The Bullish Trend of Bitcoin Continues
Bitcoin has maintained its bullish momentum, with traders eyeing the $40K mark. Over the past week, BTC saw a modest 1.4% increase, with the majority of gains occurring in the last 24 hours. Today, Bitcoin reached $39K, a price not seen since last year.
Bitcoin Dominance on the Rise
Bitcoin’s dominance in the market has also increased by 0.2% during this period. This metric measures BTC’s share relative to the rest of the market. When Bitcoin dominance rises, it indicates that BTC is outperforming altcoins. This trend has been observed over the past seven days.
Mixed Results for Altcoins
Ethereum experienced a 1.1% decline and is currently trading at $2,078. BNB and XRP also saw declines of around 2%. However, Solana (SOL) emerged as the best-performing cryptocurrency among the top 10 by market cap, with a 4.1% increase and a trading price above $60.
News Highlights
This week was relatively calm in terms of news compared to previous weeks that were dominated by Binance’s deal with the US Department of Justice. However, MicroStrategy made headlines by purchasing an additional $600M worth of BTC.
The Future Outlook
As we enter December, the cryptocurrency market remains heated. It will be interesting to see whether Bitcoin continues to rise or experiences a correction in the days ahead.
Market Data
Market Cap: $1.51T | 24H Vol: $85B | BTC Dominance: 49.6%
BTC: $38,336 (+1.5%) | ETH: $2,079 (-1.1%) | BNB: $228 (-2.8%)
This Weekβs Crypto Headlines You Better Not Miss
FTX Gains Court Approval to Sell Grayscale Trust Assets Nearly $800 Million. The bankrupt cryptocurrency exchange FTX has received approval from the US bankruptcy court to sell nearly $800 million worth of assets managed by Grayscale.
Binanceβs Next Chapter According to New CEO Richard Teng. Richard Teng, the new CEO of Binance, has shared his vision for the company’s future. He envisions Binance evolving into a conventional financial company with increased transparency and governance.
MicroStrategy Spends Another $600M to Purchase Over 16,000 BTC. MicroStrategy, led by Bitcoin advocate Michael Saylor, recently acquired $600 million worth of BTC, bringing their total holdings to 174,530 BTC.
How Does SBF Spend His Time in Jail, Former Mobster Explains. In an interview with former mafia enforcer Gene Borello, Tiffany Fong delves into how Sam Bankman-Fried is coping with his time in prison.
First U.S. Bitcoin ETF Reaches Record AUM, Tops $1.47 Billion. The ProShares Bitcoin Strategy ETF (BITO) became the first Bitcoin ETF in the United States. It now has over $1.5 billion in assets under management through BTC futures contracts.
Only 35% of Cardano (ADA) Holders Are in Profit: Data. Data reveals that only around 35% of Cardano (ADA) holders are currently in profit. Additionally, approximately 7.19 billion ADA was accumulated at an average price of $0.38.
Hot Take: Bitcoin Continues to Lead the Market
Bitcoin’s bullish trend remains strong, with the cryptocurrency testing $39K for the first time in a while. The market has seen mixed results for altcoins, but Bitcoin dominance is on the rise. As we enter December, it will be intriguing to see if Bitcoin’s upward trajectory continues or if a correction is imminent. In the news, FTX gains court approval to sell Grayscale Trust assets, Binance’s new CEO shares his vision for the company, and MicroStrategy makes another significant BTC purchase. Stay tuned for more updates on the cryptocurrency market.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content. Owen’s contributions serve as a valuable guide for both seasoned enthusiasts and newcomers, aiding them in navigating the dynamic world of cryptocurrencies with well-researched perspectives. With a meticulous commitment to precision, he empowers informed decision-making in the ever-evolving crypto domain.
