Illustration by Mitchell Preffer of Decrypt.
Most cryptocurrencies have fallen this week. bitcoin price And other major coins and tokens struggled to gain ground during an even more depressing week.
According to CoinGecko, Bitcoin is currently trading at $61,275, down more than 3% in seven days.
For a market known for roller-coaster volatility, things are…well, boring. That's the verdict from analyst Charles Edwards, founder of Capriol Investments. Said In a tweet on Thursday, he said the lack of movement in top cryptocurrencies is part of a normal cycle.
The largest digital asset, which exploded in value following the historic approval of U.S. exchange-traded funds (ETFs) on stock exchanges, hit an all-time high of 2021 in early April. After falling below $9,044, it has been struggling to recover.
With the ETF hype drying up, concerns that the Federal Reserve wouldn't cut interest rates hampered the coin's seemingly unstoppable rally.
But things may be improving. For three days this week, his Bitcoin-based TradFi product saw money flow into it.
It may be a while before Bitcoin reaches all-time highs again. CoinShares' Friday report said it ultimately comes down to the actions of the U.S. central bank.
While the meme coin mania continued as developers continued to do strange and outlandish things to get attention to their assets, more established cryptocurrencies that made big gains last week were still struggling. Foam activity ultimately failed to lift the needle. For example, Solana-based Bonk is down nearly 15%, trading at $0.00002342.
Dogwifat, also operated by Solana, has fallen more than 7% in seven days. Current price is $3.12.
Finally, Dogecoin, Elon Musk's favorite and the 10th largest cryptocurrency by market capitalization, ended the weekend down more than 10% at $0.145. But it's not all bad news. The original meme coin is likely to approach a “golden cross” and reward long-term holders.
Elsewhere, Ethereum, the second-largest cryptocurrency, struggled more than other major cryptocurrencies, dropping nearly 7% in a week. Current price is $2,927.
This asset has been steadily declining since a high-profile lawsuit by software company ConsenSys alleges that the SEC is intentionally trying to make things difficult for those in the Ethereum space.
Edited by Ryan Ozawa.
