#BitcoinNews #CryptoInvestments #BinanceSettlement #BTCRise #AltcoinsUpdate #EthPriceUpdate #SolPriceNews #CryptoMarketCap
Bitcoin recently embarked on another upward trend on Friday evening that took it over the $38,000 mark, a figure it has not crossed in over a year and a half. However, the digital asset could not maintain the momentum to continue surging onwards.
The alternative cryptocurrencies on a daily scale are relatively calmer than Bitcoin, with Ethereum maintaining a figure close to $2,100 and Solana trading just shy of the $60. Bitcoin had an eventful week in the market which was largely influenced by the events at Binance, a major cryptocurrency exchange. Binance had to agree to a settlement with the US Department of Justice which involved a hefty fine of $4.3 billion, even though it never admitted guilt. In addition, the CEO of the company, Changpeng Zhao, had to plead guilty and resign from his role as the head of the company.
Bitcoin market performance demonstrated significant fluctuation, evidenced by a remarkable drop to a weekly low of $35,600 on Wednesday. However, Bitcoin bulls reacted quickly to the downward spiral and pushed the asset north. This spurred Bitcoin’s advancement towards $38,000 on Thursday, and it even surpassed the mark on Friday night, peaking at $38,500. Regardless, Bitcoin was unable to maintain this peak or move further, and currently, it sits slightly below $38,000 with a market capitalization at $740 billion and an altcoins dominance of 51.4% on CoinMarketCap.
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