Altcoins Soar as Bitcoin and Ethereum Stay Stable
By Kapil Rajyaguru
Bitcoin and Ethereum traded in a tight range Wednesday as investors searched for a clear direction amid weaker US consumer confidence and uncertainty about President Donald Trump’s upcoming tariffs on April 2.
Bitcoin is at $87,850, up by 1.5%, while Ethereum is barely budging, sitting at $2,066. The global crypto market cap has risen by 1%, now at $2.87 trillion.
In corporate adoption, GameStop is moving into Bitcoin! Their board unanimously approved plans to acquire digital assets. Whereas, KULR technology bought 56.3 additional BTC at $88,824 each, bringing total holdings to 668.3 tokens.
Meanwhile, North Carolina is looking to allocate 5% of crypto assets to state retirement funds!
Now, onto US Crypto ETFs:
- Bitcoin ETFs saw a solid net inflow of $26.83 million on March 25, marking the eighth straight day of inflows.
- Ethereum ETFs, on the other hand, had a net outflow of $3.21 million, with all 9 Ethereum-based ETFs bleeding red.
Now let’s have a look at the major moves in altcoins…
- Movement’s MOVE token jumped 25% after announcing a $38 million token buyback for a strategic reserve.
- Celo blockchain has completed its transition to an Ethereum Layer-2 network, offering cheaper and faster transactions. CELO is up by 5%.
- NEAR Protocol just upgraded its mainnet, boosting network capacity by 33%. The token is up 4.5%.
- Nubank, backed by Berkshire Hathaway, expanded its crypto offerings, adding Cardano, NEAR, Cosmos (ATOM), and Algorand to its Brazilian client base. These altcoins are seeing a rise today, with ADA, NEAR, and ALGO climbing higher.
Elsewhere, BlackRock launched a $1.7 billion BUIDL fund on Solana, and Fidelity has filed for a Spot Solana ETF. SOL is up by 3%.
The Immutable IMX token surged 6% after the SEC dropped its investigation into the Web3 gaming firm.
Meanwhile, top gaming tokens are seeing positive momentum, with Gala up 3%, Sandbox up 4%, and Axie Infinity up 2.5%.
Outlook:
If we talk about the crypto market outlook…The SEC announced four more crypto roundtables, focusing on crypto trading, custody, tokenization, and DeFi. The first roundtable is set for April 11. So keep an eye out on the developments around these upcoming roundtables.
Meanwhile, all eyes are on President Trump’s tariff announcement on April 2, which could set the tone for market movements.
Market participants expect a soft rebound in the crypto market into month-end, with the next major catalyst being the ‘Liberation Day’ tariff announcement.
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