Bitcoin and Ethereum experienced a week of ups and downs in the volatile cryptocurrency market. Bitcoin found a balance point between $68,000 and $69,000, while Ethereum continued its upward trajectory, surpassing the $3,900 mark.
Bitcoin, as the leading cryptocurrency, was heavily influenced by rumors of the potential approval of spot Ethereum ETFs by the US Securities and Exchange Commission (SEC). After a significant jump of $5,000 on Monday, Bitcoin reached its highest price in weeks, almost hitting $72,000.
However, the optimism was short-lived as Bitcoin experienced a sudden drop to $66,250 just moments before the SEC confirmed the approval of eight Ethereum-based financial products. Buyers stepped in to stabilize the price, which managed to recover to $69,500 on Saturday, but failed to break the $70,000 mark. Currently, Bitcoin is trading around $68,500, down 1%, with a market capitalization of $1.35 trillion.
In contrast, Ethereum not only continued its rise but also solidified its position above $3,900 with a 3.5% increase. Its strong performance indicates its resilience in a market where other major cryptocurrencies are moving slowly.
In the meme coin space, PEPE surprised with a 13% increase, reaching a new all-time high of just over $0.000017. FLOKI and BONK also showed notable performances with similar valuations.
It is important to note that the views expressed in this article are for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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