The past week was particularly explosive in the crypto markets, the capitalization of which increased by close to $200 billion. Currently standing at $1.7 trillion, the industry shows little signs of slowing down.
Starting with Bitcoin, its price exploded by some 14.3% over the past seven days and it’s currently trading around the $44K mark. The bulls have tried to push it above that level but have so far been unsuccessful. It’s worth noting, however, that the bears also attempted to initiate a correction with little success.
What’s interesting this time around, compared to previous market cycles, is that there’s an entire ecosystem built around Bitcoin. This was made possible earlier in March when the BRC-20 token standard was introduced.
Cryptocurrencies based on it, such as ORDI, also exploded in value alongside Bitcoin. ORDI’s price is up a whopping 140% in the past seven days, making all sorts of headlines along the way.
Meme coins are also having their way, but not the most conventional ones. DOGE and SHIB increased by 18% and 20%, respectively, but it was BONK that stole the show. What’s currently the biggest meme coin on the Solana network, BONK skyrocketed by over 200% in the last week. Other meme coins are also surging on various chains. SNEK, for instance, is one built on Cardano, and it’s also up more than 220% during the same period.
That said, the market seems very heated at the moment, and it’s interesting to see if there’s a correction looming around the corner. Many industry experts are of the opinion that the ongoing rally still has steam in it before a potential pull-back, so it’s curious to see how the market will develop in the next week.
Market Data
Market Cap: $1.7T | 24H Vol: $159B | BTC Dominance: 50.3%
BTC: $43,832 (+14%) | ETH: $2,354 (+13.2%) | BNB: $235 (+3.1%)
This Week’s Crypto Headlines You Can’t Miss
Jack Dorsey Rolls Out Self-Custody Bitcoin Wallet With Key Recovery Tool. Jack Dorsey – the founder of Twitter – has rolled out a self-custody Bitcoin wallet. The interesting part is that the wallet has a key recovery tool.
This Bitcoin Ordinals Inscription Was Sold for the Highest Price Ever. Bitcoin Ordinals are on the rise as the cryptocurrency explodes in value. This week, someone paid a whopping $450K for an inscription (inscription #8, to be precise), making it the highest purchase in Ordinals history so far.
Do Kwon Likely to Be Extradited to US. The founder of the Terra-Luna ecosystem – Do Kwon – is currently in prison in Montenegro. However, local authorities have decided that he will be extradited. Chances are that the country of destination will be the US, according to recent reports.
Will a Bitcoin ETF Approval be a Sell the News Event? Prominent Expert Chips In. One of the most commonly asked questions is if the approval of a spot Bitcoin ETF will be a sell-the-news event. One popular and prominent analyst shares his two cents on the matter, addressing other important matters as well.
Bitcoin Hits an All-Time High, But It’s Not What You Think. Bitcoin has hit an all-time high, but it’s in a different category than what many might think. The network fees are cracking new records daily as the price soars and its ecosystem follows up.
BTC Short Sellers Burn Through Billions as Bitcoin Refuses to Drop. This week hasn’t been favorable for the short sellers. In fact, bears have lost over $6 billion as the market takes for the skies and shows no signs of slowing down.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Solana, and BONK – click here for the complete price analysis.
The post Bitcoin Explodes to $44K, Ordinals and BRC20 Tokens Surge, Meme Coin Madness Accelerates: This Week’s Recap appeared first on CryptoPotato.