In what has been a fairly quiet week for the cryptocurrency 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) It is currently trading at $61,212, which represents a drop of more than 4% in the last seven days.
Bitcoin, which witnessed a notable rise in value following the historic approval of US exchange-traded funds (ETFs), has been grappling with a lack of bullish momentum since its fall below the 2021 all-time high of $69,044 at the beginning of April. Enthusiasm around ETFs has waned, slowing the coin's seemingly unstoppable rise.
However, there are signs of possible improvement as money flowed into Bitcoin-based traditional finance (TradFi) products for three consecutive days this week. However, experts suggest that it may take some time for Bitcoin to reach its all-time high again, with the final outcome likely relying on the US central bank's actions.
While memecoins continue to garner attention and developers explore outlandish tactics to gain visibility, more established cryptocurrencies that enjoyed significant gains the previous week faced declines. bonk, a memecoin based on the Solana blockchain, saw a drop of almost 15% and is currently trading at $0.00002342. Another currency based on Solana, dogwifatexperienced a drop of more than 7% in the last 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 drop of almost 7% 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.
