lower retracing back towards $6.5.
• As always this will be determined by BTC’s next move, as the altcoin market usually exaggerates these swings.

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