Markets
This Week in Coins: Ethereum Stays Afloat as Crypto Market Sinks
Illustration by Mitchell Preffer for Decrypt.
It’s been another uninspiring week for Bitcoin, as the leading crypto asset fell sideways to enter the weekend below $64,500, posting another 2.6% loss over the past seven days.
This is very disappointing considering how MicroStrategy bought another $786 million in BTC this week, which the company’s founder says he never intends to sell. Still, MicroStrategy’s demand has been kept in check by selling pressure from others Bitcoin whales in the long termincluding the german government.
CryptoQuant noted that the broader crypto market is starts to lose momentum due to a lack of demand from new investors. So it follows that most momentum-based meme coins like PEPE, DOGE, SHIB, and WIF are all down 5%, 9%, 13%, and 25%, respectively, over the week.
Toncoin also lost some of its momentum from last week, falling 10% after hitting all-time highs on hype from projects within its gaming ecosystem. It remains a top ten crypto by market capitalization and is only $300 million away from exceeding. Dogecoin.
Ethereum defies market dynamics to some extent. It is trading at $3,492 at the time of writing, hovering within one percent of its price seven days ago as Ethereum spot ETFs inch closer to reality. Several asset managers have now revealed their ETF fees, and Bitwise even published an advertisement advertising ETH to the old school television audience.
Solana, Ethereum’s main smart contract competitor, was less fortunate, sliding another 6% this week to $134.92.
One of the network’s flagships Memecoins based on Trump, DJT, accumulated a market capitalization of $110 million this week and made headlines with rumors that it may have been launched by the Trump team itself. One of the ex-president’s legal advisors later confirmed that the coin was not tossed by Trump or his offspring.
Even crypto stocks couldn’t maintain their momentum this week. Coinbase (COIN) fell 8%, MicroStrategy (MSTR) fell 1.96%, and DeFi Technologies (DEFTF) – which soared after buying Bitcoin earlier this month – fell 8%. %. cratered 29.9% this week, after crypto reports sowed doubt about the company online.
All the negative momentum in altcoins this month has led many analysts to argue that the crypto bull market could It’s already over. Yet Arthur Hayes, co-founder of BitMEX, doubled down on his bullish thesis this Thursday that now is the time to ape shitcoins and “buy the damn dip” – before the world’s money printers get involved.
Prices start at 3:00 a.m. ET. Edited by Ryan Ozawa.