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.
Author: George Georgiev
