Bitcoin Stabilizes Above $7,000 As Dominance Continues To Rise: Friday Crypto Market Watch

After going through another volatility earlier this week, which pushed its value down to as low as $6450 on major exchanges, Bitcoin has made a quick recovery above $7,000 and is currently trading at $7,200, indicating a 1.12% gains on the daily chart. Meanwhile, Bitcoin’s dominance continues to increase and it stands at 68.3%. 

This week’s drop didn’t only cause panic among traders but also turned the entire market into a red zone. Bitcoin’s quick recovery, however, has given a sense of hope that the cryptocurrency will not dip further. If it continues with the current momentum, the coin could break the $7400 resistance level within the next few trading sessions. 

BTCUSD
BTC/USD. Source: TradingView

Just as expected, a flash of green is spread across the altcoin markets with major coins recording gains of at least 0.5% over the last 24 hours. Ether, the leading altcoin, is charting gains of 1.25% with a current price of $128.68. The coin has been struggling lately. The Ethereum blockchain is expected to undergo an emergency hard fork later this month. XRP is currently trading at $0.19, a situation which many XRP fans will find unpleasant. 

Bitcoin SV (BSV) is the most significant gainer in the top 10 crypto market today with gains of up to 4.84%. BSV is also expected to undergo some network updates in February next year. The coin is currently trading at $88.10. 

Total Market Capitalization: $191 B | Bitcoin Market Capitalization: $130 B | Bitcoin Dominance: 68%

Major Crypto Headlines

Bitcoin Solves This: Hong Kong Police Freezes $9M Of Foundation Working With Protesters. The country’s authorities have frozen funds amounting to HK$70 million ($9 M) raised by Spark Alliance through crowdfunding to finance the ongoing protests in Hong Kong. 

Coinbase CEO Receives Patent for Transacting Bitcoin via Email. Coinbase has received a green light to make Bitcoin transactions a lot easier through a system that allows users to send and receive BTC payments using their email addresses. 

Binance Takes Minority Stake in Crypto Derivatives Exchange FTX. Leading crypto exchange Binance has reportedly invested “tens of millions” of dollars in FTX, a crypto derivatives exchange. FTX is said to be the top 7 largest Bitcoin futures exchanges in the world and handling about $500 million as its daily trade volume.

Significant Daily Gainers and Losers

Matic Network (21.51%)

MATIC is leading the top 100 as the most significant winner of the day with 21.51% gains against the USD. After having a successful IEO earlier this year, the token mysteriously lost more than 70% of its value within 24 hours last week. The crash was so bad that many rumored that the MATIC team was behind the dump, but the project co-founder debunked such rumors. The token is currently trading at $0.015 with its daily volume hovering around $53,183,350.

Crypterium (17.53%)

A 17.53% increase against the USD over the last 24 hours places Crypterium (CRPT) as the second most significant winner on the day. CRPT is currently trading at $0.39. Crypterium is a crypto payment solution that allows users to spend their digital assets with Crypterium cards anywhere in the world. Earlier this month, the company launched its virtual crypto card to give users a seamless experience while shopping online with cryptocurrencies. 

Centrality (-6.90%)

Centrality (CENNZ) emerged as the biggest loser in the top 100 over the last 24 hours with a 6.90% drop against the dollar. CENNZ is currently exchanging hands at $0.11 with a market cap of $120,759,228. Further decline could mean losing its 41st position to 0x, which is currently in the 42nd position, according to data on CMC. 

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