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The week Bitcoin jumped to $40,000

Bitcoin rose above $40,000 this week, while the entire cryptocurrency market capitalization surpassed the coveted $1 trillion mark for the first time.

Over the past seven days, Bitcoin has gained more than $11,000, surpassing the coveted $40,000 mark. At the same time, the entire cryptocurrency market capitalization jumped above $1 trillion for the first time ever.

The week began with bitcoin's price trading around $29,000, but no one expected what would happen next. Day after day, BTC continued to chart new highs until it finally broke through the coveted $40,000 mark yesterday. The current all-time high is at $42,000.

The move up was also characterized by significant volatility. For example, just last night BTC hit $40,000, but it also fell to $36,000 in the same hour and recovered to $39,000. This makes it especially dangerous for people who are overexposed to overextended positions, and the data on total liquidation confirms this. More than $1.5 billion in both long and short positions were liquidated in the last day.

Either way, there is growth throughout the market, and this is evident in its estimate of a trillion dollars, a milestone we haven't seen before.

There was also some important news this week. The U.S. Office of the Comptroller of the Currency (OCC) has allowed the country's banks to use stables and blockchain to settle payments, a major step in the overall acceptance of cryptocurrencies. In the spirit of maturity, BitMEX, one of the world's leading crypto derivatives exchanges, also announced that 100% of its trading base and trading volume is now 100% verified. This follows allegations made by the U.S. Commodities and Futures Trading Commission (CFTC) back in October of last year.

Meanwhile, Bitcoin's impressive performance has also led many prominent analysts to give their predictions, as they did back in 2017. Mike McGlone, a senior commodity strategist at Bloomberg, said it was much more likely for cryptocurrencies to fall to $50K than it was for cryptocurrencies to fall to $20,000.

The week was also positive for Ethereum's ETH, which is currently trading around the $1,200 mark with a total weekly gain of about 67%. Interestingly, over 99% of Ethereum's addresses are currently in profit.

Market Data:

Market Capitalization: $1,088B | 24H Vol: 194B | BTC Dominance: 70.4%

BTC: $41,282 (+40.72%) | ETH: $641 (+1,230(+67.04%) | XRP: $0.319 (+33.7%)

08.01.2021, 19:56