Cryptocurrency Weekly Update
Bitcoin BTC/USD led the way in a big week for cryptocurrencies, which saw the highest-ever monthly gain for the king of crypto.
Cryptocurrency Gains +/- Price (Recorded 9:00 a.m. EST)
- Bitcoin BTC/USD +0.85% $62,400
- Ethereum ETH/USD +0.5% $3,430
- Solana SOL/USD -0.7% $128.75
The total market capitalization of cryptocurrencies stands at $2.33 trillion, over 17% up from last Sunday’s $1.98 trillion.
Bitcoin’s weekly gain tallied to 19.5% while Ethereum ETH/USD rose by 12.4%.
Memecoins were the strongest vertical, with an astonishing 94% increase in market capitalization. Dogwifhat WIF/USD was the standout performer, with a 400% weekly surge. Established memecoins like Dogecoin DOGE/USD and Shiba Inu SHIB/USD also gained significantly, up 57% and 122%, respectively.
Fundamental developments were dominated by the record inflows into spot Bitcoin ETFs. BlackRock’s iShares Bitcoin ETF IBIT dominated flows, recording its two biggest trading volume days thus far, which brought its bitcoin holdings to over $7 billion.
Price predictions for Bitcoin continue to target significant six-figure valuations. Edward Snowden predicted that a national government will disclose having purchased Bitcoin by the end of the year. Republican senators introduced a bill that is to ban the introduction of CBDCs.
Elsewhere, Dogecoin recorded its first-ever use as a means of transaction for a property sale.
Top Gainers (24 Hours)
- Dogwifhat WIF/USD +39.85% $1.77
- Floki Inu FLOKI/USD +33.0% $0.000148
- Pepe PEPE/USD +29.0% $0.000005449
Bitcoin dominance stands at 49.9%, down from last week’s 51.2%. The Crypto Fear & Greed Index is firmly in the “Extreme Greed” zone at 86.
What Happened In Traditional Finance: The Nasdaq 100 gained 2.04% on the week to trade at $18.302. The Dow Jones Industrial Average is down 0.11%, closing at 39,087.39. The S&P 500 is up 0.95% at $5,137.07.
In further news, Apple Inc sank on news that Goldman Sachs removed Apple from its Conviction List of top stocks.
Ross Gerber, the president and CEO of Gerber Kawasaki Wealth and Investment Management and a Tesla Inc bull and investor, is optimistic about the future of electric vehicle manufacturer Rivian Automotive Inc.
Meanwhile, Bill Ackman, the founder of Pershing Square Capital Management, is optimistic about Alphabet Inc, the parent company of Google.
What’s Next: Crypto traders and analysts continue to be bullish on Bitcoin, predicting a cycle top only towards the latter end of 2025.
CryptoSlate Lead Analyst James van Straten sees Bitcoin at “a third of the FOMO” it recorded in 2021. He concluded there is no reason why Bitcoin cannot go to $100,000 if ETF inflows remain strong and there is “a similar retail FOMO.”
With memecoins recording exponential gains, it remains to be seen if this marks a local top or if the remarkable crypto surge leads Dogecoin and others higher.
Analyst comment
Positive news: The overall cryptocurrency market had a strong week, with Bitcoin leading the way and recording its highest-ever monthly gain. The total market capitalization of cryptocurrencies also increased by over 17%. Memecoins, including Dogecoin and Shiba Inu, saw significant gains. Additionally, there were record inflows into spot Bitcoin ETFs.
Market outlook: The market is expected to remain bullish, with Bitcoin and other cryptocurrencies potentially reaching significant valuations. ETF inflows and retail FOMO could continue to drive prices higher. The performance of memecoins like Dogecoin will be watched closely to determine if the surge continues.
