• Bitcoin gained 12% in the past week and its dominance increased to 40%.
• Altcoins lagged behind, with Ethereum and Ripple increasing by only 1%.
• Genesis Mining, one of the largest mining companies, filed for bankruptcy.
Cryptocurrency markets have been in the green over the past week, with the total market cap surging past $1 trillion. Bitcoin, the leading digital asset, led the way with a 12% increase, pushing its market dominance to 40%. Despite the strong gains, altcoins lagged significantly behind, with Ethereum and Ripple increasing by only 1%.
The past seven days were full of events for the cryptocurrency market, with the most notable development being the filing for bankruptcy of Genesis Mining, one of the largest mining companies. The company announced that its operations have been significantly hindered by the bear market of 2018 and the difficulties of managing the large-scale operations. Despite the filing, Genesis Mining assured its users that all their funds are safe and secure.
The strong performance of Bitcoin has been the main driver of the bullish sentiment in the market. The leading digital asset pushed past the $35,000 mark and is now trading at around $37,500. This marks a 12% increase in the past week, which is quite impressive given the current market conditions. The increase in Bitcoin’s dominance is also notable, as the leading digital asset’s market share increased to 40%.
On the other hand, altcoins have had a much weaker performance. Ethereum and Ripple, two of the most popular altcoins, have increased by only 1% over the past seven days, while other altcoins have been even less impressive. Despite the lagging performance, some altcoins have charted impressive gains, such as Cardano, which gained more than 20%.
Looking ahead, the coming week will be an exciting one for the cryptocurrency market. The market has been resilient in the face of the recent bad news, and it will be interesting to see how it will react to the developments in the coming days.