In what comes as another remarkable week witnessed within the cryptocurrency realm, Bitcoin, Ethereum, and meme coins such as Shiba Inu and Pepe appear to be curating a massive tide of inferences among crypto market traders and investors globally. Some of the top headlines that echoed a buzz across the broader crypto market this week are:
Bitcoin’s Continued Bullishness
Following the topping of the $73K mark this week, Bitcoin’s pre-halving bullishness further cushioned itself, mirroring optimism throughout the global crypto market. Although the token dropped back to the $68K mark, nabbing global attention, a buy-the-dip sentiment continued curating bullish waves for Bitcoin this week.
While a massive crypto market selloff witnessed in the past seven days remains primarily attributed to BTC’s fall, among many other altcoins’ plunge noted, a staggering $2.6 billion weekly BTC inflow registered showcased immense market optimism for the token.
Furthermore, former US President Donald Trump’s positive stance on BTC, touting it as a form of traditional currency, birthed additional optimism about BTC. Meanwhile, with the BTC ETFs’ continued gaining traction, escorted by the upcoming halving, Bitcoin retained its bullish stance despite the drop witnessed.
Intriguingly, Thailand joined the BTC ETF race this week, permitting US Spot Bitcoin ETF investments exclusively for institutional and ultra-high-net-worth investors, marking another eye-catching development this week.
Ethereum Marks A Storm Of Breakthroughs
With the much-awaited Ethereum Dencun upgrade going live on the Ethereum mainnet at epoch 269568 this week, Ethereum embarked upon a monumental achievement. Following its last significant upgrade, The Merge, the Dencun upgrade potentially paves the way for ETH to scale greater heights.
Although ETH topped the $4K mark this week, running in hand with the plunge in BTC, even Ethereum saw a colossal drop following this week’s crypto market selloff, as mentioned above. However, the broader crypto market appears to remain bullish on ETH’s price action ahead, as many analysts predict, fueling market optimism.
Meme Coin Season Wanes
Following a remarkable surge witnessed by nearly all of the meme coins recently, a massive plunge jotted this week birthed bearish sentiments among crypto market traders and investors globally. Coins such as SHIB, PEPE, and FLOKI, among many others, also witnessed colossal selloffs, birthing speculations over whales’ and smart moneys‘ loss of interest in these meme-based assets. This collectively poured in a flurry of bearish thoughts among traders and investors this week.
Moreover, despite the Shiba crypto community’s continued efforts to boost the SHIB tokenomics, including the constant burning of tokens and the community’s recent developmental endeavors, SHIB continued to trade in the red this week, dropping as low as the $0.00002 level. This, coupled with the fall and selloffs of PEPE, FLOKI, and many others, collectively birthed a meme coin season-end sentiment.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
