Bitcoin Explodes Above $68,000 As Dogecoin Leads Altcoin Gains: This Week’s Crypto Roundup

To say it’s been a good week for the cryptocurrency market would probably be an understatement. The total market capitalization currently stands at $2.45 trillion, which means that almost $250 billion has been added since this time last week!

Starting with the engine of the market, Bitcoin, it achieved an impressive performance and has increased by more than 11% in the last seven days. BTC has been trading above $68,000 for the first time since July and it looks like it is trying to go higher.

The rally began on Monday when the cryptocurrency soared above $64,000. From there, it was pretty much only up. BTC took over all other important levels such as $65,000 and $66,000, and it looks like $69,000 is next. This one could be a little tough as it contains a junction of technical barriers, and if the bulls are able to break through it, it could open the door to a new all-time high.

Now, it’s worth noting that BTC has managed to outperform the rest of the market, which is visible from its growing dominance – the metric traders use to gauge its share relative to the rest of the industry. According to some reports, this week it reached 59%.

This can also be seen in the performance of major altcoins. ETH is up less than 9%, while BNB posted gains of around 5.4%. SOL rose 7.4%, XRP traded flat and that’s pretty much it.

This week’s standout performance, however, came from none other than the godfather of meme coins: Dogecoin. DOGE blew up 25% over the past seven days and managed to break into the top 10, beating pretty much the entire list. Is a season of meme coins brewing?

Bitcoin’s stellar performance also appears to have been supported by important fundamentals. US spot BTC ETF inflows surpassed $20 billion since inception, a huge milestone. To put things into perspective, it took gold ETFs about five years to reach the same milestone.

That being said, the market is currently very bullish and has even fallen into a greedy state. Traders are expecting a full-blown Uptober, so the next few weeks are likely to be exciting!

Market data

Market capitalization: $ 2.45 thousand | 24 Hour Flight: $105 million | BTC Domain: 55.5%

BTC: $68,552 (+11.1%) | ETH: $2,641 (+8.6%) | BNB: $599 (+35.4%)

Source: Quantify Crypto This week’s Crypto headlines you can’t miss

Bitcoin Gobbles Up Altcoins Reaching 59% Dominance As Whale Activity Increases. The data shows that Bitcoin’s dominance, the metric that measures its share relative to the rest of the market, reached 59% this week. This means that BTC is literally eating into the altcoin’s limits.

Crypto Thrives in War-Torn Ukraine, Sanctioned Russia: Chain Analysis A recent report from Chainalysis revealed that Eastern European countries are seeing increased DeFi activity. This is mainly seen in Ukraine and Russia as the conflict between the two countries continues.

Ethereum founder Vitalik Buterin shares future goals for “The Surge.” Ethereum co-founder Vitalik Buterin shared some future goals for the current phase of the network’s development called “The Surge.” According to him, the goals are adapted to improve the protocol and work on its scaling through rollups.

SEC provides details with last-minute appeal of Ripple (XRP) ruling. The case between Ripple and the United States Securities and Exchange Commission has reached an important stage. This week, the SEC clarified that it is appealing the federal judge’s decision for its part, which found that XRP sold to retail investors on the exchange did not violate securities laws.

Bitcoin ETFs surpass $20 million in inflows, with $1.8 million added this week. Bitcoin exchange-traded funds in the US have seen more than $20 billion in inflows since their approval earlier this year. By comparison, it took gold five years to reach the same number.

Monochrome to launch Australia’s first Ethereum ETF. Monochrome Asset Management is preparing to launch the first Ethereum ETF ETF, in Australia. Cboe exchange will be used. This follows the approval of ETH for ETFs in the US earlier this year.

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This week, we have a chart analysis of Ethereum, Ripple, Solana, Dogecoin and Sui – click here for the full price analysis.

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