This week we saw altcoins taking for the skies as Bitcoin was rangebound. This led to a plummeting BTC dominance that hit a 2-year low.
Bitcoin was trading slightly below $60K this time last week, and everyone had their hopes up that it would conquer this coveted level. Unfortunately, last Saturday, the price started showing signs of weakness, and it declined all the way to $57K on Sunday.
From there, Bitcoin started trading flat and made another unsuccessful attempt at $60K on Monday. Bulls didn’t have it in them, though, and as the week went by, the price remained indecisive. This led to a serious drop on Wednesday, which saw BTC going down to almost $55K and leaving billions worth of liquidations across the board.
Nevertheless, the bulls regrouped and started pushing the price back up to bring it to where it currently trades at around $58K. All of this indecisiveness, however, saw its dominance decrease to 55%, leaving altcoins a lot of room to breathe.
And breathe, they did. Ethereum, as well as Binance Coin, charted fresh all-time highs, while Ripple’s XRP finally came out of its shell and spiked above $1 to paint a new three-year high. This happened despite the ongoing SEC clash.
Altcoins are popping across the board, with many mid- and small-cap cryptocurrencies charting double- and even triple-digit increases. This was the case with WazirX, which soared by more than 1,000% and painted a fresh ATH. All in all, the booming altcoins drove the total crypto market cap above $2 trillion for the first time.
In any case, it was definitely a good week for the entire cryptocurrency market. America’s second-oldest bank, State Street, announced it would also enable cryptocurrency trading on its platform, while BNY Mellon revealed they would be a service provider for SkyBridge’s Bitcoin ETF, should it be approved.
With institutional adoption of Bitcoin continuing to increase and its rangebound trading, the chances are that we are in for a huge move that might come quicker than everyone expects.
Market Data
Market Cap: $1986B | 24H Vol: 126B | BTC Dominance: 55%
BTC: $58,477 (+-1.89%) | ETH: $2,077 (+0.69%) | XRP: $0.1.03 (+72.12%)
This Week’s Titles You Better Not Miss
America’s Second-Oldest Bank State Street to Enable Crypto Trading on its Platform. The second-oldest US financial service and banking organization State Street Corporation has announced its plans to enable cryptocurrency trading using its infrastructure. This comes as an additional push towards institutional adoption.
BNY Mellon to Become Service Provider for SkyBridge Bitcoin ETF. BNY Melon has revealed that it will become a service provider for SkyBridge’s Bitcoin ETF. Of course, before this happens, the ETF would first have to receive the official approval of the United States Securities and Exchange Commission.
Seven-Time Super Bowl Champion Tom Brady to Release an NFT Platform. Tom Brady, one of the biggest names in the US NFL, as well as a seven-time Super Bowl champion, plans to launch an NFT platform this spring. This comes as the nascent field of non-fungible tokens continues to boom.
Demand for Bitcoin Increases Despite Regulatory Restrictions: Goldman Sachs CEO. The CEO of Goldman Sachs, David Solomon, said that the demand for Bitcoin continues to increase despite the regulatory restrictions. The bank also said that it continues to support its clients’ needs when it comes to cryptocurrency exposure.
Coinbase Reports Record-Breaking Q1 With $1.8 Billion in Revenue Ahead of IPO. The leading US-based cryptocurrency exchange, Coinbase, revealed that its first quarter of this year has been record-breaking. It reported a revenue of around $1.8 billion while the trading volume increased by more than 300%.
Binance Smart Chain Daily Transactions 200% More Than Ethereum’s. The Binance Smart Chain continues to expand. In fact, it appears that Ethereum has a serious competitor in its face because BSC saw an all-time high of daily transactions, which are currently more than 200% than those on ETH.
Charts
This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Binance Coin, and Cardano – click here for the full price analysis.
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