Bitcoin Taps $11K As Altcoins See A Nightmare Week: The Crypto Weekly Market Update

Bitcoin Taps $11K As Altcoins See A Nightmare Week: The Crypto Weekly Market Update

This week was nothing short of exciting. Bitcoin started trading at around $10,300 but was on a positive note throughout the entire time. It increased gradually, without any sharp and somewhat surprising movements, and managed to add about 6.5% to its value.

The cryptocurrency tapped the important psychological and technical resistance at $11,000 but failed to conclusively close above it. Still, Bitcoin regained a serious portion of the total market capitalization as its dominance increased by 2% at one during the week.

This is mostly because most altcoins have been struggling substantially these past seven days. While the top 5 are scoring slight increases in the range between 2% and 5%, a lot of other altcoins are bleeding out heavily.

Chainlink is down about 17%, TRON’s TRX decreased by more than 15%, SNX dropped by more than 20%, and so forth.

More impressively, the popular food-based meme coins are also bleeding heavily. SUSHI is down 30% in a week, KIMCHI crashed 75%, CREAM is down 75%, and the list goes on.

Elsewhere, the entire industry was taken by a storm yesterday when the largest decentralized exchange, Uniswap, announced its own governance token called UNI. Not only that, but it airdropped a tremendous amount to everyone who used the platform prior to September 1st. The token was immediately listed on Coinbase and Binance, and people managed to sell it for a quick profit and ‘free money.’

Today, however, the token’s price has taken for the skies as it’s currently trading at above $7, which marks an increase upwards of 130% in less than 24 hours.

Market Data

Market Cap: $350B | 24H Vol: $96B | BTC Dominance: 57.3%

BTC: $10,845 (-0.25%) | ETH: $377,49 (-0.95%) | XRP: $0.247(-1.04%)

Pompliano And The US Fed Changed Jim Cramer’s Mind On Bitcoin. The popular host of CNBC’s Mad Money, Jim Cramer, had a talk with Anthony Pompliano where he admitted that his views on Bitcoin have changed. He said that one of the main reasons for that is the US Federal Reserve printing trillions of dollars in a few months.

Uniswap Launches Its Dedicated UNI Token: ETH Gas Prices Soar Again. Uniswap has launched its own governance token called UNI. This had a massive impact on the entire market and especially on Ethereum, as the network fees soared again. In any case, the value for the token has skyrocketed as Binance and Coinbase listed it almost immediately.

NASDAQ-Listed MicroStrategy Buys $175 Million More Worth Of Bitcoin. MicroStrategy, a NASDAQ-listed company, has bought another $175 million worth of Bitcoin. This is the second time the company purchases BTC, and its total holdings now amount to almost half a billion US dollars.

Price of Tomorrow Author Jeff Booth Calls Bitcoin A ‘Must’ And A ‘Lifeboat.’ The author of the popular Price of Tomorrow book said that Bitcoin is a lifeboat and a ‘must’ during economic uncertainties. He is among the latest popular individuals to publicly endorse the primary cryptocurrency for its inherent qualities.

First Official Ethereum 2.0 Proposal For Phase 0, Launch Just Submitted. While the DeFi boom continues to make headlines, the first official proposal for Phase 0 of Ethereum 2.0 was submitted. This marks the first official step to getting the Beacon Chain closer to its launch.

Bakkt ‘Physically Delivered’ Bitcoin Futures Post New All-Time High. Bakkt – the Intercontinental Exchange’s Bitcoin derivatives arm, posted a fresh all-time high this week. The company stated that it clocked almost $150 million in BTC futures volume, which is just shy of 16,000 contracts traded.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Binance Coin, and Polkadot – click here for the full price analysis.