The crypto markets enjoyed strong end to the week with global market capitalisation rising to US$1.03tn.
Bitcoin bulls successfully held the support line, having pushed the price up another 1.2% above US$20,500.
Holders are likely turning to the US$21,000 price point as the next target, which would indicate a breakout from the six-week trading range.
Can bitcoin (BTC) secure the US$21,000 support line? – Source: capital.com
Ethereum added nearly 2% in the past 24 hours, bringing its exchange price up to US$1,580.
Looking back on the week, both bitcoin and ether are in the green, having gained 2% and 5.2% respectively.
Although Dogecoin (DOGE) has cooled off more recently, the Shiba Inu-themed meme coin remains 50% up on the week, securing a market capitalisation of US$15.9bn.
Meme coin competitor Shiba Inu (SHIB) shared in the goodwill with a 16% weekly rally.
Binance’s BNB coin also outperformed following a rally that saw the coin jump 23% in the past week.
The coin enjoyed bullish support following speculation of a Twitter-related integration.
Also enjoying strong fundamental gains is Polygon (MATIC). News that Meta will use the Layer-2 solution for its NFT plans, coupled with JPMorgan Chase & Co (NYSE:JPM) using the network for its first-ever decentralised finance (DeFi) trade, sent the altcoin soaring 22% week on week.
Cardano (ADA), Solana (SOL) and Polkadot (DOT) have been much more restrained, though all are sitting around 5% higher against the week.
Arweave (AR) is around 40% up week on week following news that Meta will use the decentralised storage protocol to store users’ NFT assets.
The newly launched Aptos blockchain was among the week’s worst performers, with its APT token dipping 9.5%.
Aptos’ market capitalisation currently sits at US$955bn.
Terra Classic, Casper (CSPR) and Klaytn (KLAY) we also among the biggest losers.
The best-performing DeFi projects this week were Aave, Synthetix (SNX) and PancakeSwap (CAKE), all having enjoyed double-digit gains.
Total value locked across all DeFi protocols remains relatively unchanged at US$55bn.