This week was entirely positive in the cryptocurrency market as almost everything is trading well in the green. It wasn’t without its hurdles, so let’s jump straight to it.
Bitcoin managed to push towards $48K last Friday, but the week was filled with choppy price action and a somewhat expected downturn. By Thursday, BTC’s price was in the low $44,000’s, and that’s when the bulls stepped in.
On that day, the price shot up and tested $47K – a level that got left behind in the dust today. At the time of this writing, BTC is testing $49K for a total of 7% daily increase, bringing the weekly gains to just shy of 10%. It’s important to keep monitoring the price action and whether or not we can see a daily candle closing above the important resistance of $48.1K and flip it into support. If that happens, it might be a positive sign for a potential push to $50K and above.
The rest of the market is even greener. Most notably, the center stage was occupied by Cardano. ADA is up a whopping 40% in the past seven days and even managed to break its former all-time high. Other considerable gains were charted by XRP (32%), DOGE (24%), DOT (35%), and so forth.
Solidifying its stage in the top 10 was also Solana’s SOL. It’s up by a staggering 78% in the past seven days on the back of many developments in its ecosystem and a booming community.
It’s also important to note that all of this comes at a time when the major cryptocurrency exchange – Binance, is doing everything it can to satisfy the growing regulatory demands. Just today, it announced that KYC is now absolutely mandatory for all of its services – a serious move to keep in mind.
Market Cap: $2160B | 24H Vol: 135B | BTC Dominance: 42.4%
BTC: $48,750 (+9.5%) | ETH: $3,262 (+7%) | XRP: $1.26 (+32%)
This Week’s Crypto Headlines You Can’t Miss
Coinbase to Buy $500M of Cryptocurrencies and Invest 10% of Profits, Says CEO. Brian Armstrong, the CEO of Coinbase, said that the leading US-based cryptocurrency exchange has received board approval to allocate upwards of $500M in different cryptocurrencies, including Bitcoin and Ethereum.
World’s Largest Asset Manager BlackRock Owns $383M of Bitcoin Miners Stocks: Report. The leading asset manager in the entire world, BlackRock, has allocated around $400 million to two different Bitcoin mining companies – as of June 30th. This became clear in a mandatory filing with the US Securities and Exchange Commission.
Wells Fargo Files to Launch a Bitcoin Fund. The US-based multinational banking giant Wells Fargo has filed with the SEC to register a Bitcoin fund. This comes a few months after dabbling with the idea of getting on the cryptocurrency bandwagon.
Polkadot’s Kusama (KSM) Announces the Next 5 Parachain Auctions. Following the success of its first five parachain slots, Polkadot’s Canary network – Kusama – announced the schedule for the next five auctions. The native cryptocurrency, KSM, responded well to the news, surging quite a bit after it.
Dogecoin Still in the Lead on Robinhood in Q2, Accounts For 62% of Crypto Revenue. Despite the considerable reduction in the hype around Dogecoin, the cryptocurrency is still an apparent favorite among retail traders. This became clear as Robinhood revealed that it accounts for 62% of its revenue in the second quarter of this year.
Binance Rolls Out Mandatory KYC Requirements Amid Regulatory Woes. The leading cryptocurrency exchange – Binance – has made know-your-customer (KYC) verification absolutely mandatory for all users of all services on the platform. This became clear earlier on Friday.
This week we have a chart analysis of Ethereum, Ripple, Cardano, Polkadot, and Solana – click here for the full price analysis.
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Cryptocurrency charts by TradingView.