26 April 2021

Market commentary: Signs of sustained strength in the altcoin market

Mike Schwitalla

Mike Schwitalla

Senior Trader bei Crypto Broker AG

Über den Autor

Last week was marked by rumours of stronger regulation and the closure of two exchanges in Turkey. BTC$ traded 8% lower within a week. Interestingly enough, altcoins did not suffer significantly more, indicating sustained strength in the altcoin market.

Solana stood out over the week with a new ATH of $48.40 and a gain of +48%. On the one hand, the Solana ecosystem is growing rapidly via new initiatives/projects. On the other hand, the high transaction costs of the Ethereum blockchain has led to the search for alternatives: the Solana chain benefits from this.

The following events are scheduled for this week:
– April 28: ECB’s Lagarde speech
– April 28: FOMC rate decision and press conference
– April 28: Iota Chrysalis Mainnet launch
– a major options expiry on April 30 (77.3k Bitcoin expiry; 359.7k ETH)