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Most cryptocurrencies fell this week. bitcoin price And other major coins and tokens struggled to gain ground for another gloomy week.
According to CoinGecko, Bitcoin is currently trading at $61,275. That’s a decline of more than 3% in seven days.
For a market known for its roller-coaster volatility, things are… well, boring. This is the verdict of analyst and founder of Capriole Investments, Charles Edwards. said A tweet on Thursday said the lack of movement for the top cryptocurrency is part of a normal cycle.
Bitcoin is in a “deadly” phase. It lasts between 1 and 6 months and is designed to bore you to death. If you get bored enough with sideways trading, common symptoms include thinking that the halving is priced in, that the bull market is over and selling to buy stocks.
— Charles Edwards (@caprioleio) May 9, 2024
The biggest digital asset, which exploded in value following the historic approval of U.S. exchange-traded funds (ETFs), struggled to gain ground after plunging below its 2021 high of $69,044 in early April.
The coin’s seemingly unstoppable rise has been hampered as the ETF’s hype has dried up amid concerns that the Federal Reserve will not cut interest rates.
But things may be getting better. Funds flowed into Bitcoin-based TradFi products over three days this week.
It may be a while before Bitcoin hits all-time highs again. Ultimately, it will depend on what the U.S. central bank does, according to a Friday report from CoinShares.
Meme coin mania continued as developers continued to do strange and strange things to promote their assets, but more established cryptocurrencies that had seen big gains last week still struggled and frothy activity ultimately failed to lift the needle. Solana-based Bonk, for example, is down nearly 15% and trading at $0.00002342.
Dogwifhat, also operated by Solana, is down more than 7% in seven days. The current price is $3.12.
Finally, Dogecoin, Elon Musk’s favorite cryptocurrency and the 10th largest cryptocurrency by market capitalization, fell over 10% to $0.145 over the weekend. But this isn’t all bad news. The original meme coin looks set to reward long-term holders as it approaches the “golden cross.”
Elsewhere, the second-largest cryptocurrency, Ethereum, suffered more than other major cryptocurrencies, falling nearly 7% for the week. The current price is $2,927.
The asset has been in gradual decline following a high-profile lawsuit in which software company Consensys alleged that the SEC was deliberately trying to make things difficult for those in the Ethereum space.
Edited by Ryan Ozawa.
