- This week, BTC, ETH, ADA, and other top assets record massive surges following institutional demands for digital assets.
- The price of Bitcoin moved past $31,000 for the first time in one year, hitting $31,300 temporarily before a slight correction.
- Market bulls are relishing the present status quo as the total market capitalization tops $1.2 trillion after weekly gains.
The digital asset market has made a huge recovery since the start of the year following a turbulent 2022 that saw top coins lose nearly 60% of their market capitalization.
Bitcoin (BTC), Ethereum (ETH), and other altcoins remain in the green zone recording huge wins in the market over the past seven days. Bitcoin has surged over 4% in the last 24 hours, pushing up its weekly gains above 20% thanks to a renewed institutional rush.
Trading at $17,000 at the start of the year, the market leader has made an astronomical 87.1% year-to-date (YTD) increase and a 46% 12-month rise. Trading above $31,000, BTC has hit a 12-month high after it slipped from that benchmark in May 2022. This week, BTC also reclaimed its 50% market share after the Securities and Exchange Commission (SEC) hit Coinbase with a lawsuit over offering trading services to several altcoins it described as securities.
Bitcoin Cash, a Bitcoin spin-off, has skyrocketed over 30% to become the best-performing asset in the past 24 hours. The entire digital asset market cap now stands at $1.23 trillion after a daily 2.34% rise. Although there is a slight resistance, Bitcoin bulls have refused to cede grounds to bears after reports that ETFs will not be approved or declined until early next year.
Altcoins led by ETH follow BTCs steps
The ripple effect of Bitcoin’s performance can be seen across the market as several altcoins post weekly gains of over 20%. Ethereum trades at $1,904 at press time after a seven-day gain of 10.9%. ETH is way above its 20-day exponential moving average (EMA) at $1,804, with bulls signalling a $2,000 target.
Cardano (ADA) exchanges hands at $0.299, increasing this week by 12.98%. Similarly, Litecoin (LTC), Solana (SOL), Polygon (MATIC), and Polkadot (DOT) have spiked 19.6%, 11.17%, 15.19%, and 15.02% in the last seven days. Shiba Inu (SHIB) has led the meme coin weekly rally, recording over 18% this week. Elon Musk-backed Dogecoin rose 10% in the same timeframe.
The bullish outlook in the market was sparked by BlackRock’s application for a spot Bitcoin ETF followed by similar applications for top firms and the launch of a digital asset exchange, EDX, backed by big Wall Street firms.