The last seven days were packed in terms of price action. The total cryptocurrency market cap sits above $1 trillion, with most of the major coins making substantial gains. However, it appears that bitcoin is on the way to increase its overall market share.
Bitcoin dominance – the most commonly used metric to gauge its share relative to the rest of the market – has risen to nearly 40% over the past seven days, up from 39%. This is a remarkable movement, and shows that the leading cryptocurrency has significantly outperformed the rest of the market.
At the time of writing, BTC is fighting for $21,000, reaching a weekly high around $21,600. At that point, the US Department of Justice revealed they would be taking an international enforcement action, sending the market down in anticipation. Hours after the initial announcement, it was revealed that they targeted a Russian cryptocurrency exchange with minuscule volumes.
In any case, Bitcoin and Ethereum are among the best performing major cryptocurrencies, up 12% and 10% respectively. Solana is undoubtedly the best performer among the top 20 coins, however, up nearly 30% on the week.
It’s also worth noting that these remarkable increases come in times of uncertainty, as more and more companies continue to lay off staff members. ConsenSys and Amber Group both announced significant headcount reductions. Google laid off 12,000 people, representing 6% of its workforce.
but that’s not all. Genesis Global Capital – a subsidiary of Digital Currency Group – filed for bankruptcy today. Notably, one of the company’s largest creditors is Gemini’s Earn program, which has approximately 100,000 creditors with liabilities estimated between $1 and $10 billion.
It will be interesting to see how the market shapes up in the coming days and if bad news eventually affects the price.
market data
Market Cap: $1011B | 24h Volume: 54B | BTC Dominance: 40.1%
B T c: $21,065 (+11.7%) | ETH: $1,556 (+9.8%) | bnb: $288 (0.3%)
This Week’s Crypto Headlines You Can’t Miss
ConsenSys and Amber Group join the list of companies that have laid off employees. ConsenSys and Amber Group are the latest companies to downsize. The former will let go of 11% of its staff, while the latter will cut its Hong Kong division by half.
What to expect after bitcoin’s latest surge: Arthur Hayes. BitMEX founder and former CEO – Arthur Hayes – took part in the latest bitcoin rally. They believe that the US Federal Reserve is not yet ready to pivot, which means a pullback is likely.
John Ray says reviving FTX is on the table: report. FTX Acting CEO John J. Rey III said there was no question of restarting the exchange. In fact, they said that they will explore all the options which are going to help the creditors to make whole.
OKX Releases Proof-of-Reserves Report With $7.5B “Clean Assets”. OKX, one of the leading cryptocurrency exchanges, released a new proof-of-reserves report that showed clean assets worth around $7.5 billion. It is the number of coins in excess of liabilities.
Ripple CEO is confident of resolution of SEC case in less than 6 months. Ripple CEO Brad Garlinghaus expects the lawsuit against the US Securities and Exchange Commission to be completed in the next six months.
ETH NFT activity increased for 5 consecutive weeks: Data. Non-fungible tokens have returned to popularity in particular. The data showed that investors have renewed interest in NFTs, with trading volume increasing for the fifth week in a row.
Chart
This week we have chart analysis for Ethereum, Ripple, Cardano, Solana and Polkadot – click here for the full price analysis.
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cryptocurrency chart by TradingView.
source: cryptopotato.com
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