Bitcoin
Crypto Market Sees Weak Performance as Bitcoin Struggles to Regain Momentum
Crypto Market Sees Weak Performance as Bitcoin Struggles to Regain Momentum
In what was a rather uneventful week for the crypto market, most cryptocurrencies experienced a downward trend as Bitcoin and other major coins and tokens struggled to make significant gains. According to CoinMarketCap, Bitcoin (BTC) it is currently trading at $61,212, marking a decline of over 4% over the past seven days.
Bitcoin, which witnessed a notable rise in value following the historic approval of US exchange-traded funds (ETFs), has struggled with a lack of upward momentum since falling below the 2021 all-time high of $69,044 earlier Of april. Excitement around ETFs has waned, dampening the currency’s seemingly unstoppable rise.
However, there are signs of potential improvement as money has flowed into Bitcoin-based traditional finance (TradFi) products for three consecutive days this week. However, experts suggest that it may take some time for Bitcoin to reach its all-time high again, with the ultimate outcome likely based on the actions of the US central bank.
While memecoins continue to draw attention from developers exploring quirky tactics to gain visibility, more established cryptocurrencies that made significant gains in the previous week have faced declines. Bonk, a memecoin based on the Solana blockchain, has seen a decline of almost 15%, currently trading at $0.00002342. Another Solana-based coin, Dog hathas suffered a drop of more than 7% in the last seven days, with its price now at $3.12.
Amid these fluctuations, Ethereum, the second-largest cryptocurrency, faced more significant challenges compared to its counterparts, experiencing a drop of nearly 7% over the week to $2,927. The asset’s decline can be attributed, in part, to an ongoing high-profile lawsuit filed by software company Consensys, which alleges that the SEC has been intentionally creating obstacles for participants in the Ethereum ecosystem.