Welcome back to the weekly recap! And this week we saw how BTC’s rush kept breaking boundaries, while altcoins have had a very rough time trying to ride this trend, so let’s take a look and explain what happened:
Bitcoin: $11850, with a change of 0.48% from yesterday and 21.23% from last week.
Ethereum: $304.28, with a change of -1.1% from yesterday and 6.65% from last week.
XRP: $0.41059, with a change of -2.87% from yesterday and -6.51% from last week.
Bitcoin Cash: $421.23, with a change of 2.11% from yesterday and -1.66% from last week.
Litecoin: $118.47, with a change of -1.1% from yesterday and -13.41% from last week.
EOS: $5.932, with a change of -5.87% from yesterday and -14.28% from last week.
Binance Coin: $34.08, with a change of 1.86% from yesterday and -8.89% from last week.
Bitcoin SV: $214.9, with a change of 6.99% from yesterday and -2.64% from last week.
Cardano: $0.08554, with a change of -4.63% from yesterday and -3.91% from last week.
TRON: $0.0328, with a change of -3.45% from yesterday and -1.38% from last week.
As every analyst, expert or reviewer has already stated: BTC’s bull run seems to be healthy and strong, despite a significant drop after breaking the $13,000 mark two days ago. What makes this climb different from others is how altcoins appear to struggle to follow the trend, with most of them showing drops and leaving BTC dominating over 62% of the whole market.
The most accepted explanation for this phenomenon comes from a change in Binance’s terms of use last week, stating that they will not be able to offer their services to US users, and the measure would be effective in the next 90 days. This may have caused the impression that US regulations are not as friendly with altcoins as they are with Bitcoin, which then makes investors trade in their assets for the most secure alternative.
Since then, Binance’s CEO, Changpeng Zhao, has revealed that they will partner with BAM Trading Services to have them operate as a US division for the international giant, while lacking certain features that helped in Binance’s growth but under constant guidance from CZ and his team.
It will be necessary to look at the market closely until Binance’s restriction becomes effective, because it may hurt the altcoin landscape even more while BTC grows beyond anything in its path.