This week saw the cryptocurrency market reclaim the coveted $2 trillion market cap as the BTC price exploded by a whopping 18% in seven days.
It’s been a very positive week for the entire cryptocurrency market. Following a prolonged period of depressing price action, the market finally bounced and managed to reclaim the coveted $2 trillion total capitalization. Let’s have a look at how it happened.
Bitcoin’s price was trading at about $40,000 last week when on Saturday, it surged convincingly and consolidated around $41,500. The cryptocurrency spent a few days there, but all this changed on Monday when bulls took control. BTC tested $43K on Monday but was unable to conquer this level just yet. However, it did so with style on Tuesday when it was already trying to break past the $45K level. It failed to do so and retraced and was trading in a chop between $43K and $45K. Yesterday, when the CPI numbers for January, BTC saw tremendous volatility, losing $2K and recovering it in less than an hour, leaving millions of liquidations. Since then, the market has retraced to where it currently sits.
The rest of the market also performed very well. Ethereum is up 16%, Binance Coin is up 11.8%, while Ripple exploded by 33%. Shiba Inu – arguably one of the most popular memecoins in the industry – surged by a whopping 52% and is now the 14th largest cryptocurrency in terms of total market capitalization.
All of this happened in a week where Binance announced a $200 million stake in one of the world’s most prominent media – Forbes, while BlackRock – the biggest asset manager – is expected to launch cryptocurrency trading services.This is all you need not to miss any price action in the raging crypto markets. Start receiving this recap, for free, every day:The market sentiment has changed to somewhat positive, and it’s very exciting to see how the next seven days will shape up.
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