The accompanied overview from Coin360 illustrates the market shifts and market proportions see of the crypto market over the past seven days. The total crypto market cap dropped to $2,517 billion.
Bitcoin price fell through the $60,000 mark. Surprisingly, Bitcoin’s market dominance remained solid at 44.6%. The market cap of number 2 Ethereum (ETH) fell sharply, from $561 billion last week to $480 billion, with Ethereum’s market dominance consolidating below 20%.
Bitcoin falls below $60,000 mark
Bitcoin was under pressure last week, in part because of “negative news” regarding Biden. The U.S. president was able to push through his $1,000 billion bipartisan infrastructure bill, which still included rules regarding crypto tax reporting. In doing so, brokers must report transactions, labeled with a tax code.
In addition, it was also stated that transactions over $10,000 are supposed to be verified. In doing so, the recipient must verify the sender’s details. In itself, these are not shocking reports, but the market is reacting (somewhat) excessively to them. The current correction offers opportunities to pick up some nice coins.
Ethereum Wallet MetaMask sees 320% rise in accounts since April
ConsenSys has seen the number of users of its product MetaMask (Ethereum wallet) rise from 5 million to 21 million since April! This represents an increase of more than 300%. This massive increase was underpinned by the booming growth of DeFi, NFTs and gaming. ConsenSys has also, in passing, raised a $200 million during a fundraising round. So things are going well and this therefore strengthens our confidence in the crypto market.
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