The cryptocurrency market continues to stagnate. Bitcoin (BTC) has fallen below $65,000 for the first time since mid-May. The current slump is likely due to BTC miners capitulating, as the cost of mining one BTC surpassed the $86,000 level this week. Miners have been selling some of their holdings to book profits. The markets are also suffering from the lack of new money.
With inflation cooling, traders’ sentiment may improve on expectations of an interest rate cut. This could lead to more investments in risky assets, such as crypto.
Top 3 cryptocurrencies to keep an eye on this weekend
Bitcoin
Bitcoin’s price has seen a steady decline since the beginning of this month. BTC was trading at over $71,000 on June 6 and has since fallen below $65,000. As mentioned above, miners selling their BTC holdings and the lack of fresh capital may be behind BTC’s current downtrend.
Also Read: Solana (SOL) Weekend Price Prediction: Will It Reclaim $140?
BTC is the market leader and any movement it makes will likely trickle down to other cryptocurrencies.
Ethereum
Ethereum (ETH) witnessed a brief rally this week on the heels of the Securities and Exchange Commission dropping its investigation into the project. The asset’s price has entered the red once again, down by 7.8% in the 14-day chart and 6.4% over the previous month.
Also Read: Cryptocurrency: Top 3 Coins To Buy During The Dip
The Securities and Exchange Commission also approved ETH ETFs (Exchange Traded Funds), which may launch in early July. The ETF and the SEC dropping its investigation could trigger a massive rally for ETH. It is possible that the rally has been delayed and will kickstart once market participants are more confident.
Pepe
Since its April 2023 launch, Pepe has performed incredibly well. It is one of the best-performing crypto assets of the last year. Pepe has reached several all-time highs; the most recent one occurred on May 27, 2024.
The frog-themed cryptocurrency may rebound soon. The price dip may be a good point for new investors to enter.