Bitcoin Tops $50K, Luna Dominates (This Week’s Recap)

Christmas Eve is upon us, and it’s a green one. The overwhelming majority of cryptocurrencies are trading well in the green today and, as a matter of fact – throughout the entire week. Let’s kick it off with Bitcoin.

BTC’s price was trading at around $46,000 this time last week. We saw the first bullish attempt on Sunday, but the price was rejected above $48K and retraced back to $46K. Then, things started looking positive, and bitcoin started climbing towards $50K. It had almost reached this coveted level on Wednesday, but the bears once again stepped in and pushed it back towards $48K.

Thins changed on Thursday and Friday, though, as the price skyrocketed from below $49K and reached an intraday high at around $51,500. The price is now trading slightly below $51,000 for a total increase of about 6.5% in seven days.

The rest of the market is also trading well in the green. Ethereum is up 2.4%, BNB – 3.4%, Solana – 6.8%, ADA – 14.6%, but the undeniable winner and the cryptocurrency that completely dominated this week’s momentum is Luna.

LUNA is currently trading at $96, having peaked above $100 for a new all-time high. It’s up a whopping 50% in the past seven days, and its momentum and social media presence are overwhelmingly positive.

Another exciting thing happened this week on a slightly different front. The NFTs from the Bored Ape Yacht Club collection flipped the Crypto Punks in terms of floor price for the first time in history.

Market Data

Market Cap: $2,506B | 24H Vol: 114B | BTC Dominance: 40.4%

BTC: $50,967 (+6.5%%) | ETH: $4,066 (+2.6%) | ADA: $1.43 (+14.6%)

SWIFT Plans to Explore Tokenized Assets in Q1 2022. SWIFT – the financial messaging services mogul, is planning to launch a pilot to explore interoperability in the nascent field of asset tokenization. Per the reports, this should take place in the very first quarter of the upcoming 2022.

Parachains Are Now Live on Polkadot: First Blocks Being Produced. After successfully completing the auctions, the first parachains are now up and running on Polkadot’s network. Namely, these are Moonbeam, Parallel Finance, Astar, and Clover – and the first blocks have already been successfully produced.

Google Trends 2021 Edition: NFTs Look to Break the ATH Record. Data from Google Trends shows that the demand for non-fungible tokens (NFTs) in 2021 has truly been spectacular. The searches for “NFT” skyrocketed during the year and most recently posted a new all-time high.

BitMEX is Launching its Native Exchange Token – BMEX. One of the world’s most popular derivatives exchanges – BitMEX – announced that it will be releasing its native cryptocurrency called BMEX. The launch will come at the beginning of February 2022.

China’s Biggest News Agency Xinhua to Launch NFT Collection. Despite its harsh stance on cryptocurrencies, China’s biggest news agency – Xinhua – will be launching an NFT collection. It’s worth noting that this is a state-run media agency, and it will issue a total of 110,001 copies of unique photographs taken by journalists in 2021.

NFT Flippening: Bored Ape Yacht Club Floor Price Higher Than CryptoPunks For the First Time. The Bored Ape Yach Club NFT collection saw its floor selling price flip that of the famed Crypto Punks for the first time ever. This, according to CoinGecko’s COO, happened because of improved capabilities.

Charts

This week we have a chart analysis of Ethereum, Ripple, Solana, Luna, and Avalanche – click here for the full price analysis.