Bitcoin Flirts With ATH as Dog Meme Coins like Shiba Inu Take Center Stage: This Week’s Crypto Recap

9 months ago 4

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The market continues going up only. The total capitalization is fast approaching the coveted $3 trillion, currently sitting at around $2.72T, adding around $300 billion in the past seven days alone. This comes on the back of major gains across the entire sector, so let’s dive right into it.

Starting with Bitcoin – what a week! We saw it all – BTC tapping its former all-time high of around $69,000 earlier on Tuesday. But while everyone was celebrating, the bears had a different idea. The market crashed immediately, sending BTC below $60K in mere hours after it had tapped its former all-time high.

Havoc was wrecked. Altcoins plunged 20%, 30%, and even 40% here and there. Liquidations reached a whopping $1 billion – a number that we hadn’t seen in years. But once the dust was settled, the market resumed its upward trajectory.

And one specific subset of cryptocurrency absolutely exploded.

Meme coins. The most polarizing topic in the industry. Meme coins like Dogecoin (up 37.1%), Shiba Inu (up 173.4%), Floki (up 273%), Dogwifhat (up 116%) – all of them are soaring in value. But it’s not just dog-themed coins – PEPE, for instance, also exploded by over 33% in the past week.

Meanwhile, large-cap cryptocurrencies like Ethereum, Solana, and Binance Coin – are making rounds, too. ETH is up 16%, SOL – 15%, NB – 20%, and so forth.

As a matter of fact, Ethereum is on the verge of breaking above a critical technical and psychological level at $4,000.

All in all, the market is booming with excitement. The interesting thing is that this rally seems to have surprised the majority, as most analyst seem to agree that it was expected after the Bitcoin halving, which is yet to take place in April.

Market Data

Market Cap: $2.72T | 24H Vol: $148B | BTC Dominance: 49.3%

BTC: $68,832 (+11%) | ETH: $3,975 (+16%) | BNB: $485 (+19.8%)

This Week’s Crypto Headlines You Can’t Miss

Bitcoin Miners Earned $75.9 Million in Daily Revenue, Second-Highest in History. The meteoric ascend in Bitcoin’s price has been well-received by miners. This important cohort for the general well-being of the network has been making bank, earning $65.9 million in daily revenue – the second-highest in history.

Is Ethereum (ETH) a Security? SEC Chair Still Won’t Say. The age-old question – is Ether (ETH) a security or a commodity in the eyes of the US Securities and Exchange Commission? Well, the agency’s Chairman – Gary Gensler – still won’t give a straight answer in his recent appearance.

FTX, Alameda Settle with BlockFi, Set to Pay $874 Million. BlockFi has settled with FTX and Alameda – a pivotal moment for its bankruptcy and reorganization strategy. According to it, FTX has committed to pay up to $874.5 million, marking a potential resolution in the dispute.

Solana Sees Explosive Growth in DEX Trading Volume, Surpasses $2B Mark Multiple Times. Solana knows one way, and that way is up. The cryptocurrency sees growing interest left and right, with its DeFi ecosystem booming, propelling the trading volume above $2 billion on multiple occasions.

BlackRock Wants to Buy Spot Bitcoin ETFs for Global Allocation Fund. BlackRock is the world’s largest asset manager, responsible for managing trillions of dollars. That company has gone out, saying they want to buy spot Bitcoin ETFs for its Global Allocation Fund.

Bitcoin (BTC) Price Has Not Peaked Yet, According to This Metric. Bitcoin’s price is yet to find a local top. That’s according to numerous on-chain metrics and the way they’ve performed in previous cycles. One of them is the number of active addresses.