Bitcoin continued its grind higher last week, briefly trading above $82,800 before pulling back over the weekend.
It was a stronger week for altcoins, with several major tokens including SOL, outperforming bitcoin. This shift was reflected in bitcoin dominance, as the share of the total crypto market capitalisation attributed to bitcoin, dropped 1% to 60.60%, said Simon Peters, cryptoasset market analyst at multi-asset investment platform eToro. .
Going into this week, the latest US consumer price index and producer price index inflation figures are due to be released on Tuesday and Wednesday respectively, which have the potential to trigger price volatility.
Alongside the macro data, the crypto community will be watching for any developments around the CLARITY Act, particularly a potential bill markup from the Senate Banking Committee.
BIGGEST MOVERS
$TON was again one of the biggest movers last week, rising 67%. The continued rally followed Telegram founder Pavel Durov’s recent announcement that Telegram will take over development of the TON blockchain, alongside a new roadmap to “Make TON Great Again”.
Other notable movers last week include $JUP and $ICP, both up over 40%.
Discover more here: https://www.etoro.com/discover/markets/cryptocurrencies/market-movers
EYE-CATCHING STORIES
21Shares launches first Canton Network ETF
21Shares, a leading issuer of crypto ETFs, launched the TCAN 21Shares Canton Network ETF on Nasdaq last week. It became the first US-listed ETF to give investors exposure to Canton Coin, the native utility token of the Canton Network.
Unlike many other crypto projects, which are open and focused on retail use cases, Canton is a privacy-enabled blockchain ecosystem built to meet the needs of regulated financial institutions. The network allows institutions to transact and share data securely while maintaining privacy and compliance requirements, two barriers that have historically limited institutional blockchain adoption.
With the TCAN ETF, investors can gain exposure to the Canton ecosystem without having to directly purchase, custody, or manage the underlying coin themselves.
The launch is also significant as it represents a different type of crypto investment compared with traditional bitcoin ETFs. It points to growing institutional appetite for exposure to blockchain infrastructure products, as well as a desire for greater portfolio diversification within crypto currency beyond simple exposure to a potential store of value such as bitcoin.
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