Bitcoin (BTC) leads the market again, after setting a new all-time high. Binance Coin and others found new strength after a brief cool-off yesterday.
The Oldest Leads the Newest
At press time, Bitcoin (BTC) is above the $58,000 mark for the first time in the top cryptocurrency’s decade-long history.
The rally to the new all-time high solidifies a week of impressive performance from BTC. The coin has seen over 30% gains since Monday.
As is now widely accepted in the market, the bulls are firmly in control, with the next significant level for BTC being the $60,000 mark.
Indeed, last week’s top-performing alts are also experiencing the “pull-up” effect of the top cryptocurrency. After settling down yesterday, Binance Coin (BNB), is back above $300 at press time, after dipping to the low $250s.
Moreover, the newly-famous alternative to the Ethereum-based Uniswap, PancakeSwap (CAKE), is on its way back to the $20 levels.
In fact, the strong performance comes as the total value of the cryptocurrency market (as measured by the global market capitalization), sits at just under $1.8 trillion at press time.
Crypto-bulls are confident that at some point next week, the $2 trillion level will be surpassed.
Portfolios Shift Towards Market Performance
Accordingly, traders and investors alike are re-balancing their portfolios to reflect the high-performing altcoin market. As reported earlier, Tether (USDT) lost three places in terms of market capitalization rankings as investors opted for BNB, Polkadot (DOT), and Cardano (ADA) instead of stability.
This is despite Tether minting record amounts of the stablecoin in recent months.
Moreover, although the market is optimistic, there is reason to believe the euphoria stage has not yet kicked in as traders choose to buy cryptocurrencies outright instead of using leverage.
This suggests they plan to “hodl” for the long run.
Artwork, Court Cases and ETFs
In other news, YouTube star Logan Paul released his own non-fungible tokens (NFTs) this weekend. In just one day, the star raised over $3.5 million in an auction held on the NFT marketplace Bondly.
As Ripple Labs prepares for its first hearing tomorrow, it was revealed that former U.S. Securities and Exchange Commission (SEC) head Mary Jo White will represent the company and its executives in the case.
In an interview with Fortune Magazine, the former head called the SEC decision to bring charges against the decentralized payments processing company “dead wrong”.
In Canada, analysts expect several newly launched BTC ETFs to attract even more investment than they did in just two days.
So on the whole, the market is looking at a bright week ahead.
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