Memecoins
Bitcoin Dips Below $64,000, Ripple Has More Trouble, Meme Coins Suffer: This Week’s Crypto Recap
It’s been a tough week and there’s no other way. The total market capitalization of cryptocurrencies declined by more than $70 billion as the price of Bitcoin fell below $64,000.
It has been somewhat of a rollercoaster ride over the past seven days, with the BTC price attempting to recover several times but failing to regain its position. Last Friday, the cryptocurrency fell as low as $65,000, but the bulls were quick to recover over the weekend. However, from the start of the new week, the BTC bears regained control and canceled all attempts at a quick recovery.
Today, Bitcoin is trading at $64,000, although it seems rather shaky. Liquidations are also increasing, meaning many futures traders are seeing their positions wiped out.
But the slowdown is certainly not limited to Bitcoin alone.
The altcoin market is also suffering, especially when it comes to meme coins, but we’ll get to that later. Large-cap cryptocurrencies like BNB took a big hit. It is down 4% for the week, while Solana (SOL) is down a more considerable 10%. TON is down 10.4%, while ADA is down 9.4%.
Interestingly, Ripple’s XRP is up 2.2% over the past seven days, defying the negative market trend among other large-cap altcoins. This comes despite additional legal challenges the company faces in California (besides the major case against the U.S. Securities and Exchange Commission).
That said, meme coins are going through some very tough times. The entire category is down 14%. DOGE fell by 13%, SHIBA – by 17%, WIF – by 23%, FLOKI – by 19%, and so on. It’s interesting to see if the meme coin season that started at the start of the year has already ended, but as of this writing, that surely seems to be the case.
Overall, the crypto market is heating up, but unfortunately, it seems like the bears are in charge right now. Of course, all of this could change in an instant, so it’s exciting to see how next week plays out.
Market data
Market capitalization: $2.47 T | 24H Theft: $80 billion | BTC dominance: 51.2%
BTC: $64,230 (-4.2%) | ETH: $3,510 (+0.1%) | BNB: $585 (-3.8%)
This week’s crypto headlines not to be missed
MicroStrategy buys another massive batch of BTC, worth almost $800 million. MicroStrategy, the business intelligence software giant and NASDAQ-listed company, announced that it has purchased an additional $800 million worth of Bitcoin. This brings its total reserve to 226,331, and its current value is around $8.3 billion.
Bitcoin Retailers Still Missing: Can They Push BTC Above $70,000? Individual investors are nowhere to be found, according to to recent research. These traders are generally known for making more emotional decisions and rash investment choices associated with the later stages of a market cycle. In other words, the bull market may not be here yet.
Winklevoss Twins commits $2 million in BTC to Trump’s presidential campaign. Tyler and Cameron Winklevoss – the two co-founders of the cryptocurrency exchange Gemini – announcement their donations totaling $2 million to Donald Trump’s presidential campaign. It was made in BTC.
Stablecoins could capture 10% of the global economy in the next decade: Circle CEO. According to According to Jeremy Allaire, CEO of Circle (issuer of the USDC stablecoin), stablecoins may be able to capture 10% of the global economy over the next decade. Is this too optimistic?
Cardano (ADA), Ripple (XRP) targeted by short traders amid post-relief rebounds. Two of the most popular altcoins – Cardano’s ADA and Ripple’s XRP – have apparently been targeted by short traders. According to the data sharing By Sentiment, funding rates indicate dominant short selling.
NVIDIA is surpassing Microsoft as the world’s largest company and pushing these AI cryptos into the rally. The AI boom and demand for AI-powered applications helped NVIDIA stock hit a whopping $135 this week. This pushbrought the company’s market capitalization to $3.335 trillion, overtaking Microsoft for the top spot.
Graphics
This week we have a chart analysis of Ethereum, Ripple, Binance Coin, Dogecoin and Polkadot – click here for full price analysis.
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