The crypto market delivered a strong overall performance this week, with total market capitalization holding above $3 trillion. Bitcoin and Ethereum maintained key support levels at $90,000 and $3,500 respectively. Multiple altcoin sectors took turns rallying, creating significant profit opportunities. Register on Binance through EG Genius exclusive link for a permanent 20% fee discount and never miss a market move; Android users can download the Binance APP to stay updated anytime.
Weekly Market Overview
Bitcoin traded in a range between $88,000 and $92,000 this week, gaining approximately 2.5%. While it didn't break its previous high, market structure remains healthy with limited pullback depth, showing strong support. Ethereum slightly outperformed Bitcoin with approximately 4% weekly gain, as Pectra upgrade expectations continue providing upward momentum for ETH.
The altcoin market had numerous highlights this week. BNB rose 6% driven by Binance ecosystem catalysts, breaking through $680. SOL surged 8% boosted by Solana ETF expectations, making it the best performer among top-10 market cap coins. The AI sector maintained strength with TAO and RNDR gaining 15% and 12% respectively. DeFi blue-chips rallied broadly, with both AAVE and MKR gaining over 10%.
On the sentiment front, the Fear & Greed Index held at 72 (Greed zone) but hasn't reached Extreme Greed levels, suggesting further upside room. Futures market funding rates remain in normal ranges without signs of excessive leverage.
Key Events This Week
On the macro front, the Federal Reserve Chair hinted once again at potential rate cuts this year during Congressional testimony, with market expectations for a June cut rising to 70%. This signal directly drove simultaneous rallies in crypto and US equities. Additionally, the Bank of Japan's decision to maintain interest rates alleviated concerns about global liquidity tightening.
On the industry front, several important developments deserve attention. A top-10 global asset manager announced including Bitcoin in its diversified portfolio with an initial 2% allocation. EU regulators released a consultation paper on DeFi protocol regulation, marking decentralized finance's entry into the regulatory spotlight. Binance completed a strategic investment in an African payments company, accelerating its emerging market expansion.
On-Chain Data Insights
On-chain data showed positive signals this week. Bitcoin network active addresses recovered to 1.1 million, approaching this cycle's peak. Exchange BTC balances continue declining to approximately 2.3 million — down about 150,000 from the start of the year — indicating holders prefer long-term holding over short-term selling.
Ethereum network gas fees averaged about 15 Gwei this week, at relatively low levels favorable for on-chain DeFi activity. Layer 2 network total transaction volume surpassed Ethereum mainnet for the first time, marking a milestone for the multi-layer architecture vision becoming reality. On the stablecoin front, USDT market cap added approximately $2 billion this week, showing continued off-exchange capital inflows.
Events to Watch Next Week
Looking ahead, several key events warrant close attention. First is the release of US March PCE inflation data, which will directly impact market expectations for the rate cut path. Second is the latest testnet progress update for Ethereum's Pectra upgrade. Binance is expected to announce a new Launchpool project — BNB holders should prepare in advance. Technically, $92,000 is the key short-term resistance for Bitcoin — a convincing break above could set up a challenge of the all-time high. We advise investors to stay attentive but avoid blindly chasing highs, using Binance's take-profit/stop-loss and grid trading tools to manage risk.