The Week That Bitcoin Surged To $40,000: The Crypto Weekly Market Update

This week Bitcoin surged above $40,000 while the entire cryptocurrency market capitalization surpassed the coveted $1 trillion mark for the first time.

The Week That Bitcoin Surged To $40,000: The Crypto Weekly Market Update
Over the past seven days, Bitcoin gained more than $11,000 to break above the coveted mark of $40,000. Meanwhile, the entire cryptocurrency market cap surged above $1 trillion for the first time in history. The week started off with bitcoin’s price trading around $29,000, but no one was expecting what happened next. Day after day, BTC continued charting new highs until, finally, it broke above the coveted $40,000 mark yesterday. The current all-time high sits at $42,000 The move-up was also marked by substantial volatility. For example, just last night, BTC hit $40,000, but in the same hour, it also dropped to $36,000 and recovered to $39,000. This makes it particularly dangerous for people who are overly exposed to overleveraged positions, and the total liquidation data confirms it. Throughout the last day, over $1.5 billion of both long and short positions were liquidated. In any case, the growth is seen in the entire market, and it’s evident from its trillion-dollar valuation – a milestone that we hadn’t seen before. The week also saw some major news breaking out. The US Office of the Comptroller of the Currency (OCC) has allowed the country’s banks to use stablecoins and blockchains for payment settlement, which is a serious step in the overall adoption of cryptocurrencies. In the spirit of maturity, BitMEX – one of the world’s leading crypto derivative exchanges, also reported that 100% of its trader base and trading volume are now 100% verified. This follows the charges pressed by the US Commodity and Futures Trading Commission (CFTC) from back in October last year. Meanwhile, Bitcoin’s impressive performance has also sparked numerous renowned analysts to give their prognosis, much like it happened back in 2017. Mike McGlone, a senior commodity strategist at Bloomberg, said that it’s much more likely for the cryptocurrency to hit $50K than it is for it to fall back to $20,000. The week was also positive for Ethereum’s ETH, which is currently trading around the $1,200 mark for total weekly gains of about 67%. Interestingly enough, over 99% of Ethereum’s addresses are currently in profit. Market Data Market Cap: $1,088B | 24H Vol: 194B | BTC Dominance: 70,4% BTC: $41,282 (+40.72%) | ETH: $641 (+1,230(+67.04%) | XRP: $0.319 (+33.7%) Bitcoin Sets New ATH Above $41K After a Massive Correction of $4000 in 24 Hours. Bitcoin saw a massive day of volatility as its price corrected with about $4,000 only to surge hours later and chart yet another all-time high. The current peak of the cryptocurrency stands at about $42,000. Cryptocurrency Market Cap Hits $1 Trillion Milestone: There’s Still Much to Go. Following the latest surge of most cryptocurrencies, the total market capitalization has exceeded $1 trillion for the first time in history. Yet, comparing it to other markets such as gold shows that there’s plenty of room to grow. Bitcoin Price More Likely to Hit $50K Than $20K: Senior Bloomberg Strategist. According to a senior strategist at Bloomberg, the price for Bitcoin is more likely to reach $50,000 rather than to retrace back to $20K. Given the current market sentiment, his prediction might just be right. Following the CFTC Charges: BitMEX Reports 100% Verified Trading Volume and User Base. After the US Commodities and Futures Trading Commission (CFTC) charged the owner-operators of BitMEX with illegally running a derivatives exchange, the company has reported that 100% of its trading volume and user base has been 100% verified. OCC Greenlights US Banks to Use Stablecoins and Public Blockchains for Payments. The US Office of the Comptroller of Currency (OCC) has greenlighted the country’s banks to use stablecoins and public blockchains to settle payments. This is a big step toward further adoption of the nascent industry. Bitcoin Futures Platform Bakkt Reportedly Planning To Go Public at a $2 Billion Valuation. The Bitcoin futures contract trading platform for institutions, Bakkt, is reportedly going to go public at a $2 billion valuation. The company was launched by the owner of the New York Stock Exchange, the Intercontinental Exchange (ICE). Charts This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Stellar, and Chainlink – click here for the full price analysis.