It’s been an interesting week in the cryptocurrency space, and finally, we saw some green. The market recovered the coveted $2 trillion total capitalization mark as the majority of the cryptocurrencies charted considerable gains. All in all, the total market cap is up by some $200 billion in the past seven days.
Bitcoin surged by 8.4% over the same period and tested the important technical resistance at $45,000. This is the third time the cryptocurrency is coming against this level, and it’s very important to see how it would perform this time.
The majority of cryptocurrencies also followed suit, and most of them are in the green, albeit some performed a lot stronger than others. The case in point is Cardano’s ADA which exploded by a whopping 32% on the weekly, reclaimed the $1 level, and even tested the $1.2 resistance. At the time of this writing, though, it failed to overcome it.
The altcoins, in general, performed really well. Ethereum is up 11%, BNB lags behind with 5.6%. Solana managed to increase by 14% – the same as Dogecoin.
We also had some big infrastructural developments this year. The oil and gas giant Exxon said that they will be using excess natural gas to mine Bitcoin. This is a big deal. Exxon is a huge player in the oil production field, and it could deliver a convincing case study on BTC mining being used to stabilize excessive production – not just in oil, but in general.
Meanwhile, the central bank of the United Kingdom – the Bank of England – also seems to be stepping up its efforts to regulate the industry. It prompted local banks to provide details on how they treat the asset class and gave them time until the beginning of June this year.
All in all, the week was fruitful, with meaningful developments that were properly reflected in the price action. With this said, it’s interesting to see if the momentum can transition to next week.
Market Data
Market Cap: $2,090B | 24H Vol: $103B | BTC Dominance: 40.4%
BTC: $44,300 (+8.4%) | ETH: $3,128 (+11%) | ADA: $1.10 (+32%)
This Week’s Crypto Headlines You Can’t Miss
Top 100 ETH Addresses and Their Stacks: What Do Whales Hold? Top Ethereum whales have been busy accumulating a variety of cryptocurrencies. In this article, we take a look at their top holdings – what are the big wallets buying?
The Mind-Blowing ROI of Minting and Holding a Bored Ape NFT From the Beginning. Bored Ape NFTs are undeniably profitable – there’s no second-guessing this. But exactly how profitable they are? We break down the math and find out how much money you would have made if you just minted and held one Bored Ape NFT from the beginning.
ApeCoin Becomes The Most Traded Token Among Ethereum Whales. APE coin has managed to become the most-traded cryptocurrency amongst Ethereum whales. It appears that the interest in the newly airdropped token is nowhere near fading, and volume continues to surge.
Exxon Plans Using Excess Natural Gas to Mine Bitcoin. Oil and gas giant Exxon plans to use excess natural gas to mine Bitcoin. The effort is in a bid to reduce flare gas emissions, leveraging yet another powerful use case of BTC mining.
Russia Might Accept Bitcoin for Oil Payments (Report). The Deputy for the United Russia party in the 7th State Duma of the Russian Federation, Pavel Zavalny, said that the country may accept Bitcoin for oil payments from friendly nations.
Bank of England Gives a Deadline for Banks to Set Out Crypto Plans. The central bank of the United Kingdom – the Bank of England – is getting serious about regulating cryptocurrencies. The institution has given local banks until June 3rd to produce answers on their current stance and policies on digital assets.
Charts
This week we have a chart analysis of Ethereum, Ripple, Cardano, Solana, and Shiba Inu – click here for the full price analysis.