Shiba Inu (SHIB) Only Major Altcoin in Green as Bitcoin Flatlines on the Weekly: Your Crypto Recap

To say that the price action within the cryptocurrency market this week was underwhelming would be the understatement of the year. Most of the top altcoins are charting losses as Bitcoin’s price remains completely flat for the past seven days.

In fact, Bitcoin’s volatility has been so insignificant that on a 10-day average, it’s about to become less than that of stocks and even gold. That’s right – the “highly volatile” Bitcoin that’s unpredictable and “risky” has seen less action than … gold. But it is what it is, and BTC has absolutely failed to produce any substantial movement in the past week, losing a slight 0.2%.

Elsewhere, the altcoins are bleeding out. XRP is down 7%, ADA is down 5%, SOL – 5.4%, TRON – 7.3%, MATIC – 5.6%, and so forth. This has helped Bitcoin’s dominance. To those unaware, this is the metric which tracks its share relative to that of the rest of the market. It increased by 0.5% in the past seven days, which highlights exactly how weak altcoins are at the moment.

But not all altcoins are made equal, and it turns out that SHIB is the only one from the majors that performed well. The cryptocurrency is up some 5% on the week in a sea of red. It’s not without a good reason. Binance, the world’s leading cryptocurrency exchange, just announced that it will now start accepting SHIB as collateral. This is big news, and it’s the primary catalyst for the altcoin’s surge in value.

Elsewhere, Coinbase is moving to dismiss the case against the US Securities and Exchange Commission. The exchange has cited the ruling in Ripple’s case against the Commission, where Judge Analisa Torres determined secondary sales of XRP to NOT constitute an investment contract. It’s very interesting to see how the legal spat will turn out, as that ruling offers a pivotal moment.

All in all, it’s also worth noting that the ongoing bear market is turning out to be the longest in crypto’s relatively nascent history. It’s been going on for more than two years now, and we have yet to see when it will end.

Market Data

Market Cap: $1,215B | 24H Vol: $35B | BTC Dominance: 46.8%

BTC: $29,238 (-0.2%) | ETH: $1,845 (-1.7%) | BNB: $242 (+0.2%)

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