LIVEBitcoin Explodes to $37K, Ethereum Reclaims $2K, Solana Rallies Beyond $50: This Week’s Crypto Recap 🤑🤑🚀🚀
This week has been all about prices, hence the title. It appears that there’s tremendous anticipation for the approval of a spot Bitcoin ETF, which seems to be one of the main explanations given by many experts of the ongoing rally. A lot happened price-wise, so let’s unpack.
First things first, it’s important to note that the SEC is currently in a tight window to make a decision on whether or not they will approve a spot Bitcoin ETF. There’s the possibility of more delays, of course, but the market is optimistic. You can see that by the prices.
Bitcoin is currently trading above $37K, charting an increase of some 7.5% in the past seven days alone. The cryptocurrency even tried to surge past $38K yesterday, but the bulls didn’t have it in them (yet).
Nevertheless, it’s very critical to outline that while Bitcoin’s price has been rising, its dominance over the market has actually decreased. For those of you who don’t know, Bitcoin’s dominance is the metric that gauges its share relative to that of the rest of the market. In other words, the altcoin market outperformed BTC.
But was it all altcoins?
That’s far from the truth. Many of them performed on par or worse, but some took for the skies. Namely – Ethereum. ETH is up a whopping 16% over the past week. This comes on the back of news that the world’s largest asset manager – BlackRock – will be filing an application for a spot ETH ETF with the US SEC.
Elsewhere, Solana (SOL) is also off the charts. The cryptocurrency skyrocketed by another 28% over the past seven days. This comes on the back of a massive increase in the previous weeks, too. SOL is currently trading at around $51, while the value locked in the network reached highs not seen since FTX fell in 2021.
BNB, XRP, ADA, DOGE, LINK – all of these are also performing really well, which is the primary reason why BTC’s dominance is on the decline.
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