In what has been a rather uneventful week for the crypto market, most cryptocurrencies experienced a downward trend as Bitcoin and other major coins and tokens struggled to make significant gains. According to CoinMarketCap, Bitcoin (BTC) is currently trading at $61,212, marking a decline of over 4% in the past seven days.
Bitcoin, which witnessed a remarkable surge in value following the historic approval of U.S. exchange-traded funds (ETFs), has been grappling with a lack of upward momentum since its plunge below the 2021 all-time high of $69,044 in early April. The excitement surrounding ETFs has waned, dampening the coin’s seemingly unstoppable rise.
However, there are signs of potential improvement as money flowed into Bitcoin-based Traditional Finance (TradFi) products for three consecutive days this week. Nevertheless, experts suggest that it may take some time for Bitcoin to reach its all-time high again, with the ultimate outcome likely based on the actions of the U.S. central bank.
While memecoins continue to capture attention with developers exploring quirky tactics to gain visibility, more established cryptocurrencies that enjoyed significant gains in the previous week faced declines. Bonk, a memecoin based on the Solana blockchain, saw a decline of nearly 15%, currently trading at $0.00002342. Another Solana-based coin, Dogwifhat, experienced a dip of over 7% in the past seven days, with its price now at $3.12.
In the midst of these fluctuations, Ethereum, the second-largest cryptocurrency, faced more significant challenges compared to its counterparts, experiencing a nearly 7% drop over the week to settle at $2,927. The asset’s decline can be attributed, in part, to an ongoing high-profile lawsuit by software company Consensys, which alleges that the SEC has been intentionally creating obstacles for participants in the Ethereum ecosystem.