For the first time in a while, the past seven days turned out to be positive for bitcoin, although the overall cryptocurrency market declined slightly over the same period. Data from CoinGecko shows that the market capitalization has fallen by about $40 billion.
Starting with Bitcoin, it was hovering around $41,000 this time last week and after a very short time it rose to $42,000 only to drop to $40k on Monday. Since then, however, the cryptocurrency has been on an uptrend and surged to $44,000 on Thursday.
The bulls failed to sustain the momentum, and BTC rebounded to $42,000 earlier today. Since then, it has regained some losses and is currently trading around $43,000 for a slight weekly increase.
Most altcoins are also trading at similar prices to last week. The price of BNB increased by 1.6%, the DOT increased by 2.4% – like LUNA. However, Ethereum is down 3.4% at the time of writing, and along with AVAX down 5% and SOL down 2% represented the bulk of the market’s drop over the week.
Elsewhere, Dogecoin is up an impressive 20% today on the news that Tesla has finally started accepting cryptocurrency for some of its commodities. It’s a huge milestone for memecoin that was created as a joke.
In any case, it is still very exciting to see how the market will perform in the future, and the next seven days are sure to be even more exciting.
Market capitalization: $2186 billion | 24h Vol: 109B | Bitcoin dominance: 39.8%
BTC: $43,179 (+0.2) | Ethereum: $3,296 (-3.4%) | ADA: $1.27 (-0.5%)
This week’s crypto headlines you can’t miss
Dogecoin is up 20% as Tesla allows DOGE payments. The giant electric car manufacturer, Tesla, has allowed Dogecoin to enable payments for some of its goods. This is happening a few months after BTC payments were halted due to concerns about environmental issues. In response, the price of Dogecoin soared.
Bitcoin outperforms crude oil, S&P 500, NASDAQ, and gold in 2021 (CoinGecko Report). CoinGecko’s 2021 annual report revealed that despite the recent price drop, Bitcoin managed to close out last year with an increase of more than 60%. As such, it has managed to outperform all other major asset classes for the second year in a row.
Bitcoin Death Cross 2022 Incoming: What It Means And Why It May Not Be As Bearish As You Thought. It looks like Bitcoin is about to form a well-known pattern in technical analysis called the death cross. While it has traditionally been referring to an upcoming selloff, here are some reasons why it might not be as bearish as you think.
China is building its own NFT industry that has nothing to do with cryptocurrencies. The state-backed Blockchain Services Network in China, which was introduced two years ago, is planning to launch an entirely new platform that supports non-fungible tokens (NFTs). However, the state made it clear that it would have nothing to do with cryptocurrencies.
US banks form a stablecoin mint association USDF. A number of US-based banks, including New York Community Bank, NBH Bank, Sterling National Bank, FirstBank and Synovus Bank, have formed a group to offer their own fully regulated stablecoin. This comes in an effort to address consumer protection concerns regarding stablecoins that are not issued by banks.
Tonga may adopt Bitcoin (BTC) as legal tender by November, says former MP. Former Member of Parliament Lord Fusitwa, who is also a member of Tonga’s royal family, revealed that the country could be the next country to adopt bitcoin as legal tender after the relocation of El Salvador last year.
This week we have chart analysis for Ethereum, Solana, Cardano, Ripple and Polkadot – click here for full price analysis.
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