Bitcoin Bull Run Temporarily Halted as Altcoin Season Kicks In: This Week’s Crypto Recap

11 months ago 6

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The past seven days saw the total cryptocurrency market capitalization increase by close to $20 billion, and it currently stands at $1.75 trillion. The interesting bit is that all of the gains come on the back of an increase in the altcoin market, rather than Bitcoin, which failed to perform as well.

In fact, Bitcoin’s price dropped by around 2.1% in the past week, trading at $42,750 at the time of this writing. Its dominance is down substantially, further adding to the premise of an ongoing altseason.

And while the price struggled, BTC saw positive developments across other avenues. For example, the number of bitcoins that exited centralized exchanges on Wednesday this week exceeded $1.19 billion (28K BTC). For reference, the last time this number was higher was back on December 14th, 2022.

Exchange outflows are usually perceived as positive for the market since they alleviate immediate selling pressure.

Elsewhere, Bitcoin’s total hashrate also skyrocketed to a new all-time high of 544 exahashes this week. Increasing hashrate means improved network security and greater involvement on behalf of miners.

But enough about Bitcoin, let’s have a look at the altcoin market.

For once, Solana is undoubtedly amongst the week’s best performers from the top 10 cryptocurrencies by means of total market cap. SOL’s price shot up by about 15%, exceeding $100 and leading the altcoin rally.

Binance Coin seems to be the one that surprised most as it exploded by 17% in the last seven days, reclaiming its spot as the 4th largest coin and trading above $300 for the first time in a while.

Ethereum (ETH), Ripple (XRP), Cardano (ADA), Dogecoin (DOGE), and TRON (TRX) are all charting very small movements over the same period. Avalanche (AVAX), however, failed to capitalize on the ongoing altcoin boom and declined by 9%.

All in all, the market’s been incredibly dynamic over the past seven days, and it’s very interesting to see how it will develop in the upcoming 2024.

Market Data

Market Cap: $1.754T | 24H Vol: $109B | BTC Dominance: 47.7%

BTC: $42,750 (-2.1%) | ETH: $2,351 (+0.6%) | BNB: $314 (+16.4%)

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