There are no boring days in crypto. This week was the definitive proof of this. We saw something insane happen literally every day from the past seven, so let’s start with Bitcoin.
This time last week, there were already some signs of indecisiveness in bitcoin’s price, which was approaching $60K. On Sunday, though, bulls stepped in and pushed the price up to $64K, where it stayed for about a day. On Wednesday, we saw two consecutive drops, which led to the price testing the support around $58K. Fortunately, it held, and BTC recovered to around $61K where it currently trades.
Ethereum is the other cryptocurrency that took center stage today. The price finally managed to break its previous all-time high, peaking at around $4,400 – a slightly underwhelming performance as everyone seems to have expected a more definitive surge.
All of the above pales in comparison to what SHIB did. Shiba Inu – the memecoin that everyone is now talking about, increased by another 160% over the past seven days and flipped Dogecoin in terms of total market capitalization. The cryptocurrency is now over 100,000,000% up in 2021, meaning that a $1 investment would now be worth – yes, you guessed it, $1 million.
Naturally, this led to other memecoins also pop in valuation. Floki Inu – a coin that’s admittedly inspired by SHIB, is up 266% in the past week. Interestingly enough, the cryptocurrency has a very serious marketing campaign going on for it. In fact, it’s even advertised in physical locations such as London’s metro and public transport.
Meanwhile, El Salvador continues to invest in Bitcoin. The president announced that they bought an additional 420 more bitcoins, putting the country’s total stash at 1120 BTC, which is already in profit. The value locked in DeFi protocols also surged to a new all-time high.
Today, play2earn cryptocurrencies such as Axies Infinity, Decentraland, and The Sandbox, exploded in price following Facebook’s announcement that they are rebranding to Meta. The social media behemoth now aims to invest $10 billion into building the Metaverse.
It’s been a crazy few weeks in the cryptocurrency market, and there are no signs that all of this will stop anytime soon. It’s interesting to see what the next seven days have in store – probably something just as exciting.
Market Cap: $2,737B | 24H Vol: 186B | BTC Dominance: 42.2%
BTC: $61,256 (-2.1%%) | ETH: $4,350 (+6.8%) | ADA: $2.00 (-6.6%)
This Week’s Crypto Headlines You Can’t Miss
Why Is Shiba Inu (SHIB) Up Over 100,000,000% This Year: A Closer Look. Shiba Inu (SHIB) is up over one hundred million percent in 2021. In this article, we take a closer look into why this became possible and what we could possibly expect going forward.
Ethereum’s Turn: ETH Records New All-time High, Surpassing May 2021’s Peak. Not so long after Bitcoin, Ethereum also reached an all-time high. its price peaked above $4,400 on October 29th as the entire market bounces from a dip in the past few days.
El Salvador Buys The Dip: 420 More Bitcoins —And The Investment Is Already Profitable. The country of El Salvador purchased another 420 bitcoins and added them to its stash. It now has 1120 BTC, and the investment appears to already be in profit.
DeFi TVL Smashes Past $236B, Biggest Contributors include Ethereum, Fantom, Solana. The total value locked across DeFi protocols on all the popular networks surged above $236 billion this week. The biggest contributors to this, somehow expectedly, include Ethereum, Fantom, and Solana.
US SEC May Steer Stablecoin Regulation, New Rules to be Detailed Soon (Report). According to a recent report, the US Securities and Exchange Commission is gearing up to propose new regulations for the stablecoin market. This comes as the segment exceeds $130 billion and is shaping up as an important pillar of the crypto field.
Bakkt’s Stocks Surged 270% Following Partnerships With Mastercard and Fiserv. The stocks of the popular Bakkt exchange surged 270% following the announcement of partnerships with Mastercard and Fiserv. Mastercard reportedly plans to integrate digital assets into a lot of its products and will rely on Bakkt for its happening.
This week we have a chart analysis of Ethereum, Cardano, Ripple, Shiba Inu, and Dogecoin – click here for the full price analysis.
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.