The Weekly Crypto Update (8/12/2023)

Welcome to our newest edition of The Weekly Crypto Update  — your source for the most recent shifts in the crypto market, the latest news, and upcoming market movements.

Weekly Crypto Performance

The bulls have been dominating the crypto market this week. Bitcoin (BTC) and Ethereum (ETH) saw impressive rises of +16.04% and +14.41%, respectively, over the past seven days.

Most of the top 10 altcoins by market cap have also shown a positive uptrend in their value over the last week.


Top-10 Crypto Coins by Market Cap 7-Day Performance

As the crypto market thrives with the growth of top cryptocurrencies, now is the perfect time to think about long-term investments. 

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Top Crypto Market News

Dogecoin’s Decade: Celebrating with a Price Surge

As Dogecoin (DOGE) celebrated its 10th anniversary on December 6, the meme-inspired cryptocurrency soared to an annual high of $0.102. This remarkable 17% surge within a day is partly attributed to Bitcoin’s rally, which boosted other altcoins into a bullish phase. 

Dogecoin’s market cap reclaimed its 10th spot on the CoinGecko list, reaching $14.5 billion, with trading volume surpassing $3.2 billion. Despite this impressive feat, DOGE still needs a sevenfold increase to reach its all-time high of $0.73 set in May 2021.


1-Year DOGE Market Cap Chart

Bitcoin’s Bullish Breakthrough: Crossing the $43,500 Threshold

Bitcoin has once again captured the market’s attention by breaking through the $43,500 barrier. Currently trading around $43,596, Bitcoin’s growth has positively influenced the entire crypto market. 

However, none of the top 10 altcoins have yet to outpace Bitcoin in terms of growth rates, highlighting its dominant market position.


7-Day BTC Price Chart

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Brazil’s Banking Giant Introduces Crypto Trading

Itau Unibanco, Brazil’s largest bank, has initiated a cryptocurrency trading service for its clients, starting with Bitcoin and Ethereum. 

“It starts with Bitcoin, but our overarching strategic plan is to expand to other crypto assets in the future,” said bank spokesman Guto Antunes, highlighting their commitment to expand offerings based on regulatory changes in Brazil.

Notably, Itau Unibanco is not just facilitating trades but also taking on the role of a custodian, ensuring the safety of user funds.

Stay tuned for more updates and insights into the world of cryptocurrency!

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