Ignoring all known rules of gravity, Bitcoin has taken for the skies, and it shows absolutely no signs of slowing down. This week the cryptocurrency is up by another 14% and is currently trading just about 6% below its all-time high of around $20,000 reached in December 2017.
The week started off fairly calmly, and some were even thinking that there is a correction incoming. This wasn’t the case, as right after the weekend, BTC started moving… up. It breached its former high on Wednesday and managed to break that record again today, hitting an intraweek high of around $18,850 on Binance.
The entire market cap reached $520 billion as all major cryptocurrencies are well in profit. Some of the most notable gainers include Litecoin, up 27%, Ripple up 21%, Polkadot, up 18%, and so forth.
It remains very interesting to see whether or not the current rally will go on or if there is a correction looming. So far, however, odds seem stacked in favor of the bulls.
DeFi markets also saw substantial increases over the past seven days. A wide range of tokens, including Sushi, Aave’s LEND, Compound, CRV, Yearn Finance’s YFI, and so forth, are charting double-digit increases throughout the past week.
Elsewhere, Ethereum’s Vitalik Buterin spoke of the upcoming network upgrade, hinting that the transition to proof-of-stake (PoS) might not actually occur for another year. While the ETH 2.0 depositor contract is live and has already seen more than 100,000 ETH going in, the network’s creator said that “less than a year is not realistic” when it comes to the merging.
In any case, this has been a very eventful week, and it’s very exciting to see how the market will shape up in the coming days. After all, we are so close to the all-time high!
Market Cap: $521B | 24H Vol: 147B | BTC Dominance: 66%
BTC: $18,600 (+14.54%) | ETH: $508.20 (+8.20%) | XRP: $0.319(+20.84%)
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After Buying Bitcoin at $800 in 2016, Mexico’s Second-Richest Man Doubles Down. Ricardo Salinas Pliego, the second-richest man in Mexico, revealed that he had bought Bitcoin back in 2016 when the price was just $800. He now doubled-down on his praises for the cryptocurrencies, outlining the flaws of fiat currencies in Latin countries.
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This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Litecoin, and Polkadot – click here for the full price analysis.
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