Bitcoin Bulls Regroup; Ether, Binance Coin Take The Center Stage
By Laxmikant Khanvilkar
This week saw quite a bit of action, which ultimately failed to result in any substantial gains or losses in the total cryptocurrency market capitalization.
Bitcoin’s price charted a decline of 2.8% in the past seven days, as the bulls were unable to remain above the important technical level at $52K. And it wasn’t for the lack of trying. In fact, BTC was trading above or very close to $52K for quite a while during the past week, but the bears eventually took over and managed to push the asset downwards.
Now, the cryptocurrency is found trading below $51K, charting a decline of about 0.7% on the day and 2.8% on the week.
It’s perhaps safe to say that it was another cryptocurrency that everyone was looking at this time.
Ethereum is currently trading at $2923, up 4.6% in the past seven days. It attempted to solidify above $3K on a few occasions, but the bulls were unable to upkeep the buying pressure and eventually gave up. Nevertheless, ETH remains the strongest performer from the top 10, as almost all other coins are well in the red besides BNB, which is also up 3.2%
Elsewhere – Solana is struggling to remain above $100 and is down almost 10% for the week. Ripple’s XRP also couldn’t maintain the bullish momentum and declined by 6%. Avalanche is down almost 12%. It’s worth noting that it experienced some serious network issues this Friday.
It’s also worth noting that Uniswap (UNI) experienced a massive move on Friday, exploding by a whopping 50% in minutes. That comes following a proposal to upgrade governance in a way that rewards UNI token holders who stake or delegate with protocol-generated fees.
All in all, the market continues its positive trajectory, albeit slowing down a bit. Bitcoin ETF inflows continue, showcasing a considerable institutional demand.
The global crypto market cap is $1.94T, a 1.07% decrease over the last day. The total crypto market volume over the last 24 hours is $66.93B, which makes a 11.78% decrease. The total volume in DeFi is currently $8.37B, 12.51% of the total crypto market 24-hour volume. The volume of all stable coins is now $60.6B, which is 90.54% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.32%, an increase of 0.01% over the day.
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