This Week In Coins: Ethereum Stays Afloat as Crypto Market Sinks
It’s been a tough week for Bitcoin, the most popular cryptocurrency. Despite some ups and downs, it entered the weekend below $64,500, marking a 2.6% loss over the past seven days. This is especially disappointing since MicroStrategy bought another $786 million worth of Bitcoin this week. MicroStrategy’s founder says the company has no plans to sell. However, sell pressure from long-term Bitcoin holders, including the German government, outweighed this demand. According to CryptoQuant, the broader crypto market is slowing down due to a lack of new investor interest.
Meme Coins Suffer Losses
Most meme coins have also taken a hit this week:
- PEPE is down 5%
- DOGE is down 9%
- SHIB is down 13%
- WIF is down 25%
Toncoin Drops but Stays Strong
Even Toncoin experienced a decline, losing 10% after previously reaching all-time highs. Despite this, it remains in the top ten cryptocurrencies by market cap and is only $300 million away from surpassing Dogecoin.
Ethereum Defies the Trend
Surprisingly, Ethereum is holding steady. As of now, it is trading at $3,492, only a percent change from its price seven days ago. This is happening as Ethereum spot ETFs get closer to becoming a reality. Several asset managers have revealed their ETFs' fees, and Bitwise even released a commercial promoting ETH to traditional TV audiences.
Solana Stumbles
Solana, Ethereum’s main competitor in smart contracts, has not been as fortunate. It dropped another 6% this week, bringing its price down to $134.92.
Trump-Based Memecoin Makes Headlines
A memecoin based on Donald Trump, called DJT, reached a $110 million market cap this week. Rumors circulated that it might have been launched by Trump’s team, but one of the former president’s legal consultants later confirmed that Trump nor his family were involved.
Crypto Stocks Take a Hit
Even crypto stocks couldn’t maintain their momentum:
- Coinbase (COIN) fell 8%
- MicroStrategy (MSTR) fell 1.96%
- DeFi Technologies (DEFTF), which had soared after buying Bitcoin earlier this month, plummeted 29.9% this week following negative reports about the company.
Market Analysts Divided
Many analysts believe the crypto bull market may already be over. However, BitMEX co-founder Arthur Hayes remains optimistic. On Thursday, he reiterated his belief that now is the time to jump into altcoins and “buy the dip” before global money printing ramps up.
Prices are current as of 3am ET.
Edited by Ryan Ozawa.
