Over the past seven days, we saw large-cap cryptocurrencies paint double-digit gains, pushing the total market cap up by $300 billion. This has also reduced Bitcoin’s dominance to about 44%.
The past seven days were particularly favorable for altcoins. This is mainly because bitcoin fails to produce any major gains in comparison, which has seen its total market dominance drop down to 44% – a level last seen back in 2018.
It’s worth noting that the primary cryptocurrency is up more than 6% on the weekly, which is in no way inconsiderable. Last weekend we saw an attempt for a breakout, but bears stepped in and prevented it. The same thing happened on Monday when BTC touched $59K only to go ahead and lose upwards of $5,000 of its dollar value on Wednesday.
Since then, bitcoin’s price has recovered and is currently standing at around $57,000. This indecisiveness, however, allowed altcoins to throw a party. Ethereum is up by 27%, XRP is up by about 17%, Cardano – by 30%, Litecoin – by 40%, and so forth.
The biggest sensation of the week, however, was Dogecoin. DOGE, the meme-inspired cryptocurrency that started out as a joke, is up a whopping 100% and set an all-time high slightly below $0.7. It sits on a total market cap of about $80 billion, which is more than the capitalization of the publicly traded Coinbase.
To put things in perspective, if American citizens who received the first $1,200 stimulus check last April had invested it in DOGE, they would now be sitting on a whopping $400,000.
Elsewhere, the week was quite eventful. One of the world’s leading online marketplaces, eBay, said that it’s looking into cryptocurrencies and might add them as a payment method at some point. The company also revealed that it’s following the NFT segment as well.
A major development for the entire industry came from the S&P Dow Jones Indices as they launched Bitcoin and Ethereum indices to facilitate retail investors in putting their money into the market.
All in all, it seems that the altcoin season continues with full force, and it’s very exciting to see how long it lasts.
Norway Minister of Climate and Environment Is a Bitcoin HODLer. The minister of Climate and Environment in Norway, Sveinung Rotevatn, openly praised Bitcoin and also said that he is holding the cryptocurrency. He didn’t specify how much he owns, but he did say that it’s a “well-suited store of value.”
Bitcoin Has No Existential Threats, Says Michael Saylor. According to one of Bitcoin’s biggest proponents – Michael Saylor – the primary cryptocurrency has no existential threats. He also asserted that the cryptocurrency would be the predominant store of value for the 21st century.
First $1,200 US Stimulus Check Put in Dogecoin Worth Over $400,000 Now. If invested in Dogecoin (DOGE), the first US stimulus check sent back in April 2020 would now be worth over $400,000. This represents the mind-boggling increase that the meme-inspired cryptocurrency achieved in the span of just one year.
eBay Contemplates Adding Crypto Payment Option on its Platform. One of the world’s leading online retailers, eBay, revealed that it considers adding cryptocurrencies as a payment method. The giant is also exploring the non-fungible token (NFT) industry.
S&P DJI Releases Bitcoin and Ethereum Indexes. The S&P Dow Jones Indices has launched three new cryptocurrency indexes – the S&P Bitcoin Index, S&p Ethereum Index, and S&P Crypto Mega Cap Index. The latter represents a combination of both bitcoin and ethereum.
Ripple Reports Double the XRP Sales For Q1, 2021. The fintech company behind XRP, Ripple, reported that it sold almost twice as much of its native XRP token compared to the last quarter of 2020. In total, the total XRP sales were worth $150.34 million, up 97% from Q4, 2020.