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Bitcoin who? Ethereum and Binance Coin lead market surge this week

In this post:

  • Bitcoin’s price has fallen 2.8% in the last seven days, as bulls were unable to keep it above the key technical mark of $52K. In its place, Ethereum and BNB have turned into favorable investment coins.
  • Bitcoin miners have transferred more than 700,000 BTC to over-the-counter (OTC) trading platforms in just a few weeks, indicating a plan to sell some of it on the open market.
  • Through the weeks’ market volatility, the crypto market cap has managed to remain steady above $2 trillion.

Bitcoin, the pioneering crypto, has long been the focal point of the digital asset market. However, recent market dynamics have seen a shift in attention towards alternative cryptocurrencies, notably Ethereum and Binance Coin. Despite Bitcoin’s decline of 2.8% in the past week, Ethereum and Binance Coin have surged in prominence. 

Ethereum, with its versatile ecosystem and remarkable climb, and Binance Coin, which recently hit a new all-time-high, are now commanding attention. This shift signifies a broader trend in the cryptocurrency landscape, where investors and traders are diversifying their portfolios beyond Bitcoin. 

Bitcoin’s market dominance threatened

This week witnessed a lot of action, but it didn’t result in any significant increases or losses in total crypto market capitalization. According to CoinGecko, the figure is $2.057 trillion, a modest increase from last week.

Bitcoin’s price has fallen 2.8% in the last seven days, as bulls were unable to keep it above the key technical mark of $52K. And it wasn’t for lack of effort. In fact, BTC was trading above or near to $52K for much of the past week, but the bears eventually seized over and pushed the asset lower.

At the time of writing, Bitcoin (BTC) is worth $50,869.16, down 0.2% from an hour ago and 1.1% from yesterday. The value of Bitcoin today is 2.2% lower than it was 7 days ago.

Ethereum (ETH) is worth $2,934.45 today, down 0.3% from an hour ago and 1.5% from yesterday. The value of ETH today is 5.1% greater than it was seven days ago.

According to Binance, the live price of BNB is $374.85 per (BNB / USD), with a current market capitalization of $56.06 billion USD. The 24-hour trading volume is $1.77 billion USD. BNB has fallen -1.67% in the previous 24 hours, with a circulating supply of 149.54 million.

The global crypto market cap is $2.05 trillion today, down 0.93% in the last 24 hours and 79.69% a year ago. As of today, Bitcoin’s market cap is $1 trillion, signifying a 48.77% dominance. Meanwhile, stablecoins’ market cap is $141 billion, accounting for 6.85% of the total crypto market cap.

Crypto market perfomance

In other news, Solana is nearly 10% lower for the week and is struggling to maintain its price above $100. Likewise, XRP from Ripple was unable to sustain the favorable momentum and fell 6%. Avalanche is nearly 12% lower. Notably, the organization encountered significant network disruptions on Friday.

Additionally, Uniswap (UNI) underwent a tremendous surge on Friday, expanding by an astounding 50% in mere minutes. This follows a proposal to enhance governance in which UNI token holders who stake or delegate are rewarded with fees generated by the protocol.

In general, the market maintains its upward trend, albeit with a slight deceleration. Continual inflows into Bitcoin ETFs demonstrate substantial institutional demand.

In the span of a few weeks, Bitcoin miners have transferred over 700,000 BTC to over-the-counter (OTC) trading platforms, suggesting that they intend to sell a portion of the cryptocurrency on the open market.

Vitalik Buterin, one of the co-founders of Ethereum, has been an advocate for the advancement of layer-one blockchain functionality. Furthermore, he conveyed doubt concerning the prevalent belief that the simplicity of L1s should take precedence over L2s.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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