What a week! It’s safe to say that being a bear throughout the past seven days must have been rough. The cryptocurrency market exploded above $1.2 trillion on the back of major gains from the majority of coins, including Bitcoin. There’s a lot to unpack, so let’s dive in.
First things first, Bitcoin’s price is up a whopping 18% in the past seven days, trading above $30K at the time of this writing. The week started on the right foot as the price was slowly chipping upwards last weekend. However, it wasn’t until June 20th – on Tuesday – that the bulls really took over. The price exploded above $28K, and by the time everyone knew what was going on, it shot above $29K as well.
After a few hours of calmness, on Wednesday – the following day – the price soared above $30K and even tapped $31K. The bulls needed some rest, though, and BTC is currently consolidating around $30K.
But that’s not even the craziest part.
PEPE – the meme coin that’s been doing rounds in the past couple of months – is up by a whopping 66% in the past seven days and continues to amaze. It’s become the 69th (yes) largest cryptocurrency by means of total market cap, and it’s perhaps safer to assume now that it’s here to stay.
The rest of the altcoin market is also performing really well. Ethereum is up 13%, ADA is up 12%, SOL – 12%, and so forth. Some of them are lagging behind, which is to be expected. XRP is up only about 5%, while BNB – is around 3%. Both of these cryptocurrencies failed to capitalize on the rally, but that’s most likely due to the fact that both Binance and Ripple are fighting massive lawsuits against the US Securities and Exchange Commission.
The gains in the broader market are seemingly associated with BlackRock’s spot Bitcoin ETF filing, which also spurred a spree of more filings as companies are seeming emboldened by the prospects of approval. BlackRock does have a 575 to 1 approval rate, after all.
Will a spot Bitcoin ETF be finally approved by the SEC, though? Given the Commission’s hostile stance toward the industry lately, it’s hard to gauge any possibilities of the above. Time will tell.
Market Data
Market Cap: $1,210B | 24H Vol: $38B | BTC Dominance: 48.2%
BTC: $30,139 (+18.1%) | ETH: $1,875 (+12.5%) | BNB: $242 (+3.1%)
This Week’s Crypto Headlines You Can’t Miss
Binance.US Refutes SEC Claims About Mishandling User Funds. Binance filed a motion earlier this week, calling out the US Securities and Exchange Commission for its contradictory statements around its alleged “commingling” of assets pertaining to their clients.
After $30K: 7 Things for Bitcoin’s Price to Reach $40K According to ChatGPT. After BTC hit $30K earlier this week, we decided to ask ChatGPT about what needs to happen for the cryptocurrency to reach $40K. The answer might surprise you.
Bitcoin Will be the Best Trade of the Decade, Gemini Co-Founder Says. Cameron Winklevoss is not one to shy away from bold predictions, and this last one also comes as no surprise. In light of the recent spree of spot Bitcoin ETF filings, he believes Bitcoin will be the best trade of this decade.
Bitcoin Price Touched $138K on Binance US: Here’s Why. Bitcoin’s price soared to a high of above $138K on Binance US. The reason for this was the thin liquidity and dissipating market depth following the recent regulatory turmoil that pushed the exchange astray, with many investors and banking providers stepping away.
3AC Founders Launch Brand New VC Fund Tied To OPNX. The founders of the failed crypto VC Three Arrows Capital – Su Zhu and Kyle Davies – are back at it. This time, they’ve established a new venture capital firm called 3AC Ventures.
PEPE Explodes 40% Amid an Overall Crypto Market Revival. PEPE is this week’s best performer from the top 100 cryptocurrencies by market cap. It soared by a whopping 70% in the past seven days following the broader market recovery and impressive performance.
Charts
This week we have a chart analysis of Ethereum, Ripple, Cardano, Dogecoin, and Shiba Inu – click here for the complete price analysis.
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Cryptocurrency charts by TradingView.
