The last seven have been somewhat fruitful for Bitcoin, and the total market cap has managed to rise by around $ 150 million. Some altcoins are really taking off, while others are seemingly at a stalemate.
But let’s start with Bitcoin. The market leader failed to produce any meaningful gains but is up slightly above 2% in the past seven days. This came after an excellent weekly close on Sunday. Unfortunately, bulls didn’t capitalize on the opportunity and failed to break the critical $59K resistance level on three separate occasions on Monday, Tuesday, and Wednesday.
Much of that volatility was linked to the broader market turmoil caused by the discovery of a new variant of COVID called Omicron. Equities also appear fragile, and it is likely that it will be some time before risky trading can continue at full capacity, creating temporary headwinds for the crypto market as well.
Some altcoins were completely unfazed by all of the above. Solana is up 10.5% in seven days, while LUNA skyrocketed by almost 60%. However, others felt the weight of the market instability – DOT is down 9%, XRP – 7.3%, ADA – 3%, AVAX – 8.7%, and so forth.
Interestingly, this was the first time PlanB’s BTC floor model was missing from a distance. However, according to the analyst, his S2F model is still intact. We’re heading into a historically bullish month for the cryptocurrency market, in general, and it’s exciting to see what December has in store for us.
Market Data
Market Cap: $2,739B | 24H Vol: 132B | BTC Dominance: 38.9%
BTC: $56,283 (+2.1%%) | ETH: $4,531 (+0.4%) | ADA: $1.1.63 (-3%)
This week’s crypto headlines you shouldn’t miss
PlanB’s first floor model failure: The price of Bitcoin closed well below $ 98,000 in November. PlanB, the analyst who created the famous Bitcoin Stock-to-Flow (S2F) model, also created a “worst-case scenario,” known as the floor model. In November, the latter broke for the first time as price closed well below its target.
Adidas Enters The Metaverse With BAYC, Punks Comic, and GMoney. Renowned shoemaker Adidas formed three more crypto-related partnerships, diving deeper into the Metaverse hole. Following its collab with Coinbase, Adidas has now joined various NFT projects such as GMoney, Bored Ape Yacht Club (BAYC), and Punks Comic.
Binance Smart Chain activates the BNB engraving mechanism in real time. Binance Smart Chain (BSC) has activated the BEP-95, which incorporates a real-time engraving mechanism into its tokenomic structure. In the future, a fixed ratio of gas charges collected by BSC validators will be burned in each block.
Ex-Chancellor: Crypto Could Give London an Advantage Over European Competitors. Philip Hammond, a former Chancellor for the Exchequer from 2016 to 2019 in the UK, argued that cryptocurrency adoption can give London a competitive advantage over other European competitors. He also added that failure to adopt might leave them behind.
Square is changing brands to block and expanding its focus to the blockchain industry. Square, the financial services firm headed by Jack Dorsey, changed its name to Block, hinting at increased involvement in the broader cryptocurrency industry. This happened immediately after Dorsey resigned from Twitter and is no longer its CEO.
Meta Expands Avenues For Running Crypto Ads On Facebook. After rebranding the company to Meta, the platform has now expanded the range of cryptocurrency ads that are eligible. It now accepts 27 licenses compared to the previous 3, and they are publicly viewable on the policy page.
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This week we have a chart analysis of Ethereum, Binance Coin, Cardano, Solana and Luna – click here for the full price analysis.
