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The past seven days saw the total cryptocurrency market capitalization increase by close to $20 billion, and it currently stands at $1.75 trillion. The interesting bit is that all of the gains come on the back of an increase in the altcoin market, rather than Bitcoin, which failed to perform as well.
In fact, Bitcoin’s price dropped by around 2.1% in the past week, trading at $42,750 at the time of this writing. Its dominance is down substantially, further adding to the premise of an ongoing altseason.
And while the price struggled, BTC saw positive developments across other avenues. For example, the number of bitcoins that exited centralized exchanges on Wednesday this week exceeded $1.19 billion (28K BTC). For reference, the last time this number was higher was back on December 14th, 2022.
Exchange outflows are usually perceived as positive for the market since they alleviate immediate selling pressure.
Elsewhere, Bitcoin’s total hashrate also skyrocketed to a new all-time high of 544 exahashes this week. Increasing hashrate means improved network security and greater involvement on behalf of miners.
But enough about Bitcoin, let’s have a look at the altcoin market.
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