For the first time in a long time, the past seven days have been positive for Bitcoin, although the overall cryptocurrency market is down slightly throughout the same period. Data from CoinGecko shows that the market capitalization is down by around $40 billion.
Starting with Bitcoin, its price was hovering around $41,000 this time last week and very soon after that it rose to $42,000 to fall to $40,000 on Monday. Since then, however, the cryptocurrency has been on an uptrend and even surged to $44,000 on Thursday.
However, the bulls failed to sustain the momentum and BTC fell back to $42,000 earlier in the day. Since then, it has recouped some of the losses and is currently trading around $43,000 for a slight weekly increase.
Most altcoins are also trading at similar prices to a week ago. BNB is up 1.6%, DOT is up 2.4% – like LUNA. However, Ethereum is down 3.4% at the time of this writing, and alongside AVAX’s 5% drop and SOL’s 2% drop, the bulk of the market’s decline throughout week long.
Elsewhere, Dogecoin soared 20% today on news that Tesla has finally started accepting cryptocurrency for some of its wares. This is a milestone for the memecoin which was created as a joke.
In any case, it remains very exciting to see how the market will behave in the future, and the next seven days will certainly be even more exciting.
Market cap: $2.186 billion | 24 hour flight: 109B | BTC dominance: 39.8%
BTC: $43,179 (+0.2) | ETH: $3,296 (-3.4%) | ADA: $1.27 (-0.5%)
This week’s crypto stocks you can’t miss
Dogecoin Spikes 20% as Tesla Enables DOGE Payments. Giant electric car maker Tesla has allowed Dogecoin payments for some of its merchandise. This comes a few months after BTC payments were halted over fears of environmental issues. The price of Dogecoin surged in response.
Bitcoin outperformed Crude Oil, S&P 500, NASDAQ and Gold in 2021 (CoinGecko report). CoinGecko’s 2021 Annual Report revealed that despite the latest price drop, Bitcoin managed to close last year with an increase of over 60%. Thus, it managed to outperform all other major asset classes for the second consecutive year.
Bitcoin’s 2022 Death Cross Incoming: What It Means and Why It Might Not Be As Bearish As You Thought. Bitcoin appears to be on the verge of forming a well-known pattern in technical analysis called a death cross. Although it has traditionally been indicative of upcoming sales, here are a few reasons why it might not be as bearish as you think.
China will build its own non-crypto related NFT industry. China’s state-backed Blockchain service network, which was introduced two years ago, plans to launch an all-new platform that supports non-fungible tokens (NFTs). However, the country has made it clear that it will have nothing to do with cryptocurrencies.
US Banks Form Consortium to Mint USDF Stablecoins. 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 about stablecoins that are not issued by banks.
Tonga could adopt Bitcoin (BTC) as legal tender by November, says former MP. Former MP, Lord Fusitu’a, who is also a member of Tongan royalty, has revealed that the country may be the next to adopt Bitcoin as legal tender after El Salvador moved last year.
This week we have chart analysis of Ethereum, Solana, Cardano, Ripple and Polkadot – click here for the full price analysis.
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Cryptocurrency charts by TradingView.