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Crypto Market Sees Lackluster Performance as Bitcoin Struggles to Regain Momentum
Crypto Market Sees Lackluster Performance as Bitcoin Struggles to Regain Momentum
In what was a rather quiet week for the crypto market, most cryptocurrencies saw a downward trend as Bitcoin and other major coins and tokens struggled to make gains significant. According to CoinMarketCap, Bitcoin (BTC) is currently trading at $61,212, marking a decline of over 4% over the past seven days.
Bitcoin, which saw a remarkable rise in value following the historic approval of US exchange-traded funds (ETFs), has been struggling with a lack of bullish momentum since falling below the 2021 all-time high of $69,044 early april. Enthusiasm over ETFs has waned, putting the brakes on the coin’s seemingly unstoppable rise.
However, there are signs of potential improvement as money flowed into Bitcoin-based traditional finance (TradFi) products for three consecutive days this week. Nonetheless, experts suggest that it may take some time for Bitcoin to reach its all-time high again, with the final outcome likely based on the actions of the US central bank.
While memecoins continue to attract attention from developers exploring out-of-the-box tactics to gain visibility, more established cryptocurrencies that saw significant gains over the previous week have seen a decline. Bonk, a memecoin based on the Solana blockchain, saw a decline of almost 15%, currently trading at $0.00002342. Another piece based on Solana, dog hathas seen a drop of over 7% over the past seven days, with its price now at $3.12.
In the midst of these fluctuations, Ethereum, the second-largest cryptocurrency, faced greater challenges than its peers, seeing a decline of almost 7% for the week to settle at $2,927. The asset’s decline can be attributed, in part, to an ongoing high-profile lawsuit by software company Consensys, which alleges that the SEC intentionally created obstacles for participants in the Ethereum ecosystem.