Bitcoin (BTC) has seen some losses in the past few hours, having previously set a new all-time high. Binance Coin and others found new strength after a brief cool down yesterday.
Bitcoin leads the market
Yesterday, Bitcoin ( platform comparison ) for the first time in the decades-long history of the top cryptocurrency exceeded the $ 58,000 mark.
The rally to the new all-time high solidifies a week of impressive performance from Bitcoin Champion. The coin has gained over 30% since Monday.
The cops are in control, and the next significant level for BTC is the $ 60,000 mark.
In fact, the top altcoins of the past week are also experiencing the “pull-up” effect of the top cryptocurrency, such as Binance Coin (BNB).
In addition, the newly-famous alternative to the Ethereum-based Uniswap ( Bullish for Ethereum: Update for lower fees should come in July), PancakeSwap (CAKE), is on its way back to the $ 20 levels.
Crypto bulls are confident that market cap will surpass $ 2 trillion at some point in the next week.
Portfolios are shifting towards market performance
Accordingly, traders and investors alike are in the process of rebalancing their portfolios to reflect the high performance of the altcoin market. As previously reported, Tether (USDT) lost three places in the market capitalization rankings as investors choose BNB, Polkadot (DOT) and Cardano (ADA) instead of Tether.
And this despite the fact that Tether has minted record amounts of stablecoin in recent months.
Additionally, while the market is bullish, there is reason to believe that the euphoric phase has not yet occurred as traders choose to buy cryptocurrencies outright rather than use leverage.
This suggests that they plan to „hodel“ in the long term.
Works of art, lawsuits and ETFs
That being said, YouTube star Logan Paul released his own non-fungible tokens (NFTs) this weekend.
As Ripple Labs prepares for the first hearing tomorrow, it was announced that former US Securities and Exchange Commission (SEC) director Mary Jo White will represent the company and its executives on the case.
In an interview with Fortune Magazine , the former director described the SEC’s decision to file charges against the decentralized payment processing company as „absolutely wrong“.
In Canada, analysts expect several relaunched BTC ETFs will attract even more investment than they did in just two days.
In this respect, the market could, by and large, have a bullish week.