Cryptocurrency Market Cap Up $18 Billion: The Crypto Weekly Market Update

  


This week, unlike many of the previous ones, was full of excitement on the entire cryptocurrency market. For once, Bitcoin woke up from its sleep and staged an impressive performance, gaining about 5% of its Dollar value.

While this may not sound like a lot for a whole week of trading, it’s important to remember that in the days before that, BTC was pretty much stuck in a $200 range. The tightening of the Bollinger Bands, however, played out, and the price took a turn for the best.

Bitcoin is not the only cryptocurrency that saw an impressive performance, though. Ether (ETH) did even better, gaining upwards of 20% during the last seven days, currently trading at above $280.

In general, the total market capitalization surged by over $18 billion. The exciting thing is that Bitcoin’s move didn’t phase altcoins much. In fact, its dominance over the market decreased by almost 1%.

It’s worth noting, though, that if the price of bitcoin continues to increase, this might put a damper on the ongoing altcoin season.

The sudden move of the market might also be attributed to the fact that the Office of the Comptroller of the Currency in the United States, said that national banks and federal saving associations could provide custody solutions for crypto pending approval.

In any case, it remains interesting to see how the next week pans out and whether BTC can continue its run, followed by the booming altcoins.

Market Data

Market Cap: $288B | 24H Vol: 62 | BTC Dominance: 61.2%

BTC: $9,57.18 (-0.10%) | ETH: $281,64 (+2.68%) | XRP: $0.205(-1.32%)

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Breakthrough? US Banks Can Now Provide Crypto Custody Services. The Office of the Comptroller of the Currency (OCC) stated on Wednesday that national banks and federal saving associations would be allowed to offer cryptocurrency custody services following approval from the regulators in the country.

Tether (USDT) Market Cap Now Over $10 Billion. Tether has solidified its position as the third-largest cryptocurrency. In fact, the stable coin managed to cross the coveted $10 billion mark, which marks a massive increase in its capitalization throughout the entire 2020.

Satoshi Stack Exposed: New Report Claims Bitcoin Creator Mined $10.9 Billion Worth Of BTC. According to a new report, the total stash of the coins that Satoshi Nakamoto mined during the early days of Bitcoin, to keep the network stable, might be worth almost $11 billion at the current rate of BTC.

Ethereum Blockchain Mergers Already Underway as Final ETH 2.0 Testnet Nears. Developers on the Ethereum network have managed to take another step towards launching the upgrade toward proof-of-stake. According to Vitalik Butedin, ETH 1.0 to 2.0 mergers are already being tested.

Twitter Explains How 130 of the Most Popular Accounts Got Hacked. Last week, the second-largest social media, Twitter, got hacked, as someone compromised the accounts of some of the most influential people. The company has posted an explanation, outlining that some of its employees have fallen victim to a social engineering scheme.

Bitcoin is Fulfilling its Objective by Becoming a Valuable Payment Channel. Recent information shows that the dollar value of transactions on Bitcoin’s network has been growing very rapidly. This suggests that the cryptocurrency is fulfilling its objective by becoming a payment channel that’s actually valuable.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, DigiByte, and Augur – click here for the full price analysis.

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Cryptocurrency charts by TradingView.




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