In a fairly quiet week for the crypto market, most cryptocurrencies saw a downward trend as Bitcoin and other major coins and tokens struggled to post significant gains. According to CoinMarketCap, Bitcoin (BTC) is currently trading at $61,212, down over 4% over the past seven days.
Bitcoin, which witnessed a notable rise in value following the historic adoption of US exchange-traded funds (ETFs), has been struggling with a lack of upside momentum since plunging below its 2021 all-time high of $69,044 in early April. The excitement surrounding ETFs has waned, dampening the currency’s seemingly unstoppable rise.
There are signs of potential improvement, however, 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 return to its all-time high, with the final outcome likely to be based on the actions of the US central bank.
While memecoins continue to draw attention from developers exploring quirky tactics to gain visibility, more established cryptocurrencies that posted significant gains in the past week suffered declines. Bonk, a memecoin based on the Solana blockchain, saw a drop of almost 15% and is currently trading at $0.00002342. Another Solana-based coin, Dogwifhat, saw a dip of over 7% over the past seven days, with its price now at $3.12.
Amid these swings, Ethereum, the second-largest cryptocurrency, faced greater challenges than its peers, falling nearly 7% over the week to settle at $2,927. The asset’s decline can be partially attributed to an ongoing high-profile lawsuit by software company Consensys, alleging that the SEC deliberately created obstacles for participants in the Ethereum ecosystem.
