The market sentiment continues to improve as cryptocurrencies another week of trading in the see green. The market added around $70 billion to its total capitalization, while the overall sentiment is at a 10-month high.
It’s interesting to note that Bitcoin’s dominance continues to increase. This means it fared better than altcoins in terms of price performance. The leading cryptocurrency managed to add around 9% and is now battling for the important level at $23,000. A couple of days ago, the price pushed towards $24K aggressively but was immediately rejected in what were a few hours of massive volatility.
Macroeconomic data, according to many, favors risk-on assets as inflation is slowing down, the US GDP numbers were better than expected, and today’s PCE was in line with expectations. This has, perhaps, prevented any considerable corrections in January, as the price is moving almost entirely up only.
This hasn’t been the case for many altcoins.
For example, ETH is up around 2%, heavily underperforming Bitcoin. BNB is about 3.4%, XRP – 3.5%, and so forth. However, others, such as ADA, MATIC, Solana, and DOT, charted increases above 10%.
This brings us to this week’s hottest story – Aptos. In fact, APT has been dominating throughout the entire month, charting a massive increase of 400% in the past 30 days. Over the last week alone, it gained about 130%. Here are a few reasons why this might be.
All in all, the market continues to trend upward. It remains very interesting to see if this will continue or if the broader concerns of a macroeconomic downturn will drag it down in the coming weeks.
Market Cap: $1085B | 24H Vol: 69B | BTC Dominance: 41%
BTC: $23,091 (+9.5%) | ETH: $1,584 (+2.4%) | BNB: $305 (3.4%)
This Week’s Crypto Headlines You Can’t Miss
3 Reasons Why Aptos Exploded by 400% in 30 Days. Aptos is this week’s leading cryptocurrency in terms of overall price performance, at least amongst the larger caps. Here are three possible reasons why it’s up 400% in the past 30 days.
Today in 2014: Ethereum Was Announced by Vitalik Buterin on Bitcointalk. Nine years ago, Vitalik Buterin first introduced Ethereum on the Bitcointalk forum. It’s safe to say that almost a decade later, the project has become among the most important ones in the industry.
BTC Fear and Greed Index Flashes “Greed” for the First Time in 10 Months. For the first time in 10 months, the Bitcoin fear and greed index flashed “greeted.” This is an indication of the improving market sentiment following the most recent rally in BTC’s price.
FTX Creditors List Includes Apple, Google, Amazon, WSJ, and Even Australia’s Govt. A recent court filing revealed that the list of entities that FTX owes money to includes, but is not limited to, Apple, Google, Amazon, the Wall Street Journal, and even Australia’s government.
Robinhood’s Twitter Hacked, Used to Promote Scam Token. The Twitter account of the popular retail-oriented trading platform, Robinhood, was hacked earlier this week. It was used to promote a scam token.
dYdX Extends 156 Million Token Lock-up Period by 10 Months. The decentralized cryptocurrency exchange – dYdX – has postponed its plans to unlock around 156 million tokens for another 10 months. This propelled the price of its native cryptocurrency by a whopping 24% in a day.
This week we have a chart analysis of Ethereum, Ripple, Cardano, Aptos, and Binance Coin – click here for the complete price analysis.
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Cryptocurrency charts by TradingView.