In the last seven days, the total cryptocurrency market capitalization increased by nearly $20 billion, and currently stands at $1.75 trillion. What is interesting is that all the gains are due to a rise in the altcoin market, rather than bitcoin, which did not perform as well.
In fact, the price of bitcoin fell by around 2.1% last week, trading at $42,750 at the time of writing. His dominance has diminished substantially, adding to the premise of an ongoing alternate season.
And while the price struggled, btc saw positive developments in other avenues. For example, the amount of bitcoins leaving centralized exchanges on Wednesday of this week exceeded $1.19 billion (28K btc). For reference, the last time this number was higher was December 14, 2022.
Currency outflows are often perceived as positive for the market, as they alleviate immediate selling pressure.
Elsewhere, bitcoin's total hashrate also skyrocketed to a new all-time high of 544 exahashes this week. Increasing the hash rate means improving network security and greater participation by miners.
But enough about bitcoin, let's look at the altcoin market.
For once, Solana is without a doubt among the week's best performers among the top 10 cryptocurrencies by total market capitalization. SOL price skyrocketed by approximately 15%, surpassing $100 and leading the altcoin rally.
Binance Coin appears to be the one that surprised the most, as it soared 17% in the last seven days, regaining its place as the fourth largest coin and trading above $300 for the first time in a long time.
ethereum (eth), Ripple (XRP), Cardano (ADA), Dogecoin (DOGE), and TRON (TRX) are recording very small movements during the same period. Avalanche (AVAX), however, failed to capitalize on the current altcoin boom and fell 9%.
All in all, the market has been incredibly dynamic over the past seven days and it is very interesting to see how it will develop in the upcoming 2024.
Market data
Market capitalization: $1.754 trillion | 24H Volume: $109 billion | btc dominance: 47.7%
btc: $42,750 (-2.1%) | eth: $2,351 (+0.6%) | BNB: $314 (+16.4%)
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bitcoin hash rate hits all-time high on Christmas, but it's not all good news. While its price struggles to overcome notable resistance around $44,000, bitcoin's hashrate has no problem reaching new highs. In fact, the metric reached a whopping 544 exahashes earlier this week, marking a new ATH.
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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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Cryptocurrency charts by TradingView.
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