Coinbase and PayPal Joins Hands; BTC and ETH See High Whale Activity

After last week’s market-wide correction, the overall cryptocurrency market has bounced back strongly adding over $350 billion just over the last three days. While Bitcoin (BTC) has gained 15% over last week’s bottom, it’s the altcoins led by Ethereum (ETH) that are currently dominating the show in the crypto space. 

As Bitcoin (BTC) continues to consolidate around $55,000 levels, the BTC whale addresses continue to accumulate more coins in their kitty. Since the beginning of April this month, around 90,000 Bitcoins worth $5 billion have been added by whale addresses holding over 10K Bitcoins. These whales now hold more than 14% of the total Bitcoin supply which is the highest in the last 5 months. 

Bitcoin

Bitcoin-BTC-Whale-Activity (Courtesy: Santiment) 

Another data from Whale Alert shows that on Thursday, April 29, a Bitcoin user moved 3671 Bitcoins from Coinbase exchange to a digital wallet. Probably, this supply has been moved to a cold wallet thereby further reducing Bitcoin supply at the exchanges. 

On the other hand, the altcoin market rally led by Ethereum (ETH) has pushed Bitcoin dominance under 50%. While Ethereum (ETH) has further extended its market dominance to above 15% as of press time. 

On Thursday, April 29, Ethereum (ETH) smashed past a new milestone of $2800 hitting its new all-time high. With a market cap of over $320 billion, ETH has overtaken some of the biggest payment companies like PayPal in terms of market size. 

Also, as Ethereum (ETH) continues to hit new all-time highs, the Ethereum dormant tokens are on the move. Meaning, new and younger investors are increasingly entering the Ethereum ecosystem at the current time. 

Ethereum-ETH-Dormant-Tokens

Ethereum-ETH-Dormant-Tokens (Courtesy: Santiment) 

As reported by Glassnode, the number of non-zero Ethereum addresses has also reached an all-time high of 58,139,365. Also, the value of total Ethereum staked with ETH 2.0 Deposit Contract has reached an all-time high above $11 billion. 

Apart from just Ethereum (ETH), the altcoin market has received a major boost from other performers like Binance Coin (BNB) and Ripple’s XRP. 

Over the last week, BNB price has rallied 25% surging past $600 levels and a market cap of $93.4 billion. Ripple’s XRP has also shown very strong performance over the last week. 

At press time, XRP is trading 15% up above the price of $1.60 and its market cap above $73 billion. With today’s price rally, XRP has further extended its weekly gains to over 50%. As per on-chain data provider Santiment, XRP’s whale addresses have joined the party over the last week. 

Since April 23, nearly 19 new addresses with over 1 million XRP have joined the network creating upward pressure on XRP’s price. 

Lastly, not to forget, meme cryptocurrency Dogecoin (DOGE) continues to hold its position as the seventh-largest cryptocurrency by market cap. Dogecoin has also gained 40% over the last week and is currently trading above $0.30 with a market cap of $40.5 billion. 

Having seen the recent market update, let’s take a look at some of the top stories from the crypto world. 

Top Crypto Market News: Coinbase and PayPal Join Hands, German Regulator Issues Warning for Binance Stock Tokens

On Tuesday, April 29, two big players from the crypto space – Coinbase and PayPal – announced their collaboration. As per the announcement, Coinbase users can directly purchase cryptocurrencies by linking their PayPal accounts to Coinbase wallets. Such users don’t need to add any additional card information or bank account details. 

Coinbase said that this move comes as part of expanding the company’s service to facilitate seamless crypto purchases. Besides, Coinbase announced that it has acquired cryptocurrency data analytics platform Skew to provide real-time actionable info to institutions and traders. 

On Thursday, April 29, Germany’s top financial regulator BaFin warned against the rollout of Binance Stock tokens that allow users to buy a fraction of the stocks of popular companies like MicroStrategy, Tesla, Apple, Coinbase and others. 

The regulator noted: “BaFin has grounds to suspect that Binance Germany is selling shares in Germany in the form of ‘share tokens’ without offering the necessary prospectuses. Please bear in mind that securities investments should only ever be carried out on the basis of the necessary information”. 

During a recent interview with CNBC, Ripple CEO Brad Garlinghouse lashed out at the U.S. regulators for failing to bring regulatory clarity on the use of cryptocurrencies. Garlinghouse said that the U.S. regulators are much behind the Asian regulators who have made serious attempts on the regulatory front. The Ripple CEO also accused the SEC of its recent battle on XRP. 

Asset management giant Fidelity Investments has launched its own institutional crypto analytics platform Sherlock. Similar to Bloomberg’s terminal, Sherlock will collect data on fundamental and technical analysis, social sentiment analysis, blockchain data, and industry news all in one single portal. 

Previous Analysis:

Crypto Market Capitalisation Hits $2.4 Trillion

May 06,2021

Ethereum (ETH) Rallies to All-Time High of $3500

May 04,2021

Coinbase and PayPal Joins Hands; BTC and ETH See High Whale Activity

Apr 30,2021

Bitcoin (BTC) Continues to Attract Institutional Money

Apr 28,2021

Bitcoin (BTC) And Overall Crypto Market Cools Down

Apr 15,2021

Expert Analysis

Apr 14,2021
In this article:
  • BTC
  • $51230
  • $51 + 2.4%
  • BTC
  • $51230
  • $51 + 2.4%
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