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Crypto Market Forecast: 27th April

#crypto #bitcoin

Digital asset markets continue to perform bullishly in the lead up to the Bitcoin halving set to occur in around 2 weeks, with the price of Bitcoin (BTC) and Ethereum (ETH) rising ~24% and ~49% respectively in the last 30 days.

It was a positive week for cryptographic assets last week, with a number of large-caps enjoying double-digit price gains, accompanied by positive fundamental developments. The overall market cap for crypto increased ~12%, as the leading asset on the Brave New Coin market cap table, Bitcoin (BTC), also gained ~12%. The second and third assets, Ethereum (ETH) and Ripple (XRP) gained 13% and 7% respectively.

The 13th largest asset on the market cap table, Cardano (ADA) increased ~31%, as it’s underlying blockchain platform took major steps towards further decentralization. The first block of its soon to be launched Shelley blockchain mainnet was produced in private over the weekend, this has validated long term investor confidence and created longer investment horizons for ADA.

Improvements in Ethereum sentiment may have been driven by a twist in the narrative of the dForce hacking event that occurred earlier on April 19th. The exploit used a known vulnerability in the ERC-777 token standard, the “reentrancy attack.” The attack was used to steal US$25 million from various Defi protocols within dForce’s network-style platform. The hack was noted as similar to the infamous 2016 Ethereum DAO hack and used a flaw in the contract for a pegged version of Bitcoin built on top of the Ethereum platform, imBTC.

It was revealed by dForce founder Mindao Yang that the hacker had attempted to contact their team. In the end, it appears the hacker returned assets with a note on one of the transactions read “Better future.” The hacker did not return the original assets, but sent a range of crypto tokens. The latest reports suggest the whitehat has returned assets worth US$24 million.

The week ahead in Crypto

27th April- Binance will list Hive(HIVE)

Beginning early on Monday, Binance opened markets for the HIVE/BNB, HIVE/BTC, and HIVE/USDT trading pairs. Hive is a spinoff Steemit decentralized social media platform, created after allegations that the CEO of Tron, Justin Sun, had taken control of the project through hostile means. The price of HIVE has gained almost 400% in the last week, as Binance, Bittrex, and Huobi Global have begun offering support for the token.


Large-cap crypto assets performed strongly over the last week with many enjoying double-digit gains. Platform Tezos (XTZ) has been a new fixture in the top 10 this year. It gained ~27% in the last week, continuing a recent period of strong bullish price momentum.


Bitcoin bulls had another encouraging week in the lead up to the Bitcoin block reward halving, with the USD spot price easily crossing the US$7,000 and US$7,500 levels in the last 7 days. Brave New Coin analyst, Ryan Greaves, recently explored data across shared order books used by many Bitcoin exchanges. Fragmented liquidity across exchanges sharing the same order books, creates problems around data reporting quality and the article discusses to address double-counting.



Aditya Das, Khareem Sudlow