An eventful week ended up in green. The total cryptocurrency market capitalization reclaimed the coveted $1 trillion level and is currently sitting at $1.1 trillion. This comes on the back of significant increases across the entire market.
To begin with Bitcoin, the cryptocurrency is up 14% in seven days. At the time of this writing, BTC trades at around $23,500, up 4.5% daily. While last week it was sitting at $21K, and it was mostly up only from then on. The weekly high was registered on Wednesday when the price soared above $24K.
Though, in this quarter’s earnings report, Tesla revealed that it sold “approximately 75% of its Bitcoin purchases into fiat currency.” Certainly, this shook the market, and the price dropped to $22K. Remarkably enough, the dump was somewhat contained, given the magnitude of the news, which further strengthens the prevailing narrative that the ongoing recovery rally might continue.
Elsewhere, during this year’s edition of EthCC – an Ethereum-oriented conference held in Paris – Vitalik Buterin revealed that the job on the Ethereum 2.0 merge is “90% complete.” This will effectively end the Proof of Work era of the protocol and see it transition to Proof of Stake – a move that will considerably decrease its emittance rate and the supply hitting the market.
The rest of the market is also painted green. Binance Coin (BNB) is up 13.2%, ADA – 13.5%, SOL – 15.6%, DOT – 14.6, SHIB – 14.3%, MATIC – 25%, and so forth.
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