Bitcoin Fails to Conquer $30K, Ethereum PoS Merge on Ropsten Testnet Successful: This Week’s Crypto Recap

As it was an eventful week, it failed to make a decisive change in any direction. The market is more or less recording a slight decline at the level of seven days ago.

Starting with bitcoin, the cryptocurrency went on a roller coaster last week. Seven days ago, it was trading at almost the same level as it is now – $29,500. However, as Monday morning approached, BTC started an upward move, reaching $31,500 but failed to counter the $32K level. At this point, sellers stepped up and pushed the price back to $30K on Tuesday.

The next day, the bulls again gave it a go and tested the crucial $32K level once again. Unfortunately, they were unable to win it, eventually losing the battle and even confiscating $30K as the cryptocurrency is currently trading lower.

The rest of the market is also painted red. Ethereum is down 4.9% for the week. However, from a fundamental point of view, the situation looks promising for ETH. The developers were successful in merging the Proof-of-Stake consensus algorithm into the Ropsten testnet – a significant step towards ETH 2.0.

BNB is down 3.9%, XRP is down 3.8%, SOL – 6.2%, DOT – 10%, and so forth. Cardano is the only top 10 cryptocurrency that hasn’t charted a decline, but is only up 1% at the time of writing.

At the same time, bitcoin’s dominance – a measure of its share compared to the rest of the market – increased by about 0.3%. This shows that BTC has managed to outperform altcoins in terms of price.

There have been some more interesting developments in the past week. Stablecoin leader – Tether (USDT) – launched on Tezos, causing a significant increase in the price of its native cryptocurrency – XTZ. Furthermore, Sir Anthony Hopkins also jumped on the bandwagon of non-fungible tokens and even asked Snoop Dogg and Jimmy Fallon for some advice.

It will be interesting to see how the next seven days will shape the cryptocurrency market and if this choppy sideways action continues.

market data

Market Cap: $1,267B | 24H Volume: $65B | BTC dominance: 44.5%

B T c: $29,597 (-1.9%) | ETH: $1,742 (-4.9%) | ADA: $0.59 (+1%)

This Week’s Crypto Headlines You Can’t Miss

Should Kwon and Terraform Labs Follow Up on SEC Investigations After Losing Appeal Case? Whether Kwon and Terraform Labs are facing extensive scrutiny from various authorities. The US and South Korea are the latest since the court ruling led to an application by the US SEC to order the company and its co-founders to comply with the subpoena.

Oscar-winning actor Anthony Hopkins asked Snoop Dogg and Jimmy Fallon about NFTs. Legendary Oscar winning actor Sir Anthony Hopkins is entering NFT. He sought advice from rapper Snoop Dogg and late night show host Jimmy Fallon.

Apcoin is still not moving away from the Ethereum ecosystem. Despite talks of departure from Ethereum, a community proposal was firm on the fact that AppCoin should remain on the network and also take advantage of layer-2 scaling solutions.

20 million optimism tokens (OPs) were swiped after a transfer error. Shortly after the official release, Optimism – an Ethereum layer-2 scaling solution – was used for 20 million tokens. The team has already reached out to the hacker and is hoping for assistance, or it will approach the relevant authorities.

Stablecoin leader Tether (USDT) has launched on the Tezos blockchain. The leading stablecoin – USDT – has been launched on the Tezos Blockchain. This caused XTZ – the network’s native cryptocurrency – to skyrocket to monthly highs following the news.

The Ethereum Proof of Stake merge goes live on the Ropsten testnet. Ethereum’s oldest testnet – Ropsten – is now using a proof-of-stake consensus algorithm to generate its blocks, moving away from proof-of-work mining. This comes in the wake of growing anticipation of the upcoming mainnet merge of ETH 2.0.

Chart

This week we have chart analysis for Ethereum, Ripple, Solana, Chainlink and NEAR – click here for full price analysis.