The cryptocurrency market has recovered slightly from the same time last week, with Bitcoin (BTC) consolidating higher after Wall Street’s trading week ended with modest gains for US stocks. The largest cryptocurrency by market cap managed to break through $22,000 but failed to clear the $22,900 resistance that we mentioned in last week’s weekly analysis.
Against this backdrop, the global crypto market cap has once again surpassed $1 trillion, rising from $916 billion over the past week. Bitcoin has yet to break the strong support level located at $22,900, which means the bullish momentum could be short-lived.
The overall market is still slowly moving away from stablecoins due to crypto market gains. However, USDT and USDC lead the game. Current FX inflows are greater than outflows.
Bitcoin price is currently positive on both daily and weekly timeframes. The largest cryptocurrency by market cap is up 4.11% on the day and 6.86% on the week. When it comes to market dominance, Bitcoin now holds 40.65% of the market, up from 42.90% the previous week. This is mainly due to altcoins gaining traction and rising in price, with some gaining as much as 150%. On Monday, the leading cryptocurrency pair BTC/USD is trading at $22,261.73, while Ethereum, the second largest cryptocurrency by market cap, has increased its price to $1,489.67, up 29.56% over the past seven days.
Lido DAO (LDO) has soared over the past week posting gains of 159.67% followed by Polygon’s 63.64% and Ethereum Classic’s 53.33% gains.