Market capitalization increases for 6th week driven by DOT, SOL wins

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Total cryptocurrency market cap is heading for a sixth consecutive weekly increase, after hitting a record high of $ 2.77 billion (£ 2.06 billion) on Wednesday on strong rallies in digital coins , in particular the pieces polkadot, solana and binance. Bitcoin, the largest and oldest, missed out on this week’s action, mostly stagnating over the period.

Polkadot is up nearly 23% in the past seven days, while solana has gained around 22%. Both hit all-time highs this week, as has Ethereum, the second-largest virtual currency. Shiba Inu, which garnered a lot of attention last week by climbing to new highs, caused losses this week among tokens with a market cap of over $ 10 billion, dropping nearly 30%. The memes-themed coin has now disappeared from the list of top 10 digital currencies.

Bitcoin linked to the beach; resistance to $ 64,000

Bitcoin was little changed this week and is down about 8% from a record high of almost $ 67,000 reached on October 21. Over the past few weeks, the coin has consolidated in a range between $ 64,000 and around $ 61,500, and could see the next significant price action episode only when one of those levels is broken, according to Michaël van der Poppe, analyst and CEO of crypto and education consulting. EightBV platform.

“Right now we’re just jumping and the real move will happen when bitcoin clearly breaks through one of the two levels,” van der Poppen said in his latest market analysis posted on YouTube. , he would then target the level of $ 60,000 and $ 57,000 beyond, he added.

On the flip side, “Breaking $ 64,000 would lead to a pretty bullish expansion as there aren’t many levels in between. $ 64,000 is the clear resistance of the high range, then we have the all-time high and that’s about it. So I guess if we’re going to get into that range again, we’re going to get a clear breaker and head to a new all-time high.

Other crypto news:

Australia’s banking watchdog has said it will review the country’s largest banking initiative to introduce crypto accounts for retail consumers, Reuters reports. Earlier this week, the Commonwealth Bank of Australia said it would welcome a clear regulatory framework on cryptocurrencies, according to Reuters.

Quote of the day

Eric Adams, recently elected mayor of New York, had previously expressed ambition to make “the city the center of the cryptocurrency industry”

“In New York, we’re always going big, so I’m going to take my first THREE Bitcoin paychecks when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing innovative industries. ! Wait ! “

Overview of the biggest coins by market capitalization

  • Bitcoin was stable, gaining 0.34% and trading at $ 61,399.67.
  • ether added 1.15% to $ 4,480.52.
  • The binance coin rose 8.56% to $ 608.22.

Winners and losers

  • The Shiba Inu rally is the case last week as the meme-coin is now down 24.66% week-on-week.
  • Polkadot and Solana, on the other hand, are the winners of the week, adding 22.14% and 20.88% respectively over the last seven days.

Read more: Crypto Regulation Explained: How It Could Affect Investors

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