Cryptocurrency market capitalization has increased by about $17 billion over the past seven days. Interestingly, profits were largely altcoin-backed. This is underscored by Bitcoin’s declining dominance. This is a commonly used metric to measure BTC’s share of the rest of the market.
At the time of this writing, BTC’s dominance remained at 38.1%, peaking above 38.4% last week. Altcoins such as BNB and ETH are up more than 4% of him, while Bitcoin prices are up 0.9% in total. Cardano surprised market participants, jumping around 11%, while Solana was arguably the best performing major coin, up 37%.
There are many reasons for Solana’s rise, but perhaps the main one is playing a newly created meme coin called BONK. It has spiked over the last 7 days, resulting in massive volume and overall activity growth on the Solana network. However, today BONK is recording a devastating loss.
Elsewhere, Sam Bankman-Fried appeared in a US court and pleaded not guilty to all criminal charges against him. This means that a trial procedure will take place, the start date of which is set for the beginning of October. In addition, SBF’s attorneys have filed a motion to retain control of Robinhood stock worth approximately $450 million that the DOJ intended to seize.
Speaking of DOJ, New York Attorney General Letitia James has filed a lawsuit against Celsius Network co-founder and former CEO Alex Masinsky. The top prosecutor alleges that Mashinsky defrauded investors of billions of dollars worth of digital assets.
The bad news didn’t end there. DCG-owned cryptocurrency lender Genesis is reportedly considering filing for bankruptcy, and DCG itself is cutting its asset management division.
In more positive news, Bitcoin turned 14 on January 3rd. It will be very interesting to see how the market shapes, not just the industry as a whole.
market data
Market Cap: $848B | 24h Volume: 35B | BTC Dominance: 38.1%
Bitcoin: $16,780 (0.9%) | Ethereum: $1,251 (+4.2%) | BNB: $257 (4.3%)
This Week’s Crypto Headlines You Can’t Miss
Sam Bankman-Fried pleaded not guilty and a trial date was set. it’s official. Sam Bankman-Fried has pleaded not guilty to all criminal charges and plans to fight the allegations against him. The exam date he has set for early October 2023.
What is BONK: Solana’s Dogecoin? BONK’s popularity skyrocketed this week. It claims to be the Doghe coin of the Solana network, reviving activity on the blockchain. Cryptocurrency has multiplied and he has become one of the hottest topics in the past few days.
Bitcoin turns 14: Genesis and Satoshi’s idea of monetary sovereignty. On January 3rd, the cryptocurrency community celebrated 14 years since Bitcoin’s genesis block was mined. Interestingly, the messages embedded in the block’s code seem to resonate more than ever.
New York AG is suing Celsius co-founder Alex Masinsky for fraud. New York Attorney General Laetitia James has filed a lawsuit against Celsius Network co-founder and former CEO Alex Mashinsky. The top prosecutor alleges that Mashinsky defrauded investors out of billions of dollars worth of digital assets.
Logan Paul plans to sue Coffeezilla over CryptoZoo allegations. Celebrity YouTuber Logan Paul said Coffeezilla (another popular YouTuber) plans to sue Coffeezilla over fraud allegations related to an NFT project launched by Paul.
Cryptolender Genesis Cuts Staff, Considers Bankruptcy: WSJ. According to a recent report, cryptocurrency lending firm Genesis plans to file for bankruptcy and cut staff. The company has had serious liquidity problems in recent months.
chart
This week we will be doing chart analysis for Ethereum, Ripple, Cardano, Litecoin and Solana. Click here for a full price analysis.
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Cryptocurrency charts by TradingView.
