The global cryptocurrency market cap rose 1.11% to $2.31 trillion as Bitcoin (CRYPTO: BTC) hovered around the psychologically important $50,000 mark, with a majority of major coins trading flat.

What Happened: The apex cryptocurrency, BTC, inched up 0.82% at $49,941.62 over 24 hours. For the week, it has risen 2.46%.

Ethereum (CRYPTO: ETH) rose marginally, by 0.8%, to $4,113.50 over 24 hours. The second-largest coin by market cap has remained flat in terms of weekly gains. It traded 0.08% lower in the last seven days.

Dogecoin (CRYPTO: DOGE) rose slightly, by 0.73%, to $0.17 over 24 hours. The meme cryptocurrency has increased in value by 1.92% for the week.

DOGE-rival Shiba Inu was up 6.04% to $0.00003647 over 24 hours. For the week, it has seen gains of 5.06%.

The top three coins, in terms of 24-hour gains, according to CoinMarketCap data, were Oasis Network, Kadena, and The Sandbox.

Oasis Network shot up 15.19% to $0.3077, Kadena increased 8.54% to $10.98, and The Sandbox was up 7.23% to $5.59. 

See Also: How To Buy Bitcoin (BTC)

Why It Matters: Concerns continue to persist regarding the Omicron variant of the COVID-19 virus.

Even so, cryptocurrency analysts are calling out a Bitcoin bottom. On Sunday, Michaël van de Poppe, an Amsterdam-based trader, tweeted that he believes “we’ve bottomed out” based on “multiple indicators.”

On-chain analyst Willy Woo pointed to a metric called PDL Oscillator, which tracks speculator demand on derivative exchanges, to call a bottom on BTC.

“My PDL Oscillator which looks at speculator demand on derivative exchanges has put in a bottom and finding strength, also forming a hidden bullish divergence. This suggests the bottom is in,” wrote Woo in an emailed note on Sunday.

Pointing to the activity of long-term BTC holders, Woo said, “ Bear markets coincide when these holders have divested of their coins, despite the fear in the market, structurally we are not setup for a bear market.”

Meanwhile, Colin Wu, a journalist, noted that due to the decline in the price of Ethereum and sluggish on-chain activity the daily revenue of ETH miners has fallen to a monthly low.

Notably, Ethereum’s “Arrow Glacier” upgrade went live last week, which put off the “difficulty bomb” implementation to June 2022.

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