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Description by Mitchell Prefer for Decrypt.
Most cryptocurrencies are down this week, as The price of Bitcoin And other major coins and tokens struggled to gain ground for another tumultuous week.
According to CoinGecko, Bitcoin is now trading at $61,275 – a seven-day drop of more than 3%.
For a market known for its rollercoaster volatility, things are… well, boring. This is the verdict of Charles Edwards, analyst and founder of Capriole Investments, who said on Twitter Thursday that the lack of activity for high cryptocurrency is part of the normal cycle.
Bitcoin is in the “Bore Yomot” phase. This lasts anywhere from 1-6 months and is designed to kill you. When you're tired enough of sideways trading, common signs include a halving, the bull market is over, and a sell to buy stock…
— Charles Edwards (@caprioleio) May 9, 2024
The biggest digital asset, which has exploded in value following the historic acceptance of a US exchange-traded fund (ETF) on stock exchanges, has struggled to make ground, falling below its 2021 high of $69,044 in early April.
ETF token depletion fears that the Federal Reserve will not cut interest rates have halted the coin's seemingly unstoppable rally.
But things may be picking up: for three days this week, money poured into Bitcoin-based TradFi products.
It may be a while until Bitcoin hits its all-time high again. CoinShares' Friday report said that ultimately, it will come down to what the US central bank does.
Meme coin mania continued, as developers continued to do weird and wacky things to realize their assets, but the more established cryptocurrencies that made huge gains last week were still hurt, the bubble movement not finally lifting the needle. Solana-based Bonk, for example, is down about 15%, trading at $0.00002342.
Dogwhiphat, which operates on Solana, took over 7% flooding in seven days. It is currently priced at $3.12.
Finally, Dogecoin – Elon Musk's favorite and the 10th largest cryptocurrency by market value – fell more than 10% over the weekend to $0.145. But it's not all bad news: The first meme coin seems poised to reward long-term holders as it nears the “golden cross.”
Elsewhere, Ethereum, the second largest cryptocurrency, struggled more than other major cryptocurrencies, falling about 7% on the week. It is now priced at $2,927.
Since the high-profile lawsuit filed by the software company Consensys, the asset has been slowly declining. The SEC is deliberately trying to make things difficult in the Ethereum sphere.
Edited by Ryan Ozawa.
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