Markets
These are the best results this week as Bitcoin (BTC) price holds $69,000 (Weekend Watch)
Bitcoin, along with the rest of the market, had a very profitable week, driven by the hype and actual approval of Ethereum spot ETFs in the United States.
The weekly scale shows that UNI, PEPE, LDO, and ETH are among the leaders in terms of gains from larger-cap alts.
BTC’s weekly surge
It was last Sunday when the leading cryptocurrency struggled to stay above $66,000 and slipped below that level on a few occasions. Monday started out similarly but its end was nothing short of spectacular.
Amid reports that the US SEC may approve eight Ethereum spot ETFs that week, BTC skyrocketed by more than five thousand dollars and approached $72,000 for the first time in six weeks. However, the asset failed to maintain its run and started losing value in the following days.
The worst price drop came just hours before the US securities regulator actually authorized these financial products on Thursday and BTC fell to $66,400. Yet, it rebounded and skyrocketed to $69,000 by Friday.
The weekend passed quite calmly but bitcoin managed to defend the $69,000 level. Its market capitalization is close to $1.37 trillion, while its dominance over alternatives stands at 50.3%.
Bitcoin/Price/Chart 05.26.2024. Source: TradingView
PEPE week
In a way, the above-mentioned news had a strong impact on the native Ethereum token. ETH saw a surge, rising from $3,100 to over $3,900, the highest price since early April. The second-largest cryptocurrency has also been volatile following the SEC approval, but now sits near $3,800 after gaining 22% over the past week.
DOGE, LINK and APT also made notable leaps on a weekly scale, but Uniswap and PEPE lead the charts. UNI has skyrocketed 44% and stands above $11, while PEPPER has reached several all-time highs this week.
In contrast, SOL, TRX, TON and ADA are in the red on a weekly scale. However, the total cryptocurrency market capitalization has gained more than $200 billion in this time frame and is now above $2.7 trillion.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency charts from TradingView.