Over the past seven days, Bitcoin gained more than $11,000 to break above the coveted mark of $40,000. Meanwhile, the entire cryptocurrency market cap surged above $1 trillion for the first time in history.
The week started off with bitcoin’s price trading around $29,000, but no one was expecting what happened next. Day after day, BTC continued charting new highs until, finally, it broke above the coveted $40,000 mark yesterday. The current all-time high sits at $42,000
The move-up was also marked by substantial volatility. For example, just last night, BTC hit $40,000, but in the same hour, it also dropped to $36,000 and recovered to $39,000. This makes it particularly dangerous for people who are overly exposed to overleveraged positions, and the total liquidation data confirms it. Throughout the last day, over $1.5 billion of both long and short positions were liquidated.
In any case, the growth is seen in the entire market, and it’s evident from its trillion-dollar valuation – a milestone that we hadn’t seen before.
The week also saw some major news breaking out. The US Office of the Comptroller of the Currency (OCC) has allowed the country’s banks to use stablecoins and blockchains for payment settlement, which is a serious step in the overall adoption of cryptocurrencies. In the spirit of maturity, BitMEX – one of the world’s leading crypto derivative exchanges, also reported that 100% of its trader base and trading volume are now 100% verified. This follows the charges pressed by the US Commodity and Futures Trading Commission (CFTC) from back in October last year.
Meanwhile, Bitcoin’s impressive performance has also sparked numerous renowned analysts to give their prognosis, much like it happened back in 2017. Mike McGlone, a senior commodity strategist at Bloomberg, said that it’s much more likely for the cryptocurrency to hit $50K than it is for it to fall back to $20,000.
The week was also positive for Ethereum’s ETH, which is currently trading around the $1,200 mark for total weekly gains of about 67%. Interestingly enough, over 99% of Ethereum’s addresses are currently in profit.
Market Cap: $1,088B | 24H Vol: 194B | BTC Dominance: 70,4%
BTC: $41,282 (+40.72%) | ETH: $641 (+1,230(+67.04%) | XRP: $0.319 (+33.7%)