The cryptocurrency market capitalisation has exceeded $2.8 trillion, with Bitcoin hitting a peak of $88,260 amid investor shift towards altcoins and Gold due to USD fluctuations. Bitcoin leads with a 4% weekly increase, outperforming major altcoins. Additionally, regulatory challenges for Coinbase and the Singapore Exchange’s upcoming Bitcoin futures are noteworthy developments in the evolving crypto landscape. Metaplanet bolsters its Bitcoin holdings amid market uncertainty, solidifying its position in the sector.
On Monday, the cryptocurrency market capitalisation surpassed $2.8 trillion, marking a 0.9% increase from last week’s stagnation at $2.7 trillion. Bitcoin reached a price of $88,260, its highest in 45 days, outperforming significant altcoins, with BNB, XRP, and Solana showing more modest gains.
The recent increase in Bitcoin’s price can be attributed to investors seeking alternative assets amidst uncertainty surrounding the US dollar and regulatory concerns. With the potential replacement of US Federal Reserve Chair Jerome Powell, capital is being redirected away from USD-denominated instruments, buoying alternative investments like cryptocurrency.
Bitcoin’s weekly performance, up 4% to $86,945, puts it ahead of major altcoins such as BNB, XRP, and Solana, with the latter experiencing only minor gains. The total cryptocurrency market capitalisation is currently around $2.83 trillion, reflecting a cautious optimism as broader participation remains low.
Market trends suggest that Bitcoin is being viewed as a safer option compared to more volatile altcoins, with TRON experiencing a significant 5.6% weekly decline, indicating reduced demand for stablecoins. Conversely, notable altcoin gainers include Dogecoin and Chainlink, hinting at a possible bullish sentiment returning to the market.
Oregon’s Attorney General intends to file a securities lawsuit against Coinbase, compounding regulatory pressures on the platform, which has already faced federal scrutiny this year. This development highlights the complexities of cryptocurrency regulation in the US, where different agencies maintain varied enforcement practices.
In a significant move, the Singapore Exchange plans to introduce Bitcoin perpetual futures in 2025, catering to professional investors. This product will allow indefinite trading based on Bitcoin price fluctuations, reflecting increasing interest in regulated crypto derivatives.
Metaplanet has also expanded its Bitcoin holdings, adding 330 BTC valued at approximately $28.2 million. This purchase increases its total holding to 4,855 BTC, cementing its position as Asia’s largest corporate Bitcoin holder. The firm aims to reach 10,000 BTC by 2025, adhering to a strategy popularised by influential investors.
Overall, the evolving landscape of cryptocurrency, facilitated by institutional investment and regulatory developments, suggests increasing dynamism within the market. Investors are encouraged to stay informed on market trends and regulatory changes as they impact investment strategies.
