Bulletpoints:
• Bitcoin had another 7-day period of growth, increasing its market share and dominance.
• Altcoins failed to keep up, lagging behind Bitcoin’s growth.
• Genesis, one of the leading crypto exchanges, filed for bankruptcy.
The past week has been an eventful one for the cryptocurrency market, with Bitcoin (BTC) continuing to expand its dominance and altcoins struggling to keep up. The total market capitalization of all cryptocurrencies currently sits above $1 trillion, with Bitcoin’s share of the pie amounting to around 40%.
The past seven days have seen Bitcoin rise by another 12%, as it continues to benefit from increasing institutional demand and a large influx of new, retail investors. This impressive increase in value has enabled the leading cryptocurrency to further expand its market share, as altcoins have failed to keep up.
Altcoins, which are all other coins and tokens apart from Bitcoin, have had a week of mixed fortunes. While some of the more established cryptocurrencies, such as Ethereum (ETH) and Ripple (XRP) saw gains, the majority of the altcoin market has been in the red. This is mainly due to the fact that Bitcoin’s gains have outpaced those of the altcoin market, resulting in an overall decrease in their market share.
The week also saw one of the leading cryptocurrency exchanges, Genesis, file for bankruptcy. The exchange had been struggling for the past few months, and its decline came to a head when it announced its bankruptcy filing. This has been a blow to the crypto community, as it highlights the risks associated with investing in the volatile cryptocurrency market.
All in all, it has been a week of highs and lows for the crypto market. Bitcoin has continued to dominate, while altcoins have failed to keep up with its gains. This has been compounded by the bankruptcy filing of Genesis, a leading crypto exchange. Despite these issues, the crypto market remains buoyant, and it is likely that the next week will bring more exciting developments.