Bullish Week for the Crypto Market
The past week has been a bullish one for the crypto market, with Bitcoin leading the way and experiencing an 11% increase, pushing its price beyond $40,000.
While most altcoins have retraced on a daily scale, their weekly gains have been impressive.
BTC Holds Around $44K
Last Saturday, Bitcoin surged past $39,000 and continued to rise on Monday, reaching over $42,000. On Wednesday, BTC hit $44,000 for the first time since May 2022.
After a slight dip on Thursday, Bitcoin started climbing again on Friday and reached a new 2023 high of $44,700. It is currently trading around $44,000.
Bitcoin’s weekly gain is over 11%, with a market capitalization of approximately $860 billion. Its dominance over altcoins fluctuated throughout the week but currently stands at 52.4%.
Altcoins See Impressive Gains
In the past 24 hours, altcoins have experienced some retracements following Saturday’s gains. SOL, ADA, DOT, and LINK have seen losses of around 5-6%.
However, looking at the weekly charts, Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Chainlink (LINK), and Tron (TRX) have seen more modest gains of up to 9%.
On the other hand, SOL, DOGE, MATIC, and DOT have all jumped by double digits. Cardano (ADA), Polkadot (DOT), and Avalanche (AVAX) have experienced surges of 30% to 50%, with AVAX reaching above $32 and ADA close to $0.6.
BitTorrent (BTT) has seen a 170% surge, while Bonk (BONK) reached a new all-time high with a 127% increase.
Total Crypto Market Cap Rises
Within the past week, the total crypto market cap has increased by over $160 billion, reaching close to $1.640 trillion on CoinMarketCap.
Hot Take: Bullish Momentum Continues in the Crypto Market
The crypto market has shown bullish momentum this week, led by Bitcoin’s significant gains. While altcoins experienced some retracements, many have still seen impressive weekly increases. Bitcoin remains strong around $44,000 and continues to dominate the market. Altcoins like Ethereum, Cardano, and Polkadot have also seen notable gains. The total crypto market cap has risen significantly, indicating growing interest and investment in the industry. Overall, the outlook for cryptocurrencies remains positive as they continue to gain traction and attract more investors.
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