Bitcoin (BTC) Takes the Lead in an Exciting Week For Cryptocurrencies
The past week demonstrated positive performance for the majority of cryptocurrencies. Below are the top-performing crypto assets for the week. Bitcoin experienced significant growth, in line with the overall market trend, attributed to the anticipation and potential approval of spot Ethereum ETF funds in the United States. Weekly data indicates that UNI, PEPE, LDO, and ETH led in gains among the major altcoins.
Bitcoin (BTC) Dominance
Bitcoin exhibited dominance throughout the week. On May 19, the primary cryptocurrency faced challenges to sustain its value above $66,000 and experienced multiple declines below this threshold. However, on May 20, it began a noteworthy ascent. The most remarkable surge occurred amidst reports of the potential approval of eight spot Ethereum ETF funds by the US SEC, where Bitcoin surpassed $72,000 for the first time in six weeks. Nonetheless, it failed to sustain this momentum and saw a decline in the subsequent days. The most significant price drop took place just before the US securities regulator granted approval to these financial products on May 23, resulting in Bitcoin’s value dropping to $66,400. Subsequently, on May 24, the price rebounded, reaching $69,000.
The weekend remained relatively stable for Bitcoin, maintaining the $69,000 level, with a market capitalization close to $1.370 trillion and a dominance over altcoins at 50.3%.
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Altcoin Market Outlook and Performance
The news regarding the potential approval of spot Ethereum ETF funds notably impacted Ethereum. The cryptocurrency swiftly surged from $3,100 to over $3,900, marking its highest value since the beginning of April. Ethereum, the second-largest cryptocurrency, displayed volatility following the SEC’s potential approval and currently hovers around $3,800 after registering a 22% gain last week.
DOGE, LINK, and APT also demonstrated significant increases over the week, but Uniswap and PEPE emerged as top performers. UNI experienced a rapid surge of 44%, surpassing $11, while PEPE reached all-time highs during the week. Conversely, SOL, TRX, TON, and ADA ended the week in negative territory. Nonetheless, the total cryptocurrency market capitalization increased by over $200 billion during this period, exceeding $2.7 trillion.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
