Markets
Celebrity Meme Coins, Binance Coin Bull Run, and Bitcoin’s Rally: This Week’s Cryptocurrency Roundup
The last seven days have been very interesting for the cryptocurrency market. The total capitalization of the sector has increased by approximately $150 billion thanks to the gains made by Bitcoin and many other altcoins.
Aside from the price action, there have been interesting developments that are pushing the market forward, so let’s dive deeper.
First, the price of Bitcoin has increased by more than 5% in the last seven days. This is significant. In fact, among the top 10 cryptocurrencies by total market capitalization, only BNB is performing better (but more on that later). The total capitalization of Bitcoin represents approximately 50.5% of the sector.
BTC is currently trading at just under $72,000, just inches away from its all-time high of around $75,000. The price started rising on June 3 and the bulls took full control on June 5, when they broke above $70,000 and turned that crucial level into support. Now, the question many are asking is when the leading cryptocurrency will explode above its all-time high.
Binance Coin (BNB), however, is the hottest news this week.
The altcoin dominated the market, rising nearly 20%, marking a new all-time high above $700, and showing no signs of slowing down. Calls for $1,000 to be the next target are already catching fire in the community, as it seems like only a matter of time.
Elsewhere, Robinhood, arguably the most popular retail-oriented trading app, made headlines by announcing its acquisition of cryptocurrency exchange OG Bitstamp. The deal is worth $200 million and aims to strengthen Robinhood’s presence in the cryptocurrency space, while attracting institutional clients by developing new products. The deal was all-cash and is expected to be finalized by the first half of next year 2025.
In the realm of meme coins, some high-profile celebrities appear to be jumping on the bandwagon, with crypto Twitter undecided as to whether that’s a good thing or not. Meanwhile, screenshots of a conversation between wrestling legend Hulk Hogan and another person in which Hogan apparently asked whether or not he can simply delete the posts after the sale have gone viral. The fighter said he was not the author of the messages, but the community is not convinced.
All in all, the cryptocurrency market is more exciting than ever, and with BTC so close to its high, it’s worth watching closely over the next few days!
Market data
Market cap: $2.801 trillion | 24 Hour Vol: $79 Billion | BTC Dominance: 50.5%
BTC: $71,612 (+4.4%) | ETH: $3.8316 (-0.12%) | BNB: $705 (+17.8%)
This week’s cryptocurrency headlines you don’t want to miss
Robinhood bets big on cryptocurrencies with $200 million acquisition of Bitstamp. Arguably the most popular traditional retail-oriented trading platform – Robinhood – has taken a huge step forward to further its involvement in the cryptocurrency industry. In an all-cash deal, it purchased Bitstamp: The largest exchange in the industry.
US Spot Bitcoin ETFs post second best day ever as BTC price hits 2-week high. The price of Bitcoin has hit an all-time high in the last two weeks. This also led to the identification of BTC exchange-traded funds registration their second best day ever earlier this week.
Did Hulk Hogan engage in Solana’s Pump and Dump of a Coin Meme? Hogan found himself in a serious controversy after screenshots of him allegedly asking for downloads on his audience were sent to X. The wrestling legend denied involvement and said the messages were not written by him.
Kraken aims for an IPO next year: report. Reportedly, one of the major US-based cryptocurrency exchanges – Kraken considering an initial public offering in 2025. This is according to Bloomberg.
Charles Hoskinson criticizes the media’s negative portrayal of Cardano’s prospects. Charles Hoskinson – the founder of Cardano – criticized the media for predicting Cardano’s downfall. He supported that statements of this type are baseless and also do not take into account the progress of the project.
Robert Kiyosaki Confident Bitcoin Will Reach $350,000 by August 2024, Here’s How. Rich Dad Poor Dad author and financial guru Robert Kiyosaki, thinks that the price of Bitcoin can reach a whopping $350,000 by August. She shared this in a recent tweet.
Charts
This week we have a graphical analysis of Ethereum, Ripple, Binance Coin, Shiba Inu and Polkadot – click here for the complete price analysis.
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Cryptocurrency charts from TradingView.