Crypto Scoop: ETH Price Peaks at $1900 as Twitter Gets A Meme Dog Facelift

This week, we saw the prices of top cryptocurrencies attain new highs, Shiba Inu dog becoming the face of Twitter, and initiatives across companies improving on crypto initiatives. In this edition of the crypto scoop, we review the following:

• Price gains of top cryptocurrencies
• Dogecoin surges as Musk changes Twitter logo to ‘meme dog’ 
• Bitcoin Slumps Back to $28k: Market Price Analysis
• ETH Price Peaks at $1900 Ahead of Shanghai Upgrades
• MicroStrategy Acquires Additional 1,045 BTC 

Price Gains of Top Cryptocurrencies

Over the past week, bitcoin has continued to stay over $28,000, even hitting $29,000 at some point. Ether on the other hand hit $1900 before a slight decline to around $1800. Other altcoins in the meme space such as dogecoin and Shiba Inu showed significant price surges as it literally became the face of social media giant Twitter.

According to the CEO of Swiss-based Web3 firm YouHodler, “On-chain data indicators show that this trend is very likely to continue for a while,” Volkov said. “Crypto derivatives trading volume is also growing and open interest in crypto options is at its peak.”

Dogecoin Surges as Elon Musk Makes Twitter Logo A ‘meme dog’ 

After Twitter CEO Elon Musk changed the blue bird on his company's website to a picture of a Shiba Inu, the symbol for the digital coin and the logo of dogecoin, this led the price of dogecoin to rise by more than 30%.

Musk acquired Twitter for $44 billion in October of last year. Since then, he has reduced employee numbers, added paid accounts, and allowed previously banned users, such as former president Donald Trump, to reappear.

He has been an ardent supporter of the crypto industry, which is a testament to that allegiance. 

Bitcoin Slumps Back to $28k: Market Price Analysis

This week has been a roller coaster for the crypto space as BTC hit $29k before hovering again around $28k. 

While Bitcoin’s impulsive upward trend has stalled, there is a strong indication from investors that we are on the verge of a major bull run.

The recent decline in price at around $28k is seen as a short-term reaction as holders, or investors who have recently purchased BTC in recent low prices want to sell their holdings to cash out their profit.

According to analysis, whales on the other who got BTC at around the $10k level hand have also been mopping up more BTC at $28,000. This increased selling pressure has resulted in a short-term market reaction.

ETH Price Peaks at $1900 Ahead of Shanghai Upgrades

Ether broke the $1,900 resistance level for the first time in months before dropping to $1,832. The Ethereum Shanghai upgrade is a huge upgrade coming up on April 12, 2023, and it is giving a lot of investors a breath of fresh air to look out for as it will further improve the Ethereum network in terms of staking. 

This upgrade from the Ethereum developers makes many expert traders, which might boost the price of Ethereum. Earlier this week, it hit $1900 before stalling around $1800 again.

The question on the minds of many speculators is whether ETH will hit $2,000 before the Shanghai upgrade. The truth is only time will tell.

MicroStrategy Acquires Additional 1,045 BTC

Michael Saylor, the founder and chairman of Microstrategy, has recently announced on his Twitter feed the group's purchase of an additional 1,045 bitcoin for $29.3M at an average price of $28,016 per bitcoin. As of 4 April 2023, they hold 140,000 bitcoin acquired for ~$4.17 billion at an average price of $29,803 per bitcoin.

The leaders at MicroStrategy have continued to show unwavering belief in Bitcoin by continuously investing in the crypto space irrespective of the bear market. It is a true example of great investor sportsmanship not just those that stay while it is green.