Bitcoin Reclaims $10,000 In A Decent Spike, Will it Last? Weekly Crypto Market Update Report

This week was calm in terms of trading until Bitcoin skyrocketed in the last day and boosted the overall market confidence along with the price. One of the reasons for the increase is probably related to the Bakkt’s trading platform that will launch in the coming days.

The picture shows the flow of money into the market in the last 24 hours:

Money flow in the last 24 hours-min7676 — Source: coinlib.io

Tether continues to print and most of the volume currently comes from stable coins like USDT and others.

The altcoins continue to lose dominance, but the declines are less steep. However, there are some cryptocurrencies that broke their own floor, which is not a good sign for their future.

Bitcoin Dominance rises to 70% and what seems like resistance is being tested at these moments:

DOMINATION-min7676 — Source: coinmarketcap.com

The market continues the correction and despite Bitcoin’s latest increase, most analysts expect a sharp downturn. Our view on the subject is that as the sharp rise from $ 6000 could not be predicted, it is difficult to predict the market today, and it should be remembered that the market does not always behave according to market analysts’ predictions.

Market Data

Market Cap: $271,9 B

24h Vol: $64,2 B

BTC Dominance: 70.4%

BTC: $10,683 5%

ETH: $181,7 2.9%

XRP: $0.26 1.6%

BTC Shorts (BFX): 9.6 K BTC

BTC Longs (BFX): 26.8 K BTC

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