This week has been all about prices, hence the title. It appears that there’s tremendous anticipation for the approval of a spot Bitcoin ETF, which seems to be one of the main explanations given by many experts of the ongoing rally. A lot happened price-wise, so let’s unpack.
First things first, it’s important to note that the SEC is currently in a tight window to make a decision on whether or not they will approve a spot Bitcoin ETF. There’s the possibility of more delays, of course, but the market is optimistic. You can see that by the prices.
Bitcoin is currently trading above $37K, charting an increase of some 7.5% in the past seven days alone. The cryptocurrency even tried to surge past $38K yesterday, but the bulls didn’t have it in them (yet).
Nevertheless, it’s very critical to outline that while Bitcoin’s price has been rising, its dominance over the market has actually decreased. For those of you who don’t know, Bitcoin’s dominance is the metric that gauges its share relative to that of the rest of the market. In other words, the altcoin market outperformed BTC.
But was it all altcoins?
That’s far from the truth. Many of them performed on par or worse, but some took for the skies. Namely – Ethereum. ETH is up a whopping 16% over the past week. This comes on the back of news that the world’s largest asset manager – BlackRock – will be filing an application for a spot ETH ETF with the US SEC.
Elsewhere, Solana (SOL) is also off the charts. The cryptocurrency skyrocketed by another 28% over the past seven days. This comes on the back of a massive increase in the previous weeks, too. SOL is currently trading at around $51, while the value locked in the network reached highs not seen since FTX fell in 2021.
BNB, XRP, ADA, DOGE, LINK – all of these are also performing really well, which is the primary reason why BTC’s dominance is on the decline.
It’s interesting to see if this momentum will continue throughout the next weeks or if there’s a correction right around the corner.
Market Cap: $1.466T | 24H Vol: $138B | BTC Dominance: 49.8%
BTC: $37,394 (+7.5%) | ETH: $2097 (+16.1%) | BNB: $250 (+9.6%)
This Week’s Crypto Headlines You Better Not Miss
Here’s How FTX Could Be Revived According to SEC Chair Gary Gensler. The Chairman of the United States Securities Commission shared his remarks on the potential of FTX reopening. This has caused a massive uptick in the price of FTT.
Stablecoin Issuer Circle Explores 2024 IPO Possibility a Year After Failed SPAC Deal: Report. Circle is the world’s second-largest stablecoin issuer. According to some reports, the company is now looking into the possibility of becoming a publicly traded company in the early months of 2024.
Bitcoin Long-Term Holder Supply at an All-Time High Amid BTC’s Rally to $37K: Glassnode. It appears that the relative proportion of circulating supply that was held for more than a year currently hovers at all-time highs for several age bands. BTC seems to be in a relatively good fundamental position.
ETH Soars to $2K As BlackRock Signals Potential Ethereum ETF Filing. Ethereum (ETH) soared above $2,000 yesterday. The uptick seems to have been caused by the roaring confidence that a spot Ethereum (ETH) ETF application is being prepared by BlackRock.
Ark Invest and 21Shares Partner to Launch Digital Asset ETFs. Cathie Wood’s Ark Invest has partnered with 21Shares in preparation for launching digital asset ETFs. The debut should include a total of five unique products.
Daily Bitcoin Investors Are Up 40% In The Last 2 Years. Recent data shows that those who have been buying BTC daily since November 10th, 2021, are now at a 40% profit. This is mainly caused by the recent uptick in Bitcoin’s price.
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Solana, and Binance Coin – click here for the complete price analysis.
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