Bitcoin Explodes to $37,000, Ethereum Regains $2,000, Solana Surpasses $50: This Week’s Crypto Roundup

This week has been all about prices, hence the title. There seems to be enormous anticipation for the approval of a bitcoin spot ETF, which appears to be one of the main explanations given by many experts for the ongoing rally. A lot has happened in terms of pricing, so let’s analyze.

First things first, it is important to note that the SEC is currently in a narrow window to make a decision on whether or not they will approve a spot bitcoin ETF. Of course, there is the possibility of further delays, but the market is optimistic. You can see it by the prices.

bitcoin is currently trading above $37,000, registering an increase of around 7.5% in the last seven days alone. The cryptocurrency even attempted to break above $38,000 yesterday, but the bulls weren’t having it (yet).

However, it is very important to note that while the price of bitcoin has increased, its dominance over the market has actually decreased. For those of you who don’t know, bitcoin dominance is the metric that measures its share relative to that of the rest of the market. In other words, the altcoin market outperformed btc.

But were they all altcoins?

That is far from the truth. Many of them performed equally or worse, but some took to the skies. Namely, ethereum. eth is up a whopping 16% over the past week. This comes in the wake of news that the world’s largest asset manager, BlackRock, will file an application for a spot eth ETF with the US SEC.

Elsewhere, Solana (SOL) is also off the charts. The cryptocurrency skyrocketed another 28% in the last seven days. This is also due to a massive increase in the previous weeks. SOL is currently trading at around $51, while the value locked on the network has reached highs not seen since the FTX crash in 2021.

BNB, XRP, ADA, DOGE, LINK – all of them are also doing very well, which is the main reason why btc dominance is on the decline.

It is interesting to see if this momentum will continue over the next few weeks or if there is a correction around the corner.

Market data

Market capitalization: $1.466 trillion | Vol. 24H: 138 billion dollars | btc dominance: 49.8%

btc: $37,394 (+7.5%) | eth: $2097 (+16.1%) | BNB: $250 (+9.6%)

You Better Don’t Miss This Week’s crypto Headlines

Here’s how FTX could be revived according to SEC Chairman Gary Gensler. The Chairman of the United States Securities Commission shared his comments on the possibility of FTX reopening. This has caused a massive increase in the price of ITF.

Stablecoin Issuer Circle Explores Possibility of 2024 IPO, One Year After Failed SPAC Deal: Report. Circle is the second largest stablecoin issuer in the world. According to some reports, the company is studying the possibility of becoming a publicly traded company in the first months of 2024.

bitcoin Long-Term Holders Supply at All-Time High Amid btc Rally to $37,000: Glassnode. It appears that the relative proportion of circulating supply that has been maintained for more than a year is currently at all-time highs for several age groups. btc appears to be in a relatively good fundamental position.

eth Soars to $2K as BlackRock Signals Possible ethereum ETF Filing. ethereum (eth) soared above $2,000 yesterday. The rally appears to have been caused by high confidence that BlackRock is preparing an ethereum (eth) spot ETF application.

Ark Invest and 21Shares Partner to Launch Digital Asset ETFs. Cathie Wood’s Ark Invest has partnered with 21Shares in preparation for the launch of digital asset ETFs. The debut should include a total of five unique products.

Daily bitcoin investors are up 40% in the last 2 years. Recent data shows that those who have been buying btc daily since November 10, 2021, are now making a 40% profit. This is mainly due to the recent bitcoin price rally.

Graphics

This week, we have a chart analysis of ethereum, Ripple, Cardano, Solana and Binance Coin; Click here to see the full price analysis.

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