The cryptocurrency market now accounts for 2% of the global money supply as DeFi and stablecoin growth point to steady increases in adoption.
Many traders believe the narrative that Bitcoin price drops ahead of CME BTC futures expiries, but data shows the trend is all bark and no bite.
Bitcoin bulls struggle to push BTC price above $50,000 while ADA, MATIC and other large-cap altcoins realize double-digit gains.
KSM rallied to a new all-time high as investors rushed into new positions in order to participate in the hype surrounding the upcoming parachain auctions.
Bitcoin is showing signs of topping out but many altcoins remain strong, a signal that the decoupling between the two is likely to continue for a few more days.
Tesla’s decision to cease Bitcoin payments ignited a green energy debate that sent the price of low energy consumption protocols like NANO, HBAR and EWT higher.
Rising fears of inflation and big government spending rocked equities markets and possibly had a knock-on effect on Bitcoin and altcoin prices.
YFI, EOS and REV notched double-digit rallies as altcoins capitalized on the oversold bounce in Bitcoin and Ethereum price.
CSPR appears to be following DOT’s route to success as its IOU token latched on to the bull market’s momentum and rallied 2,300% before it’s even listed on major exchanges.
Ethereum’s increasing dominance has kept traders focused on altcoins but Bitcoin’s struggle to hold above $59,000 could send the entire market tumbling.