Memecoins Top Charts with Best Returns of Q1 -

CoinGecko reported memecoins achieving the highest returns in the first quarter of 1,312.6%, surpassing second-placed RWA (real world asset) tokens by a factor of 4.6 and outperforming layer 2 tokens by 33.3 times. Memecoins’ total market value accounted for 2.32% of the digital currency market, increasing by 176.9% on a quarterly basis.

DappRadar’s report on dApps and Web3 usage in the first quarter of 2024 showed 77% growth compared to the previous quarter. Daily active users increased by 40% from the previous month to a total of 7 million users. NFT token usage experienced the highest growth, signaling that the cryptocurrency market may be nearing the end of a bearish phase.

VanEck’s research report predicts that Layer 2 blockchains will have a market value of up to 1 trillion US dollars within 6 years and will support more than 1,000 chains. This is under the assumption that Ethereum will capture up to 60% of the market share of all public blockchains.

Lido’s market share as a liquid staking platform has decreased to 29.57% from 32% in December 2024, with other platforms also seeing drops in their market share. Coinbase is currently at 14.04%, Binance at 3.75%, and Kiln at 3.5%.

Ripple announces plans to introduce a US dollar-backed stablecoin, aiming to compete with Circle and Tether. This stablecoin will utilize both the XRP ledger and Ethereum for issuance. Ripple estimates the stablecoin market will reach $2 trillion by 2028, up from the current $150 billion.

Bloomberg ETF analysts found that trading volume for Bitcoin ETFs surged to $111 billion in March 2024, compared to $42 billion in February. BlackRock’s Bitcoin ETF and IBIT maintained the top spots, followed by Grayscale’s GBTC and Fidelity’s FBTC.

Tether has increased its Bitcoin reserves by adding 8,888 BTC, becoming the 7th largest Bitcoin holder with a total of 75,354 BTC, averaging $30,305 per BTC and totaling $5.2 billion. This move resulted in a $2.94 billion profit. Meanwhile, Binance remains the largest Bitcoin holder with over 248,597 BTC.

JPMorgan predicts that the SEC will likely not approve the Ethereum Spot ETF in May, with the chances of approval being less than 50%. However, a similar legal challenge, as seen with the Bitcoin Spot ETF, could ultimately lead to SEC approval.

BlackRock updates information in the IBIT fund by adding five new Wall Street financial institutions, including ABN AMRO Clearing, Citadel Securities, Citigroup Global Markets, Goldman Sachs, and UBS Securities. Previously, the members included JPMorgan Securities, Jane Street Capital, Macquarie Capital, and Virtu Americas.

Weekly Technical Analysis: 9 – 15 April 2024

Bitcoin (BTC)

BTC may break out of the triangle pattern on the chart, suggesting a bullish trend with potential upward adjustments. The initial target is the previous high of 2,800,000 baht before aiming for the resistance target above 2,915,000 baht. In the short term, there is support at 2,400,000 baht, with a pullback seen as a buying opportunity.

Support : 2,400,000 THB Resistance : 2,800,000 THB

Support : 68,000 US Dollar Resistance : 74,000 US Dollar

Ethereum (ETH)

ETH has surged stronger than BTC, potentially breaking through the key resistance level of $3,700 USD. There’s a chance of further upward adjustments, with the initial resistance at the previous high of $4,000 USD. If this is surpassed, the next target is to establish a new high above $4,800 USD. In the short term, watch for support at $3,500 USD.

Support : 126,000 THB Resistance : 146,000 THB

Support : 3,500 US Dollar Resistance : 4,000 US Dollar

Velo (VELO)

VELO has surged by 62.29% over the past week, marking its second consecutive week of strong growth. With a trend indicating increased volatility, there have been significant downward adjustments. However, it has remained above the support level at 0.42 baht. Investors can still consider accumulating further but should exit if it falls below this level. The next resistance target stands at 0.62 baht.

Support : 0.42 THB Resistance : 0.62 THB

Stella (ALPHA)

Stella has increased by 8.02% over the past week, showing relatively high price volatility, and necessitating caution in trading. The strategy to employ is “buy on dip,” by waiting to buy at the support level of 6 baht. If it holds, consider taking short-term profit at around 7.6 baht. If it manages to surpass this level, there is a tendency for a full upward trend.

Support : 6 THB Resistance : 7.6 THB

Support : 0.16 USD Resistance : 0.21 USD

Trading and Investment Considerations For The Week

The non-farm payroll figures came out better than expected, with a slight increase in the unemployment rate. Overall, this didn’t significantly impact the price of Bitcoin. Eyes are now on April 10th for the announcement of the US inflation figures for March. The market expects an inflation rate of 3.4%, up from the previous month’s 3.2%. If inflation decreases, it could positively impact the price of Bitcoin.

On the same day, there will also be disclosures of the content from the previous Federal Reserve monetary policy meeting. Keep an eye on the comments of each committee member, as they may provide insights leading to decisions at the next meeting.

Outflows from the GBTC fund are beginning to decrease, while inflows into other Bitcoin ETF funds are starting to recover. Although they have not yet returned to previous highs, this is seen as a positive factor contributing to Bitcoin’s recovery early in the week.

Altcoins still have only a few categories experiencing significant profit-taking. However, data shows that dApps usage is growing again. Additionally, Ethereum’s higher returns compared to Bitcoin signal that altcoins may be poised for another resurgence.

Consider a trading strategy that focuses on profit-taking in AI-related projects while gradually accumulating in underperforming sectors like DeFi and GameFi, which are showing moderate adjustments upward.

Reference:

Disclaimer

*Cryptocurrency and digital tokens are highly risky; investors may lose all investment money. Investors should study information carefully and make investments according to own risk profile.

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