Synopsis

The cryptocurrency market has been consolidating for the last couple of weeks.
The total market capitalization has been hovering around the significant
psychological threshold of $1 trillion since the middle of January, bearing a
striking resemblance to the trend observed during the months of November and
December 2022. As momentum continues to grow, there is a likelihood of the
total market capitalization of cryptocurrencies reaching an inflection point.

Figure 1: Total Crypto Market Capitalization

Key observations

The expiration of BTC futures contracts worth over $11 billion suggests that
market participants exercised caution despite the relatively lower open interest.
This observation is particularly significant during a monthly expiry, indicating that
the overall market sentiment is not pessimistic. On the contrary, a decisive break

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above the critical $1.18 trillion threshold could catalyze a transformative shift in
the cryptocurrency market.

Analysis

The current consolidation phase is reminiscent of the one observed during November
and December 2022, which lasted for a longer duration. It is interesting to note that
during this consolidation phase, the total crypto market cap has remained relatively
stable around the $1 Trillion mark. It indicates that the market is taking a breather before
the next big move.

A lot of speculation is doing the rounds with regards to the upcoming Shanghai Upgrade,
which will unlock around 16 million staked ETH. However, since that accounts for
roughly about 14% of the total supply of ETH, we are not expecting any massive selloff.
The traded volumes during the week of April 12th is likely to be interesting.

Figure 2: Market dominance of different cryptocurrencies

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Deep dive into the top gainer and loser

We closely analyze the performance of top 50 coins by market capitalization, and take
a closer look at the best and the worst performer of the week.

Hedera Hashgraph (HBAR) up by 19.27% ⬆

Fresh Supply Co. (FSCO), a significant user of Mastercard Provenance, has recently
announced its transition from Mastercard's private blockchain to the public Hedera
network. This decision marks another significant partnership for the Hedera network as
it continues to forge strategic relationships with prominent industry players. By enabling
secure and transparent supply chain solutions, the Hedera network is positioning itself
as a viable option for businesses seeking to leverage blockchain technology.

This latest partnership is a testament to the growing recognition and adoption of the
Hedera network and its potential to revolutionize how businesses operate. And the
same can be noticed from the rapid increase in price for Hedera's native token, HBAR.

Figure 3: HBAR technical analysis

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Although the fundamentals look solid, HBAR has already broken the upper band
of the Bollinger Bands. This token is on a steady rise, but it already seems to be
in the overbought zone. In such a scenario, the token might show a quick
reversal in the direction of its movement.

OKEx utility token (OKB) down by 6.66% ⬇

OKEx has recently partnered with Alchemy Pay to integrate a fiat on-ramp
facility. However, other than that OKEx has not made any major headlines lately.
The lack of activity can be seen in the trading volume of its utility token, OKB,
which seems to be taking a slight toll on its price action.

Figure 3: OKB technical analysis

With a key support level existing just below the $41 mark, and the token
remaining on a downtrend, it might need some solid push to gain a positive
momentum. A short term consolidation seems quite likely for the utility token.

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Conclusion

The cryptocurrency market has been consolidating around the $1 trillion mark,
bearing a resemblance to the trend observed during the months of November
and December 2022. As momentum continues to grow, there is a likelihood of
the total market capitalization of cryptocurrencies reaching an inflection point.

The upcoming Shanghai Upgrade has generated speculation, but the unlock of
16 million staked ETH is not expected to result in a massive selloff. HBAR has
seen a rapid price increase but may be in the overbought zone, while OKB's lack
of activity has resulted in a slight price toll. Investors should exercise caution and
conduct thorough research before making investment decisions.

Disclaimer: Please note that the content contained in this crypto market research report is
for informational purposes only and should not be considered financial advice. We
recommend seeking professional financial advice before making any investment or trading
decisions. This report should be considered a research report, not financial advice.

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