The past week has been somewhat positive for the overall cryptocurrency market, both in terms of pricing and overall performance. With FTX’s meltdown looming over the industry and most market participants still fearing contagion, the total capitalization increased by over $10 billion given ongoing developments.
First things first, this week’s overall gain is not due to Bitcoin, which is actually down about 1% over the period. The cryptocurrency attempted a push towards $17,000 but was quickly stopped and has fallen to where it is currently trading around $16,500.
Meanwhile, BNB is up a whopping 12% over the same period. It is now trading solidly around the crucial $300 level, inspiring confidence in the market. This is happening as Binance – the world’s leading exchange – recently rolled out a system for cryptographic proof of reserves. The team initially only worked with Bitcoin and promised to add more cryptocurrencies in the coming weeks. This is a big step as now anyone can check their BTC balance on the exchange via a Merkle tree.
Another cryptocurrency that has impressed in the last 7 days was Litecoin. LTC is up a massive 22% and is the market leader, at least among the top 20 cryptocurrencies by total market cap. One of the reasons put forward is the upcoming halving which is estimated to take place in about 8 months and the accumulation of large players in advance.
Meanwhile, more news also came from the Binance front — the company’s Industry Recovery Fund was launched with a massive $1 billion to support projects that were struggling with liquidity amid the FTX falls.
All in all, the week has been quite an eventful one and while fears of possible contagion from recent events linger, it seems steps are being taken in the right direction.
It’s interesting to see how the next few days will play out, especially as we approach the holiday season.
Market Cap: $868 billion | 24H Band: 45B | BTC dominance: 36.6%
Bitcoin: $16,542 (-1%) | ETH: $1,192 (-0.8%) | BNB: $301 (+12%)
This week’s crypto headlines you can’t miss
The reasons why Litecoin (LTC) surged over 30% and hit a 6-month high. Litecoin was one of this week’s biggest surprises. The cryptocurrency surged a whopping 30% in a single day, hitting a 6-month high in the process. Here are some of the reasons for the sudden increase.
The Fall of Sam Bankman-Fried’s Crypto Empire: A Timeline of FTX’s Collapse. The sinking of FTX is hands down the biggest story of 2022. This is a complete timeline of how the whole thing went down from the start to the information we have up to this moment.
These are the most shocking results from FTX’s bankruptcy filing. FTX’s bankruptcy filing revealed some truly shocking facts. Did you know that the stock market hardly keeps records? Here are some of the most interesting findings.
The Binance SAFU Insurance Fund is 44% backed by its own token. After FTX’s demise, many exchanges took it upon themselves to prove reserves of what and how much cryptocurrency they store. Binance’s SAFU fund has also been in the spotlight, with some pointing out that up to 44% of its reserves are actually made up of BNB.
Russia Closes To Launching A National Crypto Exchange (Report) Russia is one step closer to adopting cryptocurrencies. The country is working on a national crypto exchange and could see the light of day if the Treasury Department approves it.
Cathie Wood Repeats Her $1M Bitcoin Bet Ark Invest CEO Cathie Wood has once again expressed her overly bullish stance on Bitcoin. She believes that the cryptocurrency will reach $1 million by 2030 and also gave some reasons why.
This week we have chart analysis of Ethereum, Ripple, Cardano, Binance Coin and Litecoin – click here for full price analysis.
Binance Free $100 (Exclusive): Use this link to sign up and get $100 free for the first month and a 10% discount on Binance Futures fees (Conditions).
PrimeXBT Special Offer: Use this link to register and enter the POTATO50 code to get up to $7,000 on top of your deposits.
Disclaimer: The information found on CryptoPotato is that of the authors cited. It does not represent CryptoPotato’s opinion on whether to buy, sell or hold investments. You are advised to do your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.
TradingView cryptocurrency charts.