Once once more we are at the gates of the most awaited moment for all, the weekend. And what better way to receive it than with a Weekly Summary of Cryptonews? If you want to find out regarding everything that happened in the last few days, this is your place.
As always, our trading expert brought us his technical analysis on some of the cryptocurrencies that are in the spotlight of the market. Uniswap is one of the cryptos that have been among the most chosen by investors, despite not being part of the TOP-10 by market capitalization. Its Exchange is one of the most used if we take into account those that are completely decentralized, so it is a highly required token with good support. For this reason, our analyst believes that UNI might once more hit the highs we saw in the third quarter of last year.
For its part, Ethereum maintains its upward trend, although it seems to have found resistance at the $1,700 line. Surpassing it might be the start of a new bull run for ETH. While Bitcoin has once once more crossed a new barrier. This time it was at $23,000, and many experts say we might be regarding to see a major sprint to $30,000.
Shiba Inu seems to have definitively detached from the “memecoin” moniker and its ecosystem continues to grow. In fact, SHIB and BONE, its newest token, continue to attract investors who believe it can earn a place among the great blockchains of the future. Who would have thought that the memecoin craze, which began as little more than a parody, would lead to various tokens having higher valuations than traditional companies decades in the making.
All this has led the market in general to recover the valuation above a trillion dollars, which it lost following the repeated blows of 2022.
However, during the week several investors had a Deja Vu of what was in 2022, when the market surprisingly had a worrying collapse following several days of beautiful green. In fact, this was the first major drop of this 2023 and it raised fears that these last few weeks were just a small oasis in an endless desert. But to everyone’s relief, the turmoil was only temporary and cryptocurrencies resumed growth following a few hours. Among them, Cardano and Solana led the rapid recovery of the market.
Speaking of Cardano, this week the launch of its long-awaited stablecoin DJED was officially announced for the next few days. According to sources close to the development, this coin seems to have learned from the mistakes of UST, the stablecoin of the already dying TERRA, and is highly overcollateralized. I’m sure we’ll have more details next week.
Aptos, a cryptocurrency that Crypto Economy has been recommending to follow for a long time, never stops surprising and has once once more marked a spectacular week, with a growth of 135% in just 7 days. Do you see why you have to follow our news site closely?
Undoubtedly, 2023 presents itself as one of great opportunities for the cryptocurrency market. And this is what the famous Fear and Greed Index suggests. Which, for the first time in a LONG time, returned to “GREED” values indicating positive investor sentiment. After a year 2022 that only marked “extreme fear”.