Weekly Crypto Market Update 📊
Hey there, crypto enthusiasts! Here’s a recap of the latest happenings in the crypto market over the past week. Let’s dive in and see how the top assets and altcoins have been performing:
Bitcoin’s Sideways Movement
Bitcoin has been trading sideways this week, struggling to break above $64,500. Despite MicroStrategy’s massive investment in BTC, the market has been influenced by increased sell pressure from long-term whales and even the German government.
Altcoin Blues
- Crypto market momentum is slowing down due to a lack of new investor demand, affecting meme coins like PEPE, DOGE, SHIB, and WIF.
- Toncoin lost momentum, dropping 10% after hitting all-time highs, still maintaining its position in the top ten cryptos.
Ethereum Stability
- Ethereum remains stable around $3,492, with ETFs inching closer to reality and gaining attention from asset managers like Bitwise.
- Solana, Ethereum’s competitor, experienced a 6% decline to $134.92.
Trump Memecoin Drama
- DJT, a Trump-based memecoin, gained a $110 million market cap amidst rumors of Trump’s involvement, later debunked by his legal consultant.
Crypto Stock Turmoil
Even crypto stocks like Coinbase, MicroStrategy, and DeFi Technologies faced challenges this week, reflecting the broader market sentiment.
Analysts’ Views
Some analysts are suggesting that the crypto bull market may be coming to an end, while others, like BitMEX co-founder Arthur Hayes, remain bullish, encouraging investors to “buy the dip” before potential global economic changes.
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