BITCOIN TAPS $39K, MICROSTRATEGY BUYS $600M WORTH OF BTC, MARKET REMAINS CALM: THIS WEEK’S CRYPTO RECAP
The cryptocurrency market increased throughout the past seven days, tapping over $1.5 trillion in terms of total capitalization. A lot of the gains are coming on the back of Bitcoin, which tested $39K for the first time in quite a while. With many analysts firmly bullish, let’s dive into what happened over the past week.
Bitcoin’s bullish foothold continues, with traders setting their sights at $40K. The cryptocurrency was able to increase by a modest 1.4% throughout the past seven days, with most of it coming in the last 24 hours. BTC’s price soared toward $39K today (Friday) – a price that’s not seen since last year.
Bitcoin’s dominance also increased by some 0.2% over the same period. This is the metric people use to gauge BTC’s share relative to that of the rest of the market. When it’s on the rise, it means that the primary cryptocurrency is outperforming the entire altcoin market. That’s what seems to be happening in the last seven days.
Speaking of the altcoin market, the results are somewhat mixed. Ethereum is down 1.1% in the last week and it’s trading at $2,078. BNB and XRP are charting declines of around 2%, while the best-performing cryptocurrency from the top 10 (by market cap) is Solana (SOL), which is up 4.1% and is trading above $60 at the time of this writing.
News-wise, the week was relatively calm compared to the previous ones, which had to deal with the fallout of the deal between Binance and the US Department of Justice. The market seems to have priced the news in already.
Nevertheless, MicroStrategy didn’t fail to surprise the community. The company, spearheaded by one of Bitcoin’s most vocal proponents – Michael Saylor – bought another $600M worth of BTC.
Entering December, the market seems heated. It’s very interesting to see what the days ahead of us have in store and whether BTC will continue increasing or it will correct.
