It was a very dynamic week in the cryptocurrency industry, even though it may not seem that way judging by Bitcoin’s price. And yet, we saw a lot of action in the altcoin scene, especially with memecoins and play-to-earn projects, so let’s dive in.
Starting off, Bitcoin failed to produce any meaningful gains over the past week and is only up by about 0.6% throughout the period. Yet, it wasn’t exactly a smooth sail as the price dipped to $60K on Monday, only to bounce above $64K on Tuesday. Unfortunately, it couldn’t sustain up there, and it’s trading at around $61K at the time of this writing.
Shiba Inu, on the other hand, saw plenty of action. Unfortunately for the bulls, it wasn’t very positive. The cryptocurrency is down about 17% over the past seven days as one of the biggest holders started moving coins. This might have sparked fear in the market, and the results are evident.
Elsewhere, we saw a lot of cryptocurrencies native to play-to-earn (P2E) projects pop off right as Facebook announced that it’s going to rebrand to Meta. The goal of Mark Zuckerberg seems to be remembered as one of the builders of the Metaverse. It didn’t take long for the market to react, and on the next day, projects like Decentraland, The Sandbox, and Axie Infinity started surging.
It’s also important to point out that the new mayor elected in New York City – Eric Adams – is a Bitcoin bull. He even said that he will receive his first three salaries in BTC. NYC is one of the world’s biggest economic hubs, and the mayor seems to have plans to turn it into a crypto-native place as well. This is a promising development, and it’s worth following up on it.
In any case, the market capitalization managed to chart a new all-time high this week, signaling that the bulls are still in play, despite the fact that Bitcoin’s price was rather shaky.
Market Cap: $2,835B | 24H Vol: 153B | BTC Dominance: 40.6%
BTC: $61,082 (+0.06%) | ETH: $4,494 (+4.8%) | BNB: $613 (+24.7%)
This Week’s Crypto Headlines You Can’t Miss
Bulls Eye November: Historically The Best Month for Bitcoin Price. Comparing the historical performance of Bitcoin’s price reveals that November has been the best month for it so far. This begs the question of whether history will repeat itself, especially following the very positive October.
Happy Birthday: 13 Years Ago Satoshi Nakamoto Released Bitcoin’s Whitepaper. Thirteen years have passed since the pseudonymous creator of Bitcoin – Satoshi Nakamoto – released the cryptocurrency’s whitepaper. It goes without saying that in this relatively short time, the industry has grown a lot.
SushiSwap’s Shoyu Showcase Campaign Goes Live: Taps Metaverse Capabilities. SushiSwap’s Shoyu is now officially live. This is the NFT and metaverse platform of the project. Now, the v0 showcase campaign is going to go on for ten weeks following the successful rollout.
Will New York Transform into a Bitcoin Hub Under the Newly-Elected Mayor Eric Adams? Eric Adams, a representative of the Democratic Party in the US, has won the elections to become the new mayor of New York City. He’s also a Bitcoin bull and has already agreed to receive his first three salaries in BTC.
Miami’s Mayor to Become the First US Politician to Take His Salary in Bitcoin. The mayor of Miami – Francis Suarez – who is well-known for being a prominent Bitcoin and crypto bull, became the first US politician to take his salary in Bitcoin.
Ethereum Hits New All-Time High Above $4,600 as CME Announced Micro ETH Futures. The price of Ethereum hit another all-time high earlier this week. This came on the back of an announcement from CME, revealing that they would issue micro ET futures.
This week we have a chart analysis of Ethereum, Cardano, Polkadot, Solana, and Shiba Inu – click here for the full price analysis.
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Cryptocurrency charts by TradingView.