To say that it’s been a good week for the cryptocurrency market would likely be an understatement. The total capitalization is currently sitting at $2.45 trillion, which means that it’s managed to add almost $250 billion since this time last week!
Starting with the market mover – Bitcoin – it was able to chart an impressive performance and has been up by more than 11% in the past seven days. BTC has been trading above $68,000 for the first time since July, and it seems that it is attempting to break even higher.
The rally started on Monday when the cryptocurrency soared above $64,000. From there, it was pretty much up only. BTC took over all the other important levels, such as $65,000 and $66,000, and it seems that the $69K is next. This one might be a bit tough, as it contains a junction of technical barriers, and if the bulls are able to break above it, it might open the door for a push to a new all-time high.
Now, it’s worth noting that BTC has managed to outperform the rest of the market, which is visible from its rising dominance – the metric traders use to gauge its share relative to that of the rest of the industry. According to some reports, it reached a whopping 59% this week.
This can also be seen in the performance of the leading altcoins. ETH is up by less than 9%, while BNB charted gains of around 5.4%. SOL increased by 7.4%, XRP traded flat, and that’s pretty much it.
The standout performance this week, however, came from none other but the godfather of meme coins – Dogecoin. DOGE exploded by a whopping 25% during the last seven days, and it managed to break into the top 10, outperforming pretty much the entire list. Is a meme coin season brewing?
Bitcoin’s stellar performance also seems to have been backed by important fundamentals. Inflows in spot BTC ETFs in the United States topped $20 billion since inception – a massive milestone. To put things in perspective, it took gold ETFs around five years to reach the same milestone.
That said, the market is currently very bullish and has even fallen into a state of greed. Traders are anticipating a full-blown Uptober, so the weeks ahead are likely to be exciting!
Market Data
Market Cap: $2.45T | 24H Vol: $105B | BTC Dominance: 55.5%
BTC: $68,552 (+11.1%) | ETH: $2,641 (+8.6%) | BNB: $599 (+35.4%)
This Week’s Crypto Headlines You Can’t-Miss
Bitcoin Devours Altcoins Hitting 59% Dominance as Whale Activity Surges. Data shows that Bitcoin’s dominance, the metric that gauges its share relative to that of the rest of the market, clocked in at a whopping 59% this week. This means that BTC is quite literally eating away at altcoin’s caps.
Crypto Thrives in War-Torn Ukraine and Sanctioned Russia: Chainalysis. A recent report by Chainalysis revealed that countries in Eastern Europe are seeing increased DeFi activity. This is primarily observed in Ukraine and Russia as the conflict between the two countries continues.
Ethereum Founder Vitalik Buterin Shares Future Objectives for ‘The Surge.’ The co-founder of Ethereum, Vitalik Buterin, shared some future objectives for the current phase of the network’s development called “The Surge.” According to him, the goals are tailored to improve the protocol and work on its scaling through rollups.
SEC Provides Details With Last-Minute Appeal in Ripple (XRP) Ruling. The case between Ripple and the United States Securities and Exchange Commission has reached an important stage. This week, the SEC clarified that it is appealing the decision of the federal judge in its part, where it finds that XRP sold to retail investors on exchanges does not break securities laws.
Bitcoin ETFs Top $20B in Inflows, With $1.8B Added This Week. Spot Bitcoin exchange-traded funds in the US have recorded over $20 billion in inflows since their approval earlier in the year. For comparison, it took gold five years to reach the same number.
Monochrome to Launch Australia’s First Spot Ethereum ETF. Monochrome Asset Management is preparing to launch the first spot Ethereum ETF, in Australia. It will be using the Cboe exchange. This follow ETH’s approval for ETFs in the US earlier this year.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Solana, Dogecoin, and Sui – click here for the complete price analysis.
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Cryptocurrency charts by TradingView.
