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Tuesday, May 28, 2024

Bitcoin Bulls Regroup as Ethereum and Binance Coin Take the Center Stage: This Week’s Crypto Recap

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This week saw quite a bit of action, which ultimately failed to result in any substantial gains or losses in the total cryptocurrency market capitalization. The figure stands at $2.057 trillion, according to CoinGecko – up ever so slightly compared to this day last week.

Bitcoin’s price charted a decline of 2.8% in the past seven days, as the bulls were unable to remain above the important technical level at $52K. And it wasn’t for the lack of trying. In fact, BTC was trading above or very close to $52K for quite a while during the past week, but the bears eventually took over and managed to push the asset downwards.

Now, the cryptocurrency is found trading below $51K, charting a decline of about 0.7% on the day and 2.8% on the week.

It’s perhaps safe to say that it was another cryptocurrency that everyone was looking at this time.

Ethereum is currently trading at $2940, up 3.6% in the past seven days. It attempted to solidify above $3K on a few occasions, but the bulls were unable to upkeep the buying pressure and eventually gave up. Nevertheless, ETH remains the strongest performer from the top 10, as almost all other coins are well in the red besides BNB, which is also up 3.2%.

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Elsewhere – Solana is struggling to remain above $100 and is down almost 10% for the week. Ripple’s XRP also couldn’t maintain the bullish momentum and declined by 6%. Avalanche is down almost 12%. It’s worth noting that it experienced some serious network issues this Friday.

It’s also worth noting that Uniswap (UNI) experienced a massive move on Friday, exploding by a whopping 50% in minutes. That comes following a proposal to upgrade governance in a way that rewards UNI token holders who stake or delegate with protocol-generated fees.

All in all, the market continues its positive trajectory, albeit slowing down a bit. Bitcoin ETF inflows continue, showcasing a considerable institutional demand.

It’s interesting to see how the market will shape up in the coming weeks, especially as we approach the April Bitcoin halving.

Market Data

Market Cap: $2.057T | 24H Vol: $81B | BTC Dominance: 48.8%

BTC: $50,920 (-2.8%) | ETH: $2,937 (+3.6%) | BNB: $375 (+3.2%)

This Week’s Crypto Headlines You Can’t Miss

Bitcoin Miners Move 700,000 BTC to OTC Desks in 3 Weeks, Here’s What it Means. Bitcoin miners have sent a total of more than 700K BTC to over-the-counter (OTC) trading desks in just a few weeks. This might suggest that miners are preparing to sell some of it on the open market.

Andreessen Horowitz Invests $100 Million In ETH Restaking Platform EigenLayer. Andreessen Horowitz – a leading tech-oriented venture capital firm – has invested a whopping $100 million in EigenLayer. This is a blockchain protocol aimed at Ethereum (ETH) restaking.

Vitalik Buterin Advocates for Advanced L1 Features. The co-founder of Ethereum, Vitalik Buterin, has been advocating for the development of more advanced features for layer-one blockchains. He also expressed skepticism regarding the prevailing notion of prioritizing the simplicity of L1s over L2s.

Massive Bitcoin Price Prediction by Pantera, but BTC Maxis Won’t Like It. Pantera Capital – a well-known hedge fund – has stated that there is a significant opportunity for Bitcoin DeFi to capture a tremendous untapped capital of some $225 billion. This is unlike to appeal to Bitcoin maximalists.

Ripple CEO Says Firm is Open to Welcoming a Spot XRP ETF. The potential application and approval of a Ripple (XRP) ETF in the United States is a rumor that’s been circling for quite a while in the crypto field. Brad Garlinghouse, the CEO of the company, said that they would be open to welcoming such a product.

7 Best Avalanche (AVAX) Wallets: The Complete Guide for 2024. Avalanche has been expanding its ecosystem at rapid terms in the past months, gaining more and more popularity. Here are the seven best Avalanche wallets to consider as you venture into the field of decentralized finance.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Cardano, Solana, and Binance Coin – click here for the complete price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.

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