Bitcoin Struggles at $19,000, Crypto Market Stagnate on Global Inflation Issues: This Week’s Roundup

The cryptocurrency market experienced little volatility over the past seven days and is currently found almost where it was this time last week. The mood remains overly fearful as global inflation issues and economic turmoil settle in.

Starting with Bitcoin, it lost about 1.8% over the past seven days, going through almost no volatility whatsoever. The cryptocurrency attempted a break above the critical $20,000 level, but to no avail. It was quickly dismissed by the bears, who are seemingly in total control at the moment.

It is also interesting to note that BTC dominance – the metric that tracks its share relative to the entire market, is also more or less where it was last week. This means that altcoins failed to capitalize on the uncertainty in the Bitcoin market.

This is evident in the performance of the top 10 altcoins by total market capitalization. Cardano lost 9.3%, Solana lost 10%, while XRP is down 7%. These are remarkable declines.

Perhaps the most notable event over the past week was the launch of Aptos’ mainnet and its listing on major exchanges such as Binance, Coinbase and FTX. The community was underwhelmed to say the least, given that top tier exchanges rushed to list APT despite not even having a clear tokenomics sheet of the token.

That said, global inflation issues continue to loom over the cryptocurrency market. In the UK, for example, inflation has clocked in at levels not seen in the last 40 years.

It will be interesting to see how next week will shape up, but sentiment is currently very gloomy amid an overly stagnant market.

Market data

Market Cap: $951B | 24H Vol: $60B | BTC dominance: 38.5%

BTC: $19,112 (-1.8%) | ETH: $1295 (0.5%) | BNB: $269 (-08%)

‘Solana Killer’ Aptos hits the mainnet, but fails to charm the community. Aptos – a project that many touted to be a “Solana killer” launched the mainnet and also saw the APT token listed on a number of top-tier cryptocurrency exchanges. However, the community was not very enthusiastic.

These Banks Are Entering Crypto Despite Ongoing Bear Market. The German mobile bank N26, as well as Brazil’s Nubank, become the latest financial institutions to jump on the cryptocurrency bandwagon. The former established a cryptocurrency service, while the latter is launching its own cryptocurrency in Brazil.

Hodlonaut wins lawsuit against self-described Satoshi Craig Wright. Hodlnaut has won his court case against the self-proclaimed Satoshi Nakamoto – Craig Wright. The case was among the most interesting and important for the entire industry.

Bitcoin whales accumulate on Binance according to on-chain calculations. Bitcoin whales are accumulating on Binance. This is clear from data on the chain and is happening despite the fact that the current market conditions are somewhat stagnant. However, BTC’s price does not seem to be affected.

Bitcoin is trading at a discount and will rise to $100k: Bloomberg strategist. According to a popular Bloomberg strategist – Mike McGlone, Bitcoin is currently trading at a discount. He also believes that the cryptocurrency will eventually reach $100,000 in the next five to ten years.

Crypto will be essential in customer transactions: Walmart CTO. Walmart’s Chief Technology Officer, Suresh Kumar, believes the cryptocurrency industry will significantly impact the future of finance. According to him, the biggest difference will be the way consumers shop, and he also reiterated his overly positive attitude towards the sector.

Diagrams

This week we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin and Solana – click here for full price analysis.