Crypto Market Update: Bitcoin and Altcoins Struggle, US Politics Heat Up
The cryptocurrency market has taken a dip in the last week, with the total market capitalization dropping by more than $110 billion. This continues a bearish trend that has been impacting the industry in recent months, pushing the total market capitalization closer to $2 trillion.
Bitcoin and Altcoin Performance
Bitcoin (BTC) has been the main driver of this decline, falling by 8% in the past week. The cryptocurrency is struggling to maintain the crucial $55,000 level. Ethereum (ETH) has also seen a similar decline, dropping by 8% along with other large-cap cryptocurrencies like Binance Coin (BNB) and Solana (SOL).
Some altcoins have seen even bigger losses, with TON, Cardano (ADA), Chainlink (LINK), and Aptos (APT) all declining by more than 12%. Despite these losses, Bitcoin’s dominance, which measures its share of the overall market, has remained relatively unchanged. This indicates that both Bitcoin and altcoins are experiencing similar declines.
US Politics Impacting Crypto Markets
Meanwhile, the political landscape in the United States is becoming more interesting. Donald Trump has announced his intention to reduce the corporate tax rate to 15% and create a “government efficiency commission” headed by Tesla CEO Elon Musk.
Vice President Kamala Harris has also received support from various corporate leaders, including Ripple co-founder Chris Larsen. This is a sign that both sides of the political spectrum are looking at the potential of the cryptocurrency industry.
Key Events of the Week
- Polygon transitioned from MATIC to POL. Polygon’s update is a significant development for the project, with the new POL token already active on the mainnet.
- Bitcoin Core Foundation launched liquid staking for BTC. This new feature allows users to stake their Bitcoin and earn rewards while still maintaining the ability to use their BTC.
- Bitcoin Runes surpassed 50 million inscriptions. This milestone highlights the growing adoption and popularity of Bitcoin Runes.
Moving Forward
The crypto market is in a state of flux, and it is difficult to predict what will happen next. However, it is clear that the industry is evolving rapidly, and investors need to stay informed about the latest developments.
