This Week In Crypto
Bitcoin is in the high $28,000’s this Friday afternoon as we close out the business week; here’s this week’s crypto recap:
Bitcoin Dominance Soars, Altcoins Collapse, Terra 2.0 Underway: This Week’s Crypto Recap
The past week saw a new trend starting to take shape within the cryptocurrency markets – one where Bitcoin remains relatively stable, whereas altcoins suffer. This has had its own consequences, so let’s unpack.
Over the past seven days, Bitcoin’s price declined by 4%. Even though this may sound like a considerable drop, the broader market took a heavier beating. Altcoins came crashing down a lot harder than BTC, which resulted in a soaring Bitcoin dominance.
This is the metric that gauges BTC’s share relative to that of the entire market, and in the past week alone, it soared by almost 2.5% and currently sits at around 46%. With this being said, BTC’s price currently sits at around $29,000 after having dipped towards $28K earlier in the week. The cryptocurrency has closed the past eight weeks in the red, and it’s interesting to see how Sunday’s candle will shape up. All of the above resulted in a total loss of about $70 billion in terms of total market capitalization.
This was further attributed to the crash of the altcoins. Ethereum lost around 12% in a week, followed by ADA – down 12.2%, and Solana which saw a whopping 19% of its dollar value disappear. In fact, ETH hasn’t been trading this low against BTC since October last year. AVAX crashed even harder, losing 24% in the past seven days. Amid this bloodbath, TRX has appeared as the only top 20 cryptocurrency in the green. This is largely attributed to the release of its USDD algorithmic stablecoin.