The Weekly Recap: $60K BTC, Polkadot Parachains & When ETF?
For the first time since April, Bitcoin’s price is back at $60,000. It’s a major psychological level, even though, from a technical standpoint, it doesn’t contain that much resistance. In any case, this followed a considerable weekly increase and rumors of the approval of a futures-backed Bitcoin ETF in the US. Let’s take a dive.
This time last week, Bitcoin was trading at around $54K, but it was mostly up from there. It had almost reached $58K by Tuesday when BTC went through a brief pullback to below $55,000. From there, the price took for the skies and shot up to around $58,500 on Thursday.
It all culminated today, though, as the BTC price finally reached the coveted $60K mark. It’s worth noting that today’s increase happened as Bloomberg reported that a futures-backed BTC ETF might be approved by the US Securities and Exchange Commission (SEC) as soon as next week. This propelled the market further and pushed its total capitalization above $2.5 trillion.
With all of this above said, Bitcoin is up about 11% in the past seven days, and it managed to outperform the broader range of altcoins. Ethereum is up around 6%, BNB – around 5%, XRP – about 5%, and so forth. The clear winner from the top 10 is Polkadot which is up an impressive 18%.
Polkadot’s gains came immediately after the project announced that the much-anticipated parachains are ready to be deployed on its mainnet. The first auction is supposedly taking place in November, and Binance has already announced its support for it.
Elsewhere, updated information from Cambridge’s Bitcoin hashrate monitoring resource revealed that China is no longer the leading miner – this spot was overtaken by the US. This shouldn’t come as much of a surprise, though, following the recent regulatory crackdown and miner’s exodus.
It’s becoming particularly interesting to see how things will develop in the near future. There’s not a lot of retail FOMO just yet in the market, and we all know what happens once there is.
Market Capitalization: $2.538T | 24Volume: $154B | BTC Dominance: 46.4%
BTC: $60,108 (+11%) | ETH: $3,820 (+6%) | ADA: $2.17 (-5.2%)
This Week’s Crypto Headlines You Better Not Miss
Bitcoin Touched $60K on Reports that SEC-Approved Futures ETF is Closer than Ever. The price for the leading cryptocurrency touched $60K for the first time since April today. This came on the back of a Bloomberg report predicting that an SEC-approved Bitcoin futures ETF might be right around the corner.
Polkadot Parachains Ready to Launch, Auction Dates Proposed. Polkadot – the heterogeneous multichain network – announced a massive milestone this week. After years of conceptualizing and development, the team revealed that parachains have finally received the green light and can go live on the mainnet.
Ethereum Has The Most Upside Potential, Says Mark Cuban. The billionaire owner of the Dallas Mavericks, Mark Cuban, said that Ethereum has the most upside potential. This doesn’t come as a big surprise as the entrepreneur has been pretty vocal about his support towards the network in the past.
Cambridge Data: The US Has Become the Leader for Bitcoin Hash Rate. It’s light out for Chinese Bitcoin miners following the most recent regulatory crackdown. Data from Cambridge reveals that the US has definitively overtaken the top spot in terms of hashrate.
Over 85% of Circulating Bitcoin Has Not Moved in Three Months or More: Analysis. Recent analysis shows that more than 85% of Bitcoin’s entire circulating supply hasn’t moved in more than three months. This gives legs to the current rally and also validates the narrative that the bull run hasn’t topped out with the former all-time high.
Coinbase Joins the NFT Craze: Plans to Launch Its Own Marketplace. The leading US-based cryptocurrency exchange, Coinbase, revealed plans to launch its non-fungible token marketplace.
This week we have a chart analysis of Ethereum, Ripple, Cardano, Polkadot, and Polygon(Matic)- click here for the full price analysis and overview.
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