The cryptocurrency market increased throughout the past seven days, tapping over $1.5 trillion in terms of total capitalization. A lot of the gains are coming on the back of Bitcoin, which tested $39K for the first time in quite a while. With many analysts firmly bullish, let’s dive into what happened over the past week.
Bitcoin’s bullish foothold continues, with traders setting their sights at $40K. The cryptocurrency was able to increase by a modest 1.4% throughout the past seven days, with most of it coming in the last 24 hours. BTC’s price soared toward $39K today (Friday) – a price that’s not seen since last year.
Bitcoin’s dominance also increased by some 0.2% over the same period. This is the metric people use to gauge BTC’s share relative to that of the rest of the market. When it’s on the rise, it means that the primary cryptocurrency is outperforming the entire altcoin market. That’s what seems to be happening in the last seven days.
Speaking of the altcoin market, the results are somewhat mixed. Ethereum is down 1.1% in the last week and it’s trading at $2,078. BNB and XRP are charting declines of around 2%, while the best-performing cryptocurrency from the top 10 (by market cap) is Solana (SOL), which is up 4.1% and is trading above $60 at the time of this writing.
News-wise, the week was relatively calm compared to the previous ones, which had to deal with the fallout of the deal between Binance and the US Department of Justice. The market seems to have priced the news in already.
Nevertheless, MicroStrategy didn’t fail to surprise the community. The company, spearheaded by one of Bitcoin’s most vocal proponents – Michael Saylor – bought another $600M worth of BTC.
Entering December, the market seems heated. It’s very interesting to see what the days ahead of us have in store and whether BTC will continue increasing or it will correct.
Market Data
Market Cap: $1.51T | 24H Vol: $85B | BTC Dominance: 49.6%
BTC: $38,336 (+1.5%) | ETH: $2,079 (-1.1%) | BNB: $228 (-2.8%)
This Week’s Crypto Headlines You Better Not Miss
FTX Gains Court Approval to Sell Grayscale Trust Assets Nearly $800 Million. The bankrupt cryptocurrency exchange FTX has secured an approval from the bankruptcy court in the United States to sell assets that are managed by Grayscale. The assets are worth almost $800 million.
Binance’s Next Chapter According to New CEO Richard Teng. Richard Teng is Binance’s new CEO, and he’s already shared his thoughts on the future of the company. According to him, Binance is evolving into a conventional financial company with a board of directors, a physical address, and increased financial transparency.
MicroStrategy Spends Another $600M to Purchase Over 16,000 BTC. MicroStrategy – the NASDAQ-listed business intelligence software company spearheaded by one of Bitcoin’s most vocal proponents, Michael Saylor, has bought BTC worth $600 million recently. The company now holds 174,530 BTC.
How Does SBF Spend His Time in Jail, Former Mobster Explains. In an interesting interview with Gene Borello (former mafia enforcer), Tiffany Fong dives deeper into how Sam Bankman-Fried is dealing with his time in prison.
First U.S. Bitcoin ETF Reaches Record AUM, Tops $1.47 Billion. The ProShares Bitcoin Strategy ETF (BITO) was the first one to launch in the United States. Now, it has topped its previous record and has registered assets under management of almost $1.5 billion in BTC futures contracts.
Only 35% of Cardano (ADA) Holders Are in Profit: Data. It appears that only some 35% of all Cardano (ADA) holders are currently in profit. What’s perhaps more interesting is that data shows that around 7.19 billion ADA has been accumulated at around $0.38.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Solana, and Binance Coin – click here for the complete price analysis.
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