The cryptocurrency market experienced a lackluster week as Bitcoin’s price remained stagnant. While Bitcoin’s volatility decreased to levels comparable to stocks and gold, altcoins suffered losses. XRP, ADA, SOL, TRON, and MATIC all saw declines, highlighting the weakness of altcoins in the current market. However, amidst the sea of red, Shiba Inu (SHIB) emerged as the only major altcoin in the green, with a 5% increase in value. This surge can be attributed to Binance’s announcement that it will accept SHIB as collateral, a significant development for the cryptocurrency.
In other news, Coinbase is seeking to dismiss a case brought against the US Securities and Exchange Commission. The exchange cited a ruling in Ripple’s case, where it was determined that secondary sales of XRP do not constitute an investment contract. This legal battle could have far-reaching implications for the crypto industry.
It is important to note that the ongoing bear market in the crypto industry has now become the longest in its relatively short history, lasting for over two years. The end of this bear market remains uncertain, and its impact continues to be felt across the market.
In terms of market data, the total market capitalization stands at $1,215 billion, with a 24-hour trading volume of $35 billion. Bitcoin dominance currently sits at 46.8%. Bitcoin’s price saw a slight decline of 0.2% to reach $29,238, while Ethereum experienced a 1.7% decrease to $1,845. Binance Coin (BNB) saw a marginal increase of 0.2% and is currently priced at $242.
In summary, while Bitcoin remained flat, altcoins faced losses in the market. However, Shiba Inu (SHIB) stood out as the only major altcoin to experience gains, thanks to Binance’s decision to accept it as collateral. The ongoing bear market continues to impact the industry, with its longevity surpassing previous records. The outcome of legal battles, such as the one involving Coinbase and the SEC, could shape the future of the crypto landscape.
