Bitvavo Market News - Solana exceptionally strong in turbulent market week
Let's review an eventful week. The bitcoin price underwent a correction which affected the majority of the crypto market, yet once again, solana appears to have defied market forces. What's the reason for this, you ask? Find out in this edition of Bitvavo Market News.
Market update
The crypto market can be divided into two when we look back over the last seven days. Initially, the total market value rose from €2.24 trillion on Monday, March 11, to €2.46 trillion on Thursday, March 14, just a fraction below the all-time high of €2.55 trillion in November 2021.
Then on Thursday, the market weakened. Many currencies fell in price, in some cases by tens of percent. The lowest point so far was a 12% loss on Sunday, March 17 making this correction far less severe than the decline that followed the launch of bitcoin ETFs in January, which resulted in a loss of 19%.
Bitcoin and ether are faring averagely during this correction. Bitcoin is down 12% so far and ether 16%. Naturally, there are outliers and certain memecoins have conceded the considerable ground they had won in recent weeks. For example, dogecoin and floki inu fell approximately 35% from their high points.
One positive outlier is solana, which has been performing exceptionally well since October. Last week, SOL moved up to third in the crypto rankings from BNB, rising around 50% from €125 to €188. The chart below shows that the price is still well above the 10-day average, meaning the short-term upward trend is intact.
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Meme season full speed ahead
Over the last week, the first characteristic signs associated with the chaotic phase of a bull market have emerged. Notably, memecoin dogwifhat is set to advertise on the Sphere in Las Vegas, and memecoin floki inu is poised to take over New York's Times Square with advertising that will last for three months. As for dogecoin, it got a shoutout from Elon Musk who called it "the people's crypto" and proclaimed "Dogecoin to the moon!"
An important part of the fledgling stages of mania is happening on Solana. This fast but cheap network is ideal for speculators actively seeking out new and popular narratives. It should therefore come as no surprise that Solana's market value reached a new high last week. Collectively, speculators generated so much buzz around solana that despite crypto market headwinds, its price continued to grow steadily. The height of speculation came with the Book of Meme, a project initiated by the founders of Pepecoin. Within a matter of days, the market value of bome, the currency associated with the project, soared over $1 billion.
MapleStory to partner with Avalanche
At the beginning of this year, Satoshi Radio listeners heard the following prediction: in 2024, a crypto game will break through that has more than 1 million daily active users. The result? Just under half (44.7%) of listeners believe it will happen.
These optimists may well turn out to be right. This week, it was announced that MapleStory Universe had partnered with Avalanche. MapleStory will offer NFTs and "Web 3 rewards" as early as this year, although the exact details are as yet unknown. In theory, this will lead to millions of gamers coming into contact with these new digital assets.
It was also announced this week that Arbitrum Foundation, the DAO behind the eponymous network, intends to launch a crypto fund for Web 3 gaming. If the plan is approved, the fund will be allocated $400 million for game development and promotion.
In other news
Satoshi imposter Craig Wright loses lawsuit in the UK. During proceedings, Wright was called on to evidence his claim to be Bitcoin's creator Satoshi Nakamoto. The process ended in failure for him. Evidence against Wright was so overwhelming that even before issuing the written report, the judge shared his verdict with the world: this man is not the creator of Bitcoin. Meanwhile, Wright's backers appear to have fled to warmer climes.
London Stock Exchange soon to open counter for bitcoin and ether product applications. These are financial products that, similar to American exchange funds, track the price of their underlying crypto assets. In total, more than $3 trillion has been invested through the London Stock Exchange.
Crypto a crucial topic in U.S. election year. "Voters care about crypto," writes the Policy Lab by Paradigm. The crypto company commissioned the polling company Public Opinion Strategies in the run-up to the election. It showed that 19% of all U.S. voters bought crypto assets. "Many voters are looking for leaders who have a path forward on crypto policy," Paradigm said.
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