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 increased to $42K only to drop towards $40K on Monday. Since then, however, the cryptocurrency has been on an uptrend and even surged to $44K 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 of the altcoins are also trading at prices similar to a week ago. BNB is up 1.6%, DOT is up 2.4% – the same as LUNA. However, Ethereum is down 3.4% at the time of this writing, and alongside AVAX’s 5% decline and SOL’s 2% drop account for the bulk of the market’s decline throughout the week.
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 perform going forward, and the next seven days are sure to be even more thrilling.
Market data
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 annual 2021 report revealed that despite the most recent price slump, Bitcoin managed to close last year with an increase of over 60%. As such, it has managed to outperform all other major asset classes for the second year in a row.
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 to Build Its Own NFT Industry Not Related to Crypto. China’s state-backed Blockchain Services Network, which was introduced two years ago, plans to launch a brand new platform that supports non-fungible tokens (NFTs). However, the country 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. The former member of parliament, Lord Fusitu’a, who’s also a Tongan royalty, revealed that the country might be the next to adopt Bitcoin as a legal tender following El Salvador’s move from last year.
