Markets
These are the best performers this week as the price of Bitcoin (BTC) holds at $69,000 (Weekend Watch)
Bitcoin, like the rest of the market, had a very beneficial week, driven by the hype and the effective 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.
Weekly increase in BTC
It was last Sunday that the leading cryptocurrency struggled to stay above $66,000 and fell below that level several times. Monday started on a similar note, but ended with nothing short of spectacular.
Amid reports that the US SEC may approve eight Ethereum spot ETFs this week, BTC skyrocketed of more than five thousand dollars and came close to $72,000 for the first time in six weeks. Nevertheless, the asset failed to maintain its momentum and started losing value in the following days.
The worst price drop occurred just hours before the US securities regulator effectively authorized these financial products on Thursday and BTC fell to $66,400. However, he bounced back and flew to $69,000 by Friday.
The weekend passed quite calmly but bitcoin managed to defend the $69,000 level. Its market capitalization stands at almost $1.37 trillion, while its alt dominance is 50.3%.
Bitcoin/Price/Chart 05/26/2024. Source: TradingView
PEPE week
Rather expected, the news mentioned above had a major impact on the native Ethereum token. ETH gained momentum and rose from $3,100 to over $3,900, which became its highest price since early April. The second-largest cryptocurrency also saw a volatile move amid the SEC approval, but now stands near $3,800 after gaining 22% last week.
DOGE, LINK and APT have also jumped impressively on a weekly scale, but Uniswap and PEPE are at the top of the rankings. UNI has climbed 44% and is above $11, while PEPE reached several all-time highs this week.
On the other hand, SOL, TRX, TON and ADA are in the red on a weekly scale. Nonetheless, the total crypto market capitalization has gained over $200 billion during this period and now exceeds $2.7 trillion.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency Charts by TradingView.