Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,165 trillion. Bitcoin is up by over 2% after a rollercoaster of a week. Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols…
Today’s Roundup in the Cryptocryptocurrency Market
The crypto market is still in its infancy and, therefore, a very volatile sector. However, due to its innovative and revolutionary potential, it is continually making news headlines. Here are today’s most striking titles!
On Monday morning, Bitcoin’s price exceeded $57,000, continuing a two-week surge. It’s worth noting that the king coin is the most valuable cryptocurrency by market capitalization. Now, it has risen more than 30% in October. At the moment, it is trading for about $57,442 apiece.
Several factors may have influenced this surge. For instance, many are optimistic that the Securities & Exchange Commission will soon certify a Bitcoin futures ETF. Secondly, the head of the Federal Reserve, Jerome Powell, confirmed the institution doesn’t plan to prohibit Bitcoin in the U.S.
Other cryptos, such as meme-coin Shiba Inu, have also risen in value this week. However, this Doge-challenger has a long road ahead to go before it surpasses the more famous canine token. At the moment, Dogecoin occupies the 10th position in the crypto table by market cap. On the other hand, Shiba Inu has taken 16th place in the same hierarchy.
Aside from price fluctuation, other significant developments took place in crypto this week.
Putin Weighs in on Crypto Market
Russia’s President, Vladimir Putin, agrees cryptos have value. However, he does not believe they can completely overcome the USD in settlement of oil deals.
Furthermore, Kremlin has suggested shifting away from crude petrodollar transactions. However, it will do so only if the U.S. continues to apply selective economic sanctions.
Lastly, Putin stated that it is “too soon to debate about trading energy resources in cryptocurrency.”
Elon Musk’s Latest Dogecoin Tweet
As the value of Dogecoin continues to drop, Elon Musk has tweeted a meme about the once joke-coin. His tweet featured an older image of a man neglecting a slew of ladies to focus on his computer. And, on the machine’s screen, one can see the words “Dogecoin” and “Polytopia.”
In the past, Musk’s tweets supported the cryptocurrency’s rise to fame. However, not even he can reverse its recent downtrend. For example, Dogecoin’s value rose by nearly 2% in response to his tweet. However, it lost over 4% on the day.
The crypto market and endorsements from high-profile corporate leaders like Elon Musk fuel Dogecoin’s success. Since the pinnacle of Musk’s engagement, the crypto has lost most of its value. Nevertheless, it remains one of the top five cryptos if you don’t count the stablecoins. Such initiatives may bolster Dogecoin’s popularity.
The United States has surpassed China as the World’s Largest Bitcoin Miner
After China’s crackdown destroyed the primary mining center, the United States emerged as the world’s epicenter for Bitcoin mining.
According to a Cambridge Centre for Alternative Finance report published, the U.S. accounted for 35.4 of the worldwide hash rate. Also, this is more than twice the amount of activity the observers registered in April.
China’s attempt to stop the business and reduce financial risk has fueled the rise in the country’s relative stake. The Asian nation was the basis for the heaviest mining in the initial days of Bitcoin’s 2009 birth. That’s when it tapped into inexpensive energy from hydro plants and coal.
Beijing’s attempts to rein in the crypto industry are already paying off. According to Cambridge researchers, China’s proportion in Bitcoin mining has reached zero. This is down from a peak of 75% in September 2019, when Cambridge began collecting data. Lastly, it’s a significant drop from the 46% in April of this year.
That’s it for now from the crypto market. Let’s see what tomorrow brings!