Dogecoin Explodes 50% As Bitcoin Bulls Are Forced Back: This Week’s Crypto Recap

After a few weeks of consolidation and correction, the cryptocurrency market is starting to heat up again. Most coins are trading well in the green, making the total capitalization just shy of $2.8 trillion.

The price of Bitcoin has performed spectacularly, rising by around 10% over the past seven days. It is currently trading around $70,000, where it seems to have consolidated over the past few days.

The increase started earlier in the week when BTC started to push towards $66K on Monday. Soon after that, he was able to increase beyond that level and reach $70K before long. The bulls tried to push the price above $72K but failed. Nevertheless, the previous cryptocurrency showed significant advantages.

This also helped the rest of the market, most of which are good marketing in the green. For example, Ethereum recorded an increase of more than 6 percent, while Binance Coin (BNB) slightly outperformed Bitcoin – up 10.6 percent.

Hands down, however, the best performer of the large-cap cryptocurrencies was Dogecoin. The fun, dog-focused meme coin has skyrocketed by 50% in the past seven days, outperforming most of the market, including most competing meme coins. For example, Shiba Inu, its closest rival and the second largest coin of its kind, rose 18 percent.

It's worth noting, though, that Dogwhiphat – another dog-themed meme coin that exploded by about 75% – features a dog wearing a hat.

Market developments, this week saw Sam Bankman-Fried sentenced to 25 years in prison. The court's decision was polarizing. While many think the crypto community is not long enough, others point out that 25 years is indeed a long time.

Either way, the cryptocurrency market remains incredibly interesting to watch, especially as we approach April – the month in which Bitcoin halves this cycle. As many expect, it will be interesting to see how it affects the market and encourages further increases.

Market data

Market Value: $2.77T | 24H Volume: $99B | BTC dominance: 49.6%

BTC: $70,030 (+10%) | ETH: $3,537 (+6.2%) | BBNB: $614 (+10.6%)

This week's headlines you can't miss

Former FTX boss Sam Bankman-Fried was sentenced to 25 years in prison. It's been a big week in the cryptocurrency world with the sentencing of Sam Bankman-Fried, the mastermind behind the once-successful FTX crypto exchange. The court sentenced him to 25 years in prison.

The fifth richest bitcoin address transfers $6 billion in BTC between $70,000 in the past. The fifth richest bitcoin address has transferred a whopping $6 billion worth of BTC to three new wallets. There is no information about the owner of the address, but the transfer happened when the price of BTC rose above $70k this week.

Spot Bitcoin ETFs Record $183 Million Daily Net Income As BTC Taps $70K Positive returns continue in Bitcoin exchange-traded funds (ETFs). In fact, today – March 29, we have seen a net record of 183 million dollars every day in these products.

Ethereum Hits 1 Million Validators Promoting Community Risk The Ethereum network has hit 1 million validators. However, some experts have argued that there is a downside to that, bringing in a saturation point and an abundance of ETH.

Vitalik explains Ethereum's next steps after the Denkun update. The Denkun upgrade – Ethereum's hard fork that took place in early March – was a milestone in the network's overall roadmap. Now, Vitalik Buterin has shared some thoughts on the next steps in the pipeline.

BlackRock CEO Relies On Ethereum ETFs, Says IBIT Is Fastest Growing ETF Larry Fink – BlackRock, the world's largest asset manager – expressed his long-term optimism on Bitcoin. He also mentioned that there is no reason for the Ethereum ETF to fail.

Charts

This week we have a chart analysis of Ethereum, Ripple, Cardano, Shiba Inu and Dogecoin – click here for the full price analysis.