In the last seven days, the cryptocurrency market has exploded in terms of price action, with the total market capitalization currently sitting at around $950 billion, up over $100 billion during this period. The market reacted favorably to the release of the CPI figures, which were in line with expectations.
This was due to many cryptocurrencies, including Bitcoin, which was up 14.3% over the past seven days. At the time of writing, BTC is hovering around $19,000, having added more than 5.5% in the last 24 hours alone. This is an impressive performance, and it shows.
Bitcoin’s dominance, which is commonly used to measure its share relative to the rest of the market, sits just shy of 39%, a significant increase over the past seven days. This indicates that BTC has managed to outperform the altcoin market over the period. Speaking of the latter, ETH was also up around 13.6%, BNB added 12% and DOGE too. Cardano and Solana performed better, both posting gains of over 20%.
While we’re still on the subject of altcoins, it’s impossible not to mention Ethereum’s liquid staking protocols such as Lido (LDO), Frax (FXS), Stafi (FIS), StakeWise (SWISE), and others. Most of these cryptocurrencies have gained more than 70% in the past week, as the long-awaited Shanghai upgrade for Ethereum is scheduled for March. It will allow participants to withdraw their ETH from the Beacon escrow contract, and the narrative seems to be that platforms that allow for liquid ETH participation will benefit.
In the meantime, aside from the pricing-related developments, there is more news on the FTX front. It appears that the exchange has been able to “locate” some $5 billion in liquid assets and more in assets that they admitted would be difficult to liquidate. This gives some hope to the millions of creditors of the bankrupt exchange house.
Sam Bankman-Fried also blogged about the exchange’s (in)solvency, but revealed nothing that he or the liquidators hadn’t already disclosed.
All in all, the market appears to be on its way to recovery, and it is exciting to see if it will continue in the coming days and weeks.
market data
Market Cap: $950 Billion | 24H Volume: 74B | BTC dominance: 38.9%
Bitcoin: $19,230 (+14.3%) | ETH: $1,420 (+13.6%) | bnb: $288 (12.5%)
This Week’s Crypto Headlines You Better Not Miss
Binance gets regulatory approval in Sweden. Binance, the world’s leading cryptocurrency exchange by users and trading volume, has obtained Swedish approval to operate as a financial institution for managing and trading virtual currency. Sweden becomes the seventh EU jurisdiction to give Binance the green light.
Coinbase rules out 950 people citing the current economic climate. US-based cryptocurrency exchange Coinbase continues to let people go, this time laying off 950 of its employees. CEO Brian Armstrong said part of the reasons include the current economic climate and his efforts to optimize operating expenses.
Ethereum’s Shanghai public testnet will hit the ground at the end of February. The long-awaited Shanghai update seems to be just around the corner. The developers consider March as the release date. It will allow ETH participants to withdraw their tokens from the Beacon Depositor contract.
FTX Locates $5 Billion In Assets, Lawyer Says: Report. Earlier this week, a bankruptcy lawyer revealed that FTX has managed to locate assets worth more than $5 billion. This does not include the $450 million that the Bahamas Securities and Exchange Commission is holding.
Reportedly, the NEXO offices in Bulgaria were raided by the authorities. Popular cryptocurrency lender Nexo saw its offices in Bulgaria raided by local authorities. Prosecutors have launched pre-trial proceedings, investigating the company for money laundering, tax fraud, computer fraud and others.
Bitcoin volatility improves as US CPI numbers register 6.5%. The US Bureau of Labor Statistics released the CPI figures for December and they are in line with the 6.5% expected. This is the most widely used metric to measure inflation levels in the country.
Graphics
This week we have a graphic analysis of Ethereum, Ripple, Cardano, Binance Coin and Solana. Click here for the full price analysis.
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