7 Apr 2021: Crypto market facing congestion at $2T market cap as institutional interest may be cooling

📉 BTC | $57,963 (-1,268, -2.1%)

📉 ETH | $2,114 (-19, -0.9%)

📈 XRP | $1.06 (+0.17, +19.1%)

📈 LTC | $239 (+13, +5.2%)

XRP has risen above $1 for the first time in 3 years, despite the ongoing lawsuit with the SEC. Looking ahead, many are hoping for Grayscale Bitcoin Trust (world’s largest crypto fund) to re-acquire XRP for its Digital Large Cap Fund.

Retail interest seems to be spiking as the number of addresses holding small amounts of BTC is rising, while BTC whales (wallets with >1000 BTC) seem to be declining. At the same time however, several metrics such as a decline in average transaction sizes in BTC seem to suggest a tapering in institutional interest for now.

Just one week before listing, Coinbase (largest crypto exchange in the USA) has announced that their Q1 revenue for this year ($1.8B) is likely to surpass all of 2020 ($1.3B), with a +117% surge in active users.

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