The past seven days were packed in terms of price action. The total cryptocurrency market cap sits above $1 trillion, with most of the leading coins charting considerable gains. However, it appears that Bitcoin is leading the way, increasing its overall market share.<\/p>\n
Bitcoin\u2019s dominance \u2013 a metric most use to gauge its share relative to that of the rest of the market \u2013 increased to around 40% in the past seven days, up from 39%. This is a notable movement, and it shows that the leading cryptocurrency performed considerably better compared to the rest of the market.<\/p>\n
At the time of this writing, BTC is fighting for $21K, reaching a weekly high of around $21,600. At that point, the US Department of Justice revealed that they will be undertaking an international enforcement action, sending the markets downwards in anticipation. Hours after the initial announcement, it turned out that they have targeted a Russian cryptocurrency exchange with minuscule volumes.<\/p>\n
In any case, Bitcoin and Ethereum seem to be amongst the best-performing leading cryptocurrencies, up 12% and 10%, respectively. Solana is undoubtedly the best performer from the top 20 coins, though, up almost 30% on the week.<\/p>\n
It\u2019s also worth noting that these notable increases take place in times of uncertainty, as more and more companies continue laying staff members. ConsenSys and Amber Group both announced considerable headcount reductions. Google laid off 12,000 people, representing 6% of its workforce.<\/p>\n
But that\u2019s not all. Genesis Global Capital \u2013 a subsidiary of Digital Currency Group \u2013 filed for bankruptcy earlier today. Most notably, one of the biggest creditors of the company is Gemini\u2019s Earn program, with around 100,000 creditors with liabilities estimated between $1 and $10 billion.<\/p>\n
It\u2019s interesting to see how the market will shape up in the coming days and if the bad news will finally take its toll on the price.<\/p>\n
Market Data<\/h2>\n
Market Cap: $1011B | 24H Vol: 54B | BTC Dominance: 40.1%<\/p>\n
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