The total cryptocurrency market capitalization in the past seven days reached the $1 trillion mark after losing it in June. At the time of this writing, the market cap stands at $998 billion, according to data from CoinGecko.
A large part of the above drove the price of bitcoin. The cryptocurrency is up almost 9% over the past week and has managed to recover above $20K. In fact, it is currently trading at $21,300 for a 3% daily gain. BTC even briefly surged above $22K this Friday, but bears halted the move and pushed it down to trade currently.
The broader market also soared. Ethereum is up nearly 14% over the past seven days, followed by other major cryptocurrencies in the top 10. BNB is up 10%, similar to Solana. XRP and ADA are trailing with 3.9% and 2.2% respectively.
Bitcoin’s dominance – the metric that tracks its share relative to the rest of the market – rose about 1% during the week. This indicates that the primary cryptocurrency did better than the altcoin.
Interestingly, the increase has been due to more bad news from industry participants. Genesis Trading – another cryptocurrency lender – revealed that it has been in contact with bankrupt hedge fund Three Arrows Capital.
On the other hand, this week took another successful step towards the integration of Ethereum 2.0. The protocol’s public testnet – Cepolia – became the second major testnet to implement the merge, bringing the entire protocol closer to converting to proof-of-stake – an event that is sought and anticipated by the majority of the community at large.
However, it will be interesting to see how the market will continue to perform in the coming days. Bitcoin is trading in a considerable resistance area that has previously sent its price below $20K, and it is exciting to see if this timing will be different.
Market Cap: $990B | 24H Volume: $86B | BTC dominance: 41.5%
B T c: $21,502 (+9.6%) | ETH: $1,215 (14.9%) | ADA: $0.46 (2.7%)
This Week’s Crypto Headlines You Can’t Miss
Mount Gox releases update on creditor rehabilitation plan. The exchange is gearing up to repay its creditors, and the process could begin as early as August this year, with some being compensated directly in bitcoin. This has become clear in the latest statement.
Another crypto lender confirms exposure to Three Arrows Capital. Genesis Trading – a cryptocurrency lending firm owned by Digital Currency Group – confirmed that it also had exposure to the bankrupt hedge fund Three Arrows Capital (3AC). In a series of tweets, the company’s CEO revealed the results and how he plans to fight them.
Crema Finance Hacker accepted the bounty and returned the stolen funds worth over $7M. The hacker behind the exploits of Crema Finance has returned the stolen money after securing a successful negotiation deal. Solana-based Concentrated Liquidity Protocol has recovered $7 million in stolen funds.
Elon Musk’s Boring Company will accept Dogecoin payments for loop rides. One of Elon Musk’s firms – The Boring Company – will begin accepting Dogecoin (DOGE) payments for its loop rides. Customers will be able to pay with cryptocurrency when they ride using Tesla vehicles.
Ethereum’s Cepolia testnet undergoes merge upgrade. The public test of Ethereum – Cepolia – has become the second major one to implement the merger. This brings the protocol a major step closer to converting its consensus mechanism to Proof-of-Stake (PoS).
After suspending withdrawals, Voyager Digital files for Chapter 11 bankruptcy. Voyager Digital, along with two of its subsidiaries – filed for Chapter 11 bankruptcy with the Southern District of New York. This comes after the company stopped withdrawals on its platform long back.
This week we have chart analysis for Ethereum, Ripple, Cardano, Solana and Shiba Inu – click here for full price analysis.
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Cryptocurrency charts by TradingView.