Bitcoin Flat at $ 61,000, roller coaster of SHIB and market cap hitting ATH: this week’s crypto recap
It has been a very dynamic week in the cryptocurrency industry, although it may not seem the case judging by the price of Bitcoin. And yet, we’ve seen a lot of action in the altcoin scene, especially with memecoins and gambling projects to win, so let’s dive in.
Initially, Bitcoin did not produce any significant gains over the past week and only increased by around 0.6% throughout the period. Still, it wasn’t exactly smooth sailing as the price dropped to $ 60,000 on Monday, only to rebound above $ 64,000 on Tuesday. Unfortunately, it hasn’t been able to hold its own there, and it’s trading at around $ 61,000 at the time of this writing.
Shiba Inu, on the other hand, saw a lot of action. Unfortunately for the bulls, it was not very positive. The cryptocurrency has fallen by around 17% in the past seven days, with one of the biggest holders starting to move coins. This might have sparked fear in the market, and the results are evident.
Elsewhere, we’ve seen plenty of cryptocurrencies native to play-to-earn (P2E) projects popping up as soon as Facebook announced it was going to change its name to Meta. Mark Zuckerberg’s goal seems to be remembered as one of the builders of the Metaverse. It didn’t take long for the market to react, and the next day projects like Decentraland, The Sandbox, and Axie Infinity started to soar.
It’s also important to point out that New York’s newly elected mayor – Eric Adams – is a Bitcoin bull. He even said he would receive his first three salaries in BTC. NYC is one of the biggest economic hubs in the world, and the mayor seems intent on turning it into a crypto-native place as well. This is a promising development, and worth pursuing.
Either way, the market cap managed to hit a new all-time high this week, signaling that the bulls are still in play, despite the fact that Bitcoin’s price was rather shaky.
Market capitalization: $ 2,835 billion | 24H Flight: 153B | BTC dominance: 40.6%
CTB: $ 61,082 (+ 0.06%) | ETH: $ 4,494 (+ 4.8%) | BNB: $ 613 (+ 24.7%)
This week’s crypto headlines you shouldn’t miss
Bulls Eye November: Historically the best month for the price of Bitcoin. Comparing Bitcoin’s historical price performance reveals that November has been the best month for this so far. This raises the question of whether history will repeat itself, especially after the very positive October.
Happy Birthday: 13 years ago, Satoshi Nakamoto published the Bitcoin white paper. Thirteen years have passed since Bitcoin’s pseudonymous creator – Satoshi Nakamoto – published the cryptocurrency white paper. It goes without saying that in this relatively short period the industry has grown a lot.
SushiSwap’s Shoyu Showcase campaign launched: harnesses the abilities of the metaverse. SushiSwap’s Shoyu is now officially live. This is the project’s NFT and metaverse platform. Now the v0 showcase campaign will continue for ten weeks after the successful rollout.
Will New York turn into a Bitcoin hub under the leadership of newly elected mayor Eric Adams? Eric Adams, a representative of the Democratic Party in the United States, won the election to become the new mayor of New York. He is also a Bitcoin bull and has already agreed to receive his first three salaries in BTC.
The mayor of Miami will become the first American politician to receive his salary in Bitcoin. Miami mayor – Francis Suarez – who is well known as a prominent Bitcoin and crypto bull, became the first American politician to take his salary in Bitcoin.
Ethereum hits new all-time high above $ 4,600 as CME announces Micro ETH futures. Ethereum’s price hit another all-time high earlier this week. This follows an announcement from CME, revealing that they will be issuing micro ET futures.
This week we have a graphical analysis of Ethereum, Cardano, Polkadot, Solana and Shiba Inu – click here for the full price analysis.
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