The overview from Coin360 shown below, does an excellent job of showing the price trends and market ratios of the crypto market over the past seven days. The total crypto market cap increased slightly to $2,816 billion. Bitcoin reached a high of $69,000 last week, consolidating its market dominance around 43%. The market cap of No. 2 Ethereum (ETH) picked up to $561 billion, with Ethereum’s market dominance remaining just below 20%.
Bitcoin correcting from record levels
Bitcoin failed to hold the all time high of $69,000 and subsequently corrected towards $63,000, well above the important support zone of $60,000.
It is also encouraging to see that the total market cap, also excluding BTC, set a new all-time high just under $3,000 billion. While it is true that the market is ‘high’, there is still plenty of upside potential in the crypto market in our opinion.
The number of coins that have been launched has also passed the 14,000 mark. If the crypto market was not interesting or even ‘scam’ or a pyramid scheme, the total market cap would not have increased so much and the number of coins would not have increased either.
It is no coincidence that major players such as MicroStrategy, Galaxy Digital or even a country like El Salvador hold large positions in Bitcoin, among others. We -and in our slip-stream, our clients- then continue to perform well with our crypto portfolios. Check our website for subcriptions to our portfolio’s and crypto trades: https://cryptoacademy.nl/bestel/