The past week has been quite eventful for the crypto market. There was a swift pullback in crypto, as per data provided by CoinMetrics, with a crash on Saturday. Bitcoin fell to $42,300 in spot markets and Ethereum hit to new lows of $3,575.
This led to large deleveraging with liquidations reducing global open interest from $46 billion to $32 billion in just the course of two days. Early in the week, the market recovered most of its losses as top executives of major cryptocurrency companies stood in front of the US Congress on Wednesday.
Representatives from Coinbase, FTX, Paxos, Bitfury, Circle and Stellar presented their companies and highlighted the need for recognition and guidelines. This saw a mixed reaction from the market. As the week progressed, BitMart suffered a major setback through a hack, losing $150 million.
Though bitcoin has been on a decline, the hashrate reached an all-time high of 181.77 Terahashes per second on December 10. The hashrate on the Ethereum network, as per BSC.News, also achieved new heights of over 900K on December 9.
BTC and ETH are the dominant cryptocurrencies. Of the $2.3 trillion market cap of all cryptocurrencies tracked by CoinMarketCap, BTC and ETH have a combined market cap of $1.38 trillion. This is about 62% of the total market, which shows the dominance of these two cryptocurrencies.
As the week comes to an end, ETH price is looking bullish and analysts say it could face a stiff road. Tron (TRX) had a field day as it became the third most acquired cryptocurrency on the Binance Smart Chain in the last 24 hours – as of December 11. The average purchase amount of TRX has been $9,392 in the last 24 hours.
Furthermore, dogecoin also achieved a milestone of its own with a new all-time mining revenue of $1 billion. Seeing its potential, cryptocurrency miners are reaping the benefits.