Memecoins
Bitcoin drops below $64,000, Ripple has more problems, Meme coins suffer: this week’s cryptocurrency summary
It’s been a tough week and there are no two ways around it. The total cryptocurrency market capitalization fell by more than $70 billion as the price of Bitcoin fell below $64,000.
It has been a bit of a roller coaster ride over the past seven days, as BTC price attempted to recover on a few occasions, but failed to regain its position. Last Friday, the cryptocurrency plummeted towards $65,000, but the bulls quickly recovered over the weekend. As soon as the new week began, however, the BTC bears regained control and quashed all attempts at a quick recovery.
Now, Bitcoin is trading at $64,000, although that looks pretty shaky. Liquidations are also soaring, meaning many futures traders are seeing their positions wiped out.
But the recession is definitely not just about Bitcoin.
The altcoin market is also suffering, especially when it comes to meme coins, but more on that later. Large-cap cryptocurrencies like BNB have taken a hit. It is down 4% on the week, while Solana (SOL) is down a more sizable 10%. TON is down 10.4%, while ADA is down 9.4%.
Interestingly, Ripple’s XRP is up 2.2% over the past seven days, defying the negative market trend among the rest of the large-cap altcoins. This comes despite additional legal challenges the company is facing in California (aside from the major lawsuit against the U.S. Securities and Exchange Commission).
That said, meme coins are going through some really tough times. The entire category, as a whole, is down a whopping 14%. DOGE fell 13%, SHIBA 17%, WIF 23%, FLOKI 19% and so on. It’s interesting to see if the meme coin season that started earlier in the year is already over, but at the time of writing, it certainly seems that way.
All in all, the cryptocurrency market is heating up, but unfortunately it seems like the bears are in charge right now. Of course, all of this could change in an instant, so it’s exciting to see how this plays out next week.
Market data
Market capitalization: $2.47 trillion | 24 Hour Vol: $80 Billion | BTC Dominance: 51.2%
BTC: $64,230 (-4.2%) | ETH: 3,510 dollars (+0.1%) | BNB: $585 (-3.8%)
This week’s cryptocurrency headlines are best missed
MicroStrategy buys another huge batch of BTC, worth nearly $800 million. MicroStrategy, the business intelligence software giant and NASDAQ-listed company, announced that it has purchased Bitcoin worth another $800 million. This brings its total supply to 226,331 and is currently worth around $8.3 billion.
Bitcoin’s retail audience is still missing: will they be able to push BTC above $70,000? Retail investors are nowhere to be seen, second to recent research. These traders are generally known for making more emotional decisions and making reckless investment choices associated with the later stages of a market cycle. In other words, the bull market may not have arrived yet.
The Winklevoss Twins Commit $2 Million in BTC to Trump’s Presidential Campaign. Tyler and Cameron Winklevoss – the two co-founders of the Gemini cryptocurrency exchange – announced their donations totaling $2 million to Donald Trump’s presidential campaign. It was made in BTC.
Stablecoins could capture 10% of global economy over next decade: Circle CEO. Second According to Jeremy Allaire, CEO of Circle (issuer of the USDC stablecoin), stablecoins may be able to capture a whopping 10% of the global economy over the next decade. Is he too optimistic?
Cardano (ADA) and Ripple (XRP) targeted by short traders during post-relief rebounds. Two of the most popular altcoins – Cardano’s ADA and Ripple’s XRP – have apparently been targeted by short traders. According to the data shared based on sentiment, funding rates indicate a dominant short position.
NVIDIA overtakes Microsoft as the world’s largest company and pushes these AI-powered cryptocurrencies higher. The AI boom and demand for AI-powered applications helped NVIDIA stock reach a whopping $135 this week. This pushbrought the company’s market capitalization to $3.335 trillion, surpassing Microsoft for first place.
Charts
This week we have a graphical analysis of Ethereum, Ripple, Binance Coin, Dogecoin and Polkadot – click here for the complete price analysis.
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Cryptocurrency charts from TradingView.