Dominance Debrief: 11/23 – 11/29

Following the Thanksgiving holiday weekend, Michael Saylor tweeted that MicroStrategy purchased an additional 7,002 bitcoins at an average price of $59,187 per bitcoin, noting that the company now holds approximately 121,044 bitcoins. The announcement is indicative of this week’s bullish sentiment, with Monday seeing BTC and ETH alike gaining momentum in the aftermath of last week’s price pullbacks.

“The price action we’re seeing is typical of crypto’s up and down nature,” said Adrian Kolody, co-founder of Domination Finance. “A few weeks ago, when Bitcoin and Ethereum hit all-time highs, traders sold to lock-in profits. Last week, with price pullbacks across the board, people naturally bought the dip, which led to Bitcoin and Ethereum entering recovery mode.”

Ethereum in particular is showing a marked recovery amidst strong developments in the larger ecosystem. Over the past week, Ethereum layer 2 TVL reached an ATH of $5.65 billion following skyrocketing user adoption over the past couple of months.