After a period of consolidation and correction, the cryptocurrency market is showing signs of renewed activity. Most coins are experiencing gains, propelling the total market capitalization close to $2.8 trillion.
Bitcoin’s price has notably surged, with a roughly 10% increase over the past week, now hovering around $70,000 and showing stability in recent days.
The uptrend began earlier in the week as Bitcoin pushed toward $66,000 on Monday, quickly surpassing that level and reaching $70,000 shortly after. While attempts to breach $72,000 fell short, the leading cryptocurrency still saw significant gains.
This positive momentum has spilled over to the broader market, with Ethereum rising more than 6% and Binance Coin (BNB) even outpacing Bitcoin with a 10.6% increase.
Among large-cap cryptocurrencies, Dogecoin emerged as the standout performer, skyrocketing by an impressive 50% in the past seven days, surpassing many competitors, including its closest rival, Shiba Inu, which saw an 18% increase.
In a quirky turn of events, Dogwifhat, another dog-themed meme coin featuring a dog wearing a hat, saw a remarkable surge of 75%.
In other news, this week marked the sentencing of Sam Bankman-Fried to 25 years in jail, a decision met with mixed reactions within the crypto community. While some felt the sentence was insufficient, others acknowledged its severity.
As April approaches, anticipation grows around Bitcoin’s halving event, adding to the market’s intrigue. Many are eager to see its impact and whether it will catalyze further price increases, as anticipated.