The past seven days have been very interesting within the cryptocurrency market. The industry’s total capitalization increased by around $150 billion on the back of gains made by Bitcoin and many other altcoins.
Price action aside, there were interesting developments that are pushing the market forward, so let’s dive deeper.
First, Bitcoin’s price has risen more than 5% in the last seven days. That’s significant. In fact, out of the top 10 cryptocurrencies by total market cap, only BNB is performing better (but we will get to that later). Bitcoin’s total capitalization accounts for around 50.5% of the industry.
BTC currently trades at slightly below $72K, inches away from its all-time high of around $75K. The price started going up on June 3rd, and the bulls took full control on June 5th, when they pushed above $70K and turned that pivotal level into support. Now, the question that many are asking is when the leading crypto will explode above its ATH.
Binance Coin (BNB), however, is this week’s hottest story.
The altcoin dominated the market, increasing by almost 20%, charting a new all-time high above $700, and showing no signs of slowing down. Calls for $1K being the next target are already catching fire in the community, as it only seems a matter of time.
Elsewhere, Robinhood – arguably the most popular retail-oriented trading application – made the news by announcing the acquisition of the OG crypto exchange Bitstamp. The deal is worth $200 million and aims to bolster Robinhood’s presence in the field of cryptocurrencies while also attracting institutional clients by developing new products. The deal was all-cash and it’s anticipated to be finalized by the first half of the upcoming 2025.
In the field of meme coins, some high-level celebrities are seemingly jumping on the bandwagon, with crypto Twitter being on the fence of whether that’s a good thing or not. Meanwhile, screenshots of a conversation between wrestling legend Hulk Hogan and another person where Hogan seemingly asked about whether or not he can simply delete posts after selling went viral. The wrestler said he didn’t author the messages, but the community is not convinced.
All in all, the crypto market is as exciting as ever, and with BTC so close to its ATH, it’s worth watching the coming days closely!
Market Data
Market Cap: $2.801T | 24H Vol: $79B | BTC Dominance: 50.5%
BTC: $71,612 (+4.4%) | ETH: $3,8316(-0.12%) | BNB: $705 (+17.8%)
This Week’s Crypto Headlines You Can’t Miss
Robinhood Bets Big on Crypto with $200M Acquisition of Bitstamp. Arguably the most popular retail-oriented traditional trading platforms – Robinhood – has made a huge move to further its involvement in the cryptocurrency industry. In an all-cash deal, it purchased Bitstamp – the largest exchange in the field.
US Spot Bitcoin ETFs Record Second-Best Day Ever as BTC Price Taps 2-Week High. Bitcoin’s price tapped a high not seen in the past two weeks. This has also led to spot BTC exchange-traded funds recording their second-best day ever earlier this week.
Did Hulk Hogan Engage in Pump and Dump of a Solana Meme Coin? Hogan found himself in a serious controversy after screenshots of him supposedly inquiring about dumping on his audience were pushed on X. The wrestling legend denied involvement and said the messages weren’t authored by him.
Kraken Is Targeting An IPO Next Year: Report. One of the leading US-based cryptocurrency exchanges – Kraken – is reportedly considering an initial public offering in 2025. This is according to reports on Bloomberg.
Charles Hoskinson Blasts Media’s Negative Portrayal of Cardano’s Prospects. Charles Hoskinson – the founder of Cardano – has criticized media for forecasting Cardano’s downfall. He argued that claims of the kind are baseless and also fail to account for the project’s progress.
Robert Kiyosaki Confident Bitcoin Will Hit $350K By August 2024, Here’s How. Rich Dad Poor Dad author and financial guru Robert Kiyosaki, thinks that Bitcoin’s price can reach a whopping $350,000 by August. He shared this in a recent tweet.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Binance Coin, Shiba Inu, and Polkadot – click here for the complete price analysis.
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