Altseason is here
Frozen Bitcoin price drives traders to start altseason, and pump and dump Doge, while Tether reaches new heights, and Coinbase rumored to become a listed stock. The crypto week of July 6 – July 12 in the BTCMEX digest.
The altseason was proclaimed across the web as the Bitcoin has been traded sideways for the last six weeks. The major cryptocurrency has been moving 2% in either direction from its average, slightly above USD 9,000.
Alternative cryptocurrencies outperformed the dominating Bitcoin showing massive gains. In the past week, VET, XLM, ADA, ALGO, LINK, BSV, ATOM, XRP, CRO and ETC outperformed the rest of the market including Bitcoin, which gained just 1.13% during the period. Despite this, on July 6, Bitcoin’s seven-day average hash rate reached a new peak – 123.4 EH/s.
Tik Tok users pumped Dogecoin with a viral movement that encouraged to buy crypto and bring its price to $1. Soon after, the price dropped 20% and is currently trading around $0.0040.
Will Coinbase enter the stock?
Coinbase might be the first cryptocurrency exchange to be listed on traditional markets. It reportedly will make its debut on the US stock market later this year. According to Reuters sources, preparations for a listing are underway but still need the green light from the Securities and Exchange Commission. If successful, this would mark the first time that a cryptocurrency exchange would be listed on traditional markets.
Institutions turned to Bitcoin
According to a CryptoCompare report, regulated Bitcoin options market volume signals increasing interest and participation from institutional investors. In June, the total volume for Bitcoin options on the Chicago Mercantile Exchange (CME) rose by 41% to reach another all-time monthly high with 8,444 contracts traded.
Experts point out that the participation of institutional investors will overall positively affect the market, as they require safe, transparent exchanges.
Tether capped at $10 billion
The leading stablecoin, Tether (USDT), has surpassed $10 billion in market capitalization for the first time, reported Messari. Tether’s reported $10 billion market cap comes after year-to-date growth of 144% — with Tether representing $4.1 billion at the start of 2020. However, data aggregators suggest different, with CoinGecko and CoinMarketCap estimating USDT’s market cap to be just over $9 billion.