Bitcoin Market Overview: New all-time high for BTC, BNB recovers, NFT boom.
Bitcoin (BTC) is seeing some losses in the last few hours after setting a new all-time high earlier. Binance Coin and others found new strength after a brief cool down yesterday.
Bitcoin leads the market
Yesterday, Bitcoin (To buy bitcoin cheap platform comparison) was above the $58,000 mark for the first time in the top cryptocurrency’s decade-long history.
The rally to a new Bitcoin Billionaire all-time high cements a week of impressive performance from BTC. The coin has gained over 30% since Monday.
The bulls are in control and the next significant level for BTC is the $60,000 mark.
In fact, last week’s top altcoins are also experiencing the „pull-up“ effect of the top cryptocurrency, such as Binance Coin (BNB).
Moreover, the newly-famous alternative to Ethereum-based Uniswap (Bullish for Ethereum: update for lower fees to come as early as July), PancakeSwap (CAKE), is on its way back to the $20 levels.
Crypto bulls are confident that the $2 trillion mark in market cap will be surpassed sometime next week.
Portfolios shift towards market performance
Accordingly, traders and investors alike are rebalancing their portfolios to reflect the high performance of the altcoin market. As previously reported, Tether (USDT) lost three spots in the market cap rankings as investors opt for BNB, Polkadot (DOT) and Cardano (ADA) – instead of Tether.
This is despite Tether minting record amounts of the stablecoin in recent months.
Moreover, although the market is optimistic, there is reason to believe that the euphoria phase has not yet arrived, as traders are choosing to buy cryptocurrencies directly rather than using leverage.
This suggests that they plan to „hod“ for the long term.
Artwork, lawsuits and ETFs
That being said, YouTube star Logan Paul released his own non-fungible tokens (NFTs) this weekend.
As Ripple Labs prepares for its first hearing tomorrow, it was revealed that former U.S. Securities and Exchange Commission (SEC) head Mary Jo White will represent the company and its executives in the case.
In an interview with Fortune Magazine, the former head called the SEC’s decision to bring charges against the decentralised payment processing company „absolutely wrong“.
In Canada, analysts expect several newly launched BTC ETFs to attract even more investment than they have in just two days.
In this respect, the market could have a bullish week on the whole.