Crypto markets experienced a whirlwind of activity this week, with Bitcoin, Ethereum, and meme coins like Shiba Inu and Pepe dominating the headlines.
Bitcoin started the week strong, surpassing the $73K mark before experiencing a slight dip back to $68K. Despite the drop, the buy-the-dip sentiment prevailed, fueling optimism in the market. A massive $2.6 billion weekly BTC inflow indicated strong market confidence in the token.
Former US President Donald Trump’s endorsement of Bitcoin as a traditional currency added to the positive sentiment surrounding the cryptocurrency. Additionally, Thailand’s entry into the BTC ETF race for institutional investors marked a significant development.
Ethereum also made waves with the launch of the Ethereum Dencun upgrade, setting the stage for further growth. Although ETH briefly crossed the $4K mark before following Bitcoin’s downward trend, analysts remain bullish on its future price action.
On the other hand, meme coins experienced a downturn after a period of significant growth. Coins like SHIB, PEPE, and FLOKI saw substantial selloffs, leading to speculation about waning interest from whales and smart money. Despite efforts by the Shiba Inu community to boost tokenomics, SHIB continued to trade in the red, signaling the end of the meme coin season.
Overall, the crypto market witnessed a mix of bullish and bearish trends this week, with Bitcoin, Ethereum, and meme coins capturing the attention of traders and investors globally. Stay tuned for more updates on this evolving market.
