Hold onto your hats, folks, because the crypto rollercoaster is in full swing! Bitcoin almost smashed its previous all-time high, coming within a hair’s breadth of $150 before the sellers swooped in and nudged it back. Still, the drama-packed week saw the total market cap balloon by a cool $50 billion, just in time for the thrilling US Presidential Elections.
Let’s dive into Bitcoin’s wild ride. Last week, Bitcoin flirted with the $68,000 mark and came oh-so-close to breaking new records on Tuesday. The bulls gave it their all, but the bears had other plans, and BTC settled around a cheeky $70,000. Will it hold steady? That's the million-dollar question as we brace for its next move.
Bitcoin’s dominance is flexing its muscles too, grabbing nearly 60% of the market share—numbers we haven't seen in over three years. Meanwhile, altcoins are struggling to keep pace, seemingly gasping for air as Bitcoin struts its stuff.
As if the price action wasn't enough, yesterday marked Bitcoin’s sweet 16! Celebrations erupted across the crypto world, and even former President Donald Trump joined in with a little tweet shout-out to the Bitcoin community, wishing them a happy anniversary of the iconic whitepaper.
In other juicy news, MicroStrategy is going all in, announcing plans to raise a staggering $42 billion over the next three years. Guess what? They're planning to gobble up more Bitcoin to boost its “BTC yield.” Talk about commitment!
But wait, there's more! The upcoming week promises even more excitement with the US Presidential election on November 5th. The crypto market's eyes are glued to the outcome, as it could send ripples through the market.
In financial tidbits: the market cap is at a whopping $2.46 trillion, with a 24-hour trading volume of $125 billion. Bitcoin's dominance sits at a sturdy 56.4%. Bitcoin bounced back to $70,205, and Ethereum’s holding steady at $2,536, while Binance Coin dipped to $578.
MicroStrategy's on a buying spree, aiming to rake in $42 billion for Bitcoin. Meanwhile, Bitwise's CIO says Bitcoin's path to $200,000 doesn't hinge on the dollar's downfall—just a slice of gold's pie will do. Binance's ex-CEO is focusing on education instead of reclaiming his role after his release. BlackRock’s IBIT Bitcoin ETF saw record-breaking inflows of $872 million, and Immutable’s token took a nosedive after receiving a ‘Wells Notice' from the SEC.
Despite weaker-than-expected US jobs data, Bitcoin reclaimed its $70k crown. The job report, a mere 12,000 new jobs, was hit hard by hurricanes and a Boeing strike.
Stay tuned for chart analyses of Ripple, Binance Coin, Solana, Dogecoin, and Maker as we navigate these thrilling crypto waters!
