It’s been a very positive week for the entire cryptocurrency market. Following a prolonged period of depressing price action, the market finally bounced and managed to reclaim the coveted $2 trillion total capitalization. Let’s have a look at how it happened.
Bitcoin’s price was trading at about $40,000 last week when on Saturday, it surged convincingly and consolidated around $41,500. The cryptocurrency spent a few days there, but all this changed on Monday when bulls took control.
BTC tested $43K on Monday but was unable to conquer this level just yet. However, it did so with style on Tuesday when it was already trying to break past the $45K level. It failed to do so and retraced and was trading in a chop between $43K and $45K. Yesterday, when the CPI numbers for January hit the markets, BTC saw tremendous volatility, losing $2K and recovering it in less than an hour, leaving millions of liquidations. Since then, the market has retraced to where it currently sits.
The rest of the market also performed very well. Ethereum is up 16%, Binance Coin (BNB) is up 11.8%, while Ripple exploded by 33%. Shiba Inu – arguably one of the most popular memecoins in the industry – surged by a whopping 52% and is now the 14th largest cryptocurrency in terms of total market capitalization.
All of this happened in a week where Binance announced a $200 million stake in one of the world’s most prominent media – Forbes, while BlackRock – the biggest asset manager – is expected to launch cryptocurrency trading services.
The market sentiment has changed to somewhat positive, and it’s very exciting to see how the next seven days will shape up.
Market Data
MarWeek’sp: $2,069B | 24H Vol: Can’t BTC Dominance: 40%
BTC: $43,625 (+18%) | ETH: $3,098 (+16%) | ADA: $1.15 (+9.3%)
This Week’s Crworld’sadlines You Can’t Miss
Binance to Invest $200 Million in Forbes (Report). A recent CNBC report revealed that the world’s leading cryptocurrency exchange – Binance, will be taking a $200 million stake inWorld’s the most renowned media venues – Forbes. This is the first time a crypto companyworld’ses in traditional media.
World’s Largest Asset Manager BlackRock to Launch Crypto Trading Services (Report). The world’s largest asset manager – BlackRock – is reportedly planning to launch cryptocurrency trading services. This comes aboutApple’s after the company first expressed interest in bitcoin trading and rworld’sg owning stocks of BTC mining venues.
Apple’s New Feature to Let Merchants Accept Payments in Crypto. One of the world’s largest tech companies – Apple – unveiled a new feature that would enable iPhone users to conduct cryptocurrency payments across mBitfinex’snts, large retailers, and smaller businesses in the US.
Who Gets the Bitcoin Fortune? Everyone Lays Claims on Bitfinex’s Recovered $3.6M BTC. The US government has been able to recover nearly $3.6 billion worth of bitcoin. The big question now is who will get this fortune, as many people have already started to lay claworld’sthe previously lost cryptocurrency.
JPMorgan Increases Long-Term Bitcoin Price Prediction to $150,000. One of the world’s leading investment banks and financial institutions – JP Morgan – has updated what they consider to be the fair vaWon’trice for Bitcoin while also increasing their long-term BTC price prediction to a whopping $150,000 per coin.
Russia Won’t Ban Cryptocurrencies, Will Regulate Them Instead. The country of Russia has decided not to ban cryptocurrencies. Instead, they will be regulating. This comes amid heated discussions and wild speculations within the cryptocurrency community, ongoing for multiple weeks.
Charts
This week we have a chart analysis of Ethereum, Ripple, Cardano, Solana, and Shiba Inu – click here for the full price analysis.
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Cryptocurrency charts by TradingView.
Source: https://cryptopotato.com/bitcoin-explodes-18-in-a-week-total-market-cap-reclaims-2t-this-weeks-crypto-recap/