The total capitalization of the cryptocurrency market has managed to increase by almost 17 billion dollars in the last seven days. Interestingly, the gains were mostly behind altcoins. This is highlighted in the declining Bitcoin dominance – a metric used to measure BTC’s share relative to the rest of the market.
At the time of writing, BTC’s lead is at 38.1%, up from a peak of 38.4% last week. Bitcoin rose just 0.9%, while altcoins like BNB and ETH gained more than 4%. Cardano has surprised market participants and is up around 11%, while Solana is arguably the best performer among the leading coins, up 37%.
Although there are many reasons for Solana’s rise, perhaps the leading one played a newly created memecoin called Bonk Inu (BONK). Over the past seven days, it has risen on the Solana network, gaining massive volume and increasing overall activity. Today, however, BONK is charting devastating losses.
Elsewhere, Sam Bankman-Fried appeared in a US court and pleaded not guilty to all criminal charges against him. This means there will be a trial, which is set to begin in early October. In addition, SBF’s attorneys filed a motion to retain control of the approximately $450 million in Robinhood stock that the DOJ intends to seize.
Speaking of the DOJ, New York Attorney General Letitia James filed suit against Celsius Network co-founder and former CEO Alex Mashinsky. The Attorney General alleged that Mashinsky defrauded investors out of digital assets worth billions.
The bad news did not end there. Genesis – The DCG-owned cryptocurrency lender is reportedly considering filing for bankruptcy, while DCG is cutting its wealth management arm.
In more positive news, Bitcoin turned 14 on January 3, but for that. It remains very interesting to see how the market, as well as the entire industry, will shape up going forward.
Market value: $848 billion | 24H Volume: 35B | BTC Advantage: 38.1%
BTC: $16,780 (0.9%) | ETH: $1,251 (+4.2%) | BNB: $257 (4.3%)
This Week’s Crypto Headlines Can’t Be Missed
Sam Bankman-Fried pleaded not guilty, court date set. It is official. Sam Bankman-Fried has pleaded not guilty to all criminal charges and will fight the charges against him. The trial date is set for early October 2023.
Bonk Inu (BONK): Solana What is Dogecoin? This week has seen BONK’s popularity rise. It claims that the Solana network is a dog coin and reverses the activity on its blockchain. The cryptocurrency has risen manifold and has become one of the hottest stories in the past few days.
Bitcoin Is 14 Years Old: The Day of Creation and Satoshi’s Idea of Monetary Sovereignty. On January 3, the cryptocurrency community celebrated 14 years since the Bitcoin genesis block was mined. Interestingly, the message embedded in the blockchain now resonates more than ever.
New York AG is suing Celsius co-founder Alex Mashinsky for fraud. New York Attorney General Letitia James filed a lawsuit against Celsius Network co-founder and former CEO Alex Mashinsky. The Attorney General alleges that Mashinsky defrauded investors out of billions of dollars worth of digital assets.
Logan Paul plans to sue Coffeezilla over CryptoZoo claims. Famous YouTuber Logan Paul has said that he plans to sue Coffeezilla (another famous YouTuber) for alleged fraud related to the NFT project that Paul started.
Crypto Lender’s Creation Cuts Staff, Avoids Bankruptcy: WSJ Cryptocurrency lending firm Genesis plans to file for bankruptcy and lay off employees, according to a recent report. The company has been experiencing serious liquidity problems for several months.
This week we have chart analysis of Ethereum, Ripple, Cardano, Litecoin and Solana – click here for full price analysis.
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