It’s been an interesting week in the cryptocurrency space, and finally, we saw some green. The market recovered the coveted $2 trillion total capitalization mark as the majority of the cryptocurrencies charted considerable gains. All in all, the total market cap is up by some $200 billion in the past seven days.
Bitcoin surged by 8.4% over the same period and tested the important technical resistance at $45,000. This is the third time the cryptocurrency is coming against this level, and it’s very important to see how it would perform this time.
The majority of cryptocurrencies also followed suit, and most of them are in the green, albeit some performed a lot stronger than others. The case in point is Cardano’s ADA which exploded by a whopping 32% on the weekly, reclaimed the $1 level, and even tested the $1.2 resistance. At the time of this writing, though, it failed to overcome it.
The altcoins, in general, performed really well. Ethereum is up 11%, BNB lags behind with 5.6%. Solana managed to increase by 14% – the same as Dogecoin.
We also had some big infrastructural developments this year. The oil and gas giant Exxon said that they will be using excess natural gas to mine Bitcoin. This is a big deal. Exxon is a huge player in the oil production field, and it could deliver a convincing case study on BTC mining being used to stabilize excessive production – not just in oil, but in general.
Meanwhile, the central bank of the United Kingdom – the Bank of England – also seems to be stepping up its efforts to regulate the industry. It prompted local banks to provide details on how they treat the asset class and gave them time until the beginning of June this year.
All in all, the week was fruitful, with meaningful developments that were properly reflected in the price action. With this said, it’s interesting to see if the momentum can transition to next week.
Market Cap: $2,090B | 24H Vol: $103B | BTC Dominance: 40.4%
BTC: $44,300 (+8.4%) | ETH: $3,128 (+11%) | ADA: $1.10 (+32%)
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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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